Your objective is to determine that nonrecurring purchases, initiated by various user organizations, have been properly authorized. if all purchases are made through the purchasing department, to which of the following documents should you vouch purchases?
a. invoices.
b. eceiving reports.
c. purchase orders.
d. purchase requisition

Why does an organization prepare a balance sheet? a. to reveal what the organization owns and owes at a point in time b. to reveal how well the company utilizes its cash c. to calculate retained earnings for a given accounting period d. to calculate gross profit for a given accounting period

Which of the following statements is correct? stockholders should generally be happier than bondholders to have managers invest in risky projects with high potential returns as opposed to safe projects with lower expected returns. potential conflicts between stockholders and bondholders are increased if a firm's bonds are convertible into its common stock. takeovers are most likely to be attempted if the target firm’s stock price is above its intrinsic value. one advantage of operating a business as a corporation is that stockholders can deduct their pro rata share of the taxes the firm pays, thereby eliminating the double taxation investors would face in a partnership.

Which of the following distribution systems offers speed and reliability when emergency supplies are needed overseas? a. railroadsb. airfreightc. truckingd. pipelinese. waterways