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Select the option below that best completes the sentence. Ain) is an independent objective assurance and consulting activity designed to add value to and improve and organization's operations Select the single best answer: A account reconciliation Binemal audit c. pre-approval of actions D. disbursement control Which of the following events would result in a prior period adjustment? Select the single best answer: A. Insurance proceeds are received for damage to a buidling B. a collection of accounts receivable is written off in a prior year C. there is an extinguishment of debt which results in losses D. a mistake is made when calculating depreciation in the preceding year A lease that transfers title of property to the lesse is called a(n): Select the single best answer: A. capital lease B. operating lease C. percentage lease D. fair market lease Which of the following may be done with encumbrances outstanding at the end of the accounting period? Select the single best answer: A classify them as expenditures B. report them as long-term liabilities C. report them as short-term liabilities D. carry them forward as reservation of fund balance Koc