Joined: 31 Dec 2009 Location: United States
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Posted: 21 Dec 2010 at 17:36 | IP Logged
Correct Answer: D
Explanation: Current assets are those assets which are expected to be used or realized in cash during the next operating cycle, which can be defined as the time elapsed from the time the company spends cash until it turns inventory back into cash, or 12 months, whichever is longer.
Joined: 31 Dec 2009 Location: United States
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Posted: 22 Dec 2010 at 11:03 | IP Logged
Correct Answer: C
Explanation: Monopolistic competition is characterized by many firms in a situation in which there can be product differentiation for a short period of time. An example is the fast food industry. One fast food chain will develop a new concept; and the others will soon be copying that concept. A monopoly is not correct because a monopoly usually has only one firm. A natural monopoly is not correct because a natural monopoly is a monopoly which is created because the economies of scale restrict competitors. An example would be power generation. An oligopoly is not correct because an oligopoly usually has only a few firms.
Joined: 31 Dec 2009 Location: United States
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Posted: 23 Dec 2010 at 13:23 | IP Logged
Today’s question: AUD
An auditor's purpose in reviewing credit ratings of customers with delinquent accounts receivable most likely is to obtain evidence concerning management's assertions about:
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Topic: QUESTION OF THE DAY - MCQ’S ALL SECTIONS
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