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1) The _______________ assumption requires that financial information is supported
by independent, unbiased evidence.
2) Materials and labor costs that are clearly associated with a specific process are
known as _________________. Those costs that are not clearly associated with a
specific process are called ______________.
3) An investing company that owns _________ of another (investee) company's voting
stock (but not more than 50%) is presumed to have a significant influence over the
investee.
4)
An internal control system refers to the policies and procedures managers use to
_________, ensure reliable accounting, promote efficient operations, and urge
adherence to company policies.
5) A company produces two boat models, Montauk and Orient. Both products are being
considered for major investment projects next year. Relevant data follow:
Required:
Use the payback period to evaluate these two investment projects.
