Answers
Answer :
1. The likelihood that the deficient control will not prevent or timely detect a misstatement
2. The magnitude of the potential misstatement resulting from the deficiency.
Explanation:
1. The likelihood that the deficient control will not prevent or timely detect a misstatement. When management and auditors are weighing how significant a control deficiency is , the likelihood of a material misstatement occurring as a result of such deficiencies in the control system should be well considered. This is to enable the auditor have a formal idea that once a system or a control is deficient, such could prevent a timely detection of material misstatement.
2. The magnitude of the potential misstatement resulting from the deficiency. Here, the severity of the deficiencies observed must be taken into consideration by the auditor. The reason is to enable the auditor know the impact of the misstatement arising from the deficiencies on his control and risk assessment.
Related Questions
How would implementing the cost-volume-profit analysis benefit a company? As a manager, which income statement format do you find more useful - the traditional financial accounting method or the contribution margin method? Why?
Answers
It provides insights into the relationship between sales volume, costs, and profitability, helping managers make informed decisions about pricing, production levels, and cost management.
CVP analysis allows managers to determine the breakeven point, the level of sales needed to cover all costs, and to assess the impact of changes in sales volume, costs, or prices on the company's profitability. This analysis can guide strategic planning, budgeting, and resource allocation.
As a manager, I find the contribution margin method of income statement format more useful than the traditional financial accounting method. The contribution margin method separates costs into fixed and variable components, allowing for a clearer understanding of how changes in sales volume affect profitability.
It highlights the contribution margin ratio, which indicates the proportion of each sales dollar available to cover fixed costs and contribute to profits.
This format enables managers to analyze cost behavior, identify cost-saving opportunities, and evaluate the financial impact of different sales scenarios. It provides a more focused view of the underlying profitability drivers and aids in decision-making related to pricing, product mix, and cost control.
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The Filling Department of Lilac Skin Care Company had 4,000 ounces in beginning work in process inventory (70% complete). During the period, 42,800 ounces were completed. The ending work in process inventory was 6,200 ounces (40% complete). What are the total equivalent units for direct
Answers
Answer:
Direct Materials = 49,000 units
Conversion Costs = 45,280 units
Explanation:
Hi, your question is incomplete. I have uploaded the full question as image below.
Equivalent units are physical units of outputs expressed as percentage in terms of work done on them.
Equivalent units calculation :
Direct Materials = 42,800 x 100 + 6,200 x 100 % = 49,000 units
Conversion Costs = 42,800 x 100 + 6,200 x 40 % = 45,280 units
he most recent financial statements for Bello Co. are shown here: Income Statement Balance Sheet Sales $ 18,900 Current assets $ 11,700 Debt $ 15,700 Costs 12,800 Fixed assets 26,500 Equity 22,500 Taxable income $ 6,100 Total $ 38,200 Total $ 38,200 Taxes (21%) 1,281 Net income $ 4,819 Assets and costs are proportional to sales. Debt and equity are not. The company maintains a constant 30 percent dividend payout ratio. What is the internal growth rate
Answers
Answer:
9.69%
Explanation:
Given the following :
Net income = $4819
Total asset = $38,200
Taxable income = $6,100
Dividend payout ratio = 30% = 0.3
The internal growth rate is calculated thus ;
(Return on asset × Retention ratio)/[1-(Return on asset × Retention ratio)]
Return on asset = (Net income / total asset)
Return on asset = ($4,819 / $38,200)
Return on asset = 0.12615
Retention ratio = 1 - Dividend payout ratio
Retention ratio = 1 - 0.3 = 0.7
Hence internal growth rate :
(0.12615 × 0.7) / 1 - (0.12615 × 0.7)
0.088305 / 1 - 0.088305
0.088305 / 0.911695
= 0.0968580
= 0.0968580 × 100%
= 9.685%
= 9.69% ( 2 decimal places)
Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred. Sept. 6 Purchased calculators from Dragoo Co. at a total cost of $ 1,540, on account, terms n/30 FOB shipping point. 9 Paid freight of $ 54 on calculators purchased from Dragoo Co. 10 Returned calculators to Dragoo Co. for $ 64 credit because they did not meet specifications. 12 Sold calculators costing $ 510 for $ 700 to Fryer Book Store, on account, terms n/30. 14 Granted credit of $ 44 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $ 34. 20 Sold calculators costing $ 590 for $ 780 to Heasley Card Shop, on account, terms n/30.
Answers
Answer: Question: Assume That On September 1, Office Depot Had An Inventory That Included A Variety Of Calculators. The Company Uses A Perpetual Inventory System. During September, These Transactions Occurred. Sept. 6 Purchased Calculators From Dragoo Co. At A Total Cost Of $1,740, Terms N/30. 9
This problem has been solved!
See the answer
Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred.
Sept. 6 Purchased calculators from Dragoo Co. at a total cost of $1,740, terms n/30.
9 Paid freight of $40 on calculators purchased from Dragoo Co.
10 Returned calculators to Dragoo Co. for $56 credit because they did not meet specifications.
12 Sold calculators costing $450 for $650 to Fryer Book Store, terms n/30.
14 Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $34.
20 Sold calculators costing $560 for $730 to Heasley Card Shop, terms n/30.
Hope it helped!
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Francis wants to buy some paintings for their store to make it feel more classy. Francis would need to take $20,000 out of their savings account (which earns 1% interest a year) in order to finance the paint-ings. At the end of the year, Francis knows they could sell the paintings for $20,000 but they would choose not to. When calculating this year's economic profit, Francis would count this as a:
Answers
Answer:
When calculating this year's economic profit, Francis would count this as a:
cost.
Explanation:
Francis would include the opportunity cost of $20,000, which the paintings could have fetched, as part of the costs. The cost will also include the lost 1% interest or $200 a year. This means that, among other costs, the total cost includes $20,200. This is one distinguishing factor between economic profit and accounting profit. Economic profit includes lost opportunity revenues for alternative uses of the resource as costs unlike accounting profit.
Which advertising medium goes hand-in-hand with newspaper advertising? ads go well with print ads because they remind customers to check for further details in local newspapers.
Answers
Answer:
Printed ads go hand in hand with newspaper advertising because they usually consist of impactful graphical representations of the service or product that is being announced, and they tend to take a significant space of the newspaper page where they are printed.
In fact, printed ads have been the most important financing source for newspapers, until very recently when printed newspapers have been going out of circulation due to low readership, and newspapers companies have been relying more on online advertising and user subscriptions.
Answer: Promotional advertising
Every day, Dawa comes to work
intoxicated, and this compromises
his work efficiency. Dawa is
engaging in
Select one:
a. corruption
b. Workplace deviancev
c. Property deviance
d. Sabotage
= Workplace deviance
Answers
Answer:
the answer is workplace deviancey
Answer:
You are indeed correct
Explanation:
GL0302 (Algo) - Based on Problem 3-3A LO P1, P2, P3, P4, P5 King Technical Institute (KTI), a school owned by Robert King, provides training to individuals who pay tuition directly to the school. KTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2022, is found on the trial balance tab. KTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31 follow. An analysis of KTI’s insurance policies shows that $2,800 of coverage has expired. An inventory count shows that teaching supplies costing $3,840 are available at year-end. Annual depreciation on the equipment is $3,600. Annual depreciation on the professional library is $6,600. On November 1, KTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,600, and the client paid the first five months’ fees in advance. When the cash was received, the Unearned Training Fees account was credited. On October 15, KTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $4,000 of the tuition has been earned by KTI. KTI’s two employees are paid weekly. As of the end of the year, two days’ salaries have accrued at the rate of $220 per day for each employee. The balance in the Prepaid Rent account represents rent for December.
Answers
A balance sheet lists the assets, liabilities, and shareholders' equity of a corporation at a particular period. One of the key records that go into a company's financial statements is this one.
What is equity?Equity is the sum of money invested in or owned by a company's owner. The difference between a firm's obligations and assets on its balance sheet indicates how much equity the company has.
The equity value is calculated using the share price or a value established by valuation specialists or investors. Owners' equity, stockholders' equity, and shareholders' equity are further names for this account.
The amount of money delivered to a company's shareholders if all of its assets were sold and all of its debts were settled is known as equity, sometimes known as shareholders' equity or owners' equity for privately held firms.
The worth of the company's income less any debts not included in the agreement in the case of an acquisition.
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explain the component of general environment ?
Answers
how does advertising affect price elasticity
Answers
If advertising draws more price sensitive consumers into the set that are willing to pay for a particular brand, this will increase the price elasticity of demand facing the brand.
Which of the following does Content Marketing helps with?
Answers
Content Marketing helps with Option D. All the above.
Content marketing is a strategic marketing approach that aims to create valuable, relevant, and engaging content for the targeted audience to increase their engagement and loyalty towards the brand. It involves the creation and sharing of various types of content, such as blog posts, articles, videos, infographics, and social media posts, to attract and retain customers.
Content marketing can help businesses achieve various objectives, including:
SEO (Search Engine Optimization): Content marketing can help businesses improve their SEO ranking by creating and publishing high-quality, relevant, and valuable content that includes relevant keywords, meta descriptions, and tags. When the audience engages with this content, it signals to search engines that the content is useful and relevant, which can improve the website's ranking on search engine result pages.
Brand building: Content marketing can help businesses establish themselves as thought leaders in their industry by creating and sharing high-quality content that offers value to their target audience. By consistently creating valuable content, businesses can build trust, credibility, and authority among their target audience, which can ultimately lead to increased brand awareness, loyalty, and advocacy.
Social media reach: Content marketing can help businesses increase their social media reach by creating and sharing valuable and engaging content on social media platforms. By creating shareable content, businesses can attract more followers, increase engagement, and drive traffic to their websites, ultimately leading to increased conversions and sales.
Overall, content marketing is a powerful marketing tool that can help businesses achieve various objectives, including SEO, brand building, and social media reach. It involves creating and sharing high-quality, relevant, and valuable content that resonates with the targeted audience to increase engagement, loyalty, and conversions. Therefore, the correct option is D.
The question was incomplete, Find the full content below:
Which of the following does Content Marketing helps with?
A. SEO
B. Brand Building
C. Social Media Reach
D. All the above
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System superheat is also referred to compressor superheat.
a. True
b. False
Answers
System superheat is also referred to compressor superheat. Option A. True
What is a System superheat?System superheat is otherwise known as compressor superheat. System superheat or compressor superheat is a total superheat which comprises evaporator superheat plus suction line superheat. A technician can determine the total superheat by placing a thermistor or thermocouple at the compressor's inlet and taking the temperature.
In other words, System superheat is the amount of heat the refrigerant vapor picked up from the exit of the evaporator to the inlet of the compressor. It's measured the same way as superheat and should be around 20F.
Therefore, the correct answer is as given above.
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System superheat is also known as compressor superheat, thus answer choice A is correct.
What is "system heat"?Compressor superheat is another name for system superheat. System superheat, also known as compressor superheat, is the sum of evaporator superheat and suction line superheat. By putting a thermistor or thermocouple at the compressor's input and measuring the temperature, a technician can figure out how much superheat there is in total.
In other words, system superheat is the amount of heat absorbed by the refrigerant vapour travelling from the evaporator outlet to the compressor intake. It is measured the same way as superheat, and its temperature should be around 20 degrees Fahrenheit.
Hence, the correct answer is Option A (i.e., True).
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DESCRIBE THE FUNCTIONS OF
PRELIMINARY DATA GATHERING?
Answers
Preliminary data gathering involves collecting and analyzing relevant information to establish a foundation for research or decision-making, including identifying objectives, assessing data availability, etc.
What are the Functions of Preliminary Data Gathering?Preliminary data gathering encompasses the initial acquisition and evaluation of pertinent information, serving as a basis for research or decision-making. It aids in defining project scope, goals, and needs, while also assessing data availability and quality.
This stage assists researchers and decision-makers in gaining insights, assessing project feasibility, recognizing potential obstacles, and formulating a strategic plan for subsequent data collection and analysis.
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what are the information sources for measuring performance
Answers
Answer:
The most common sources of information for performance measurement are personal observation, statistical reports, oral reports, and written reports.
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MotoSport is buying an asset that costs $730,000 and can be depreciated at 20 percent per year (Class 8) over its eight-year life. The asset is to be used in a three-year project; at the end of the project, the asset can be sold for $740,200. The company faces a tax rate of 26%. The sale of this asset will close the asset class. what is tax on CCA recapture
Answers
The tax on the CCA recapture is $306,332.
To calculate the tax on the Capital Cost Allowance (CCA) recapture, we need to determine the CCA claimed over the years and calculate the recaptured amount. The recaptured amount is the difference between the proceeds from the sale of the asset and the undepreciated capital cost (UCC) at the time of sale.
Given that the asset costs $730,000 and has a depreciation rate of 20% per year (Class 8) over eight years, we can calculate the CCA claimed each year:
Year 1: $730,000 * 20% = $146,000
Year 2: $730,000 * 20% = $146,000
Year 3: $730,000 * 20% = $146,000
Year 4: $730,000 * 20% = $146,000
Year 5: $730,000 * 20% = $146,000
Year 6: $730,000 * 20% = $146,000
Year 7: $730,000 * 20% = $146,000
Year 8: $730,000 * 20% = $146,000
The total CCA claimed over the eight years is $1,168,000.
At the end of the project, the asset can be sold for $740,200. The UCC at the time of sale is the original cost of the asset minus the CCA claimed:
UCC = $730,000 - $1,168,000 = -$438,000
Since the UCC is negative, there is a recapture of CCA. The recapture amount is the proceeds from the sale minus the UCC:
Recapture Amount = $740,200 - (-$438,000) = $1,178,200
Now, we can calculate the tax on the CCA recapture by multiplying the recapture amount by the tax rate:
Tax on CCA Recapture = $1,178,200 * 26% = $306,332
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Economic growth results in an improved what?
Answers
Economic growth results in an better standard of living.
What is Economic growth?A country's economy is said to be growing when the value of its goods and services rises, generating more revenue for companies. Consequently, stock prices increase. This provides businesses with money to expand and recruit more workers. Incomes increase as more jobs are created.
Real GDP growth, or the value of national output, income, and expenditure, is a measure of economic growth. The main advantage of economic growth is a rise in living standards, which translates into higher real wages and the capacity to invest more money in sectors like health care and education.
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interventions startegices to reduce prevent restrictions or barriers of business in the shoes business
Answers
To reduce or prevent restrictions and barriers in the shoes business, the key approaches are: Advocacy and lobbying; Trade agreements and partnerships and Industry collaboration.
Engage in advocacy efforts to promote a favorable business environment for the shoes industry. Encourage the establishment of favorable trade agreements between countries or regions to reduce trade barriers, tariffs, and customs duties on shoes.
Collaborate with industry associations, competitors, and relevant stakeholders to set industry standards and best practices. This can help streamline processes.
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The Nature Conservancy is one tool that consumers can use to put their money where their mouth is, but it's not the only one. Internet technology is helping large groups of consumers raise money for causes they support. In this case, Internet technology makes it _____________ that the economic pie will be maximized.
Answers
Answer:
The Nature Conservancy is one tool that consumers can use to put their money where their mouth is, but it's not the only one. Internet technology is helping large groups of consumers raise money for causes they support. In this case, Internet technology makes it ____possible_________ that the economic pie will be maximized.
Explanation:
The Nature Conservancy is the management of land and water resources to ensure their conservation. With internet technology, consumer groups can actually raise money to ensure the objectives of the Nature Conservancy are achieved. In this case, Internet Technology is an enabler of Nature Conservation. IT has also enabled many other causes, including Gun Control and Rights Activities.
Consumers spend the least amount of time-consuming news delivered in which format?
A.television
B.print
C.digital
D.radio
Answers
Answer: A. television. and D. Radio.
Jesse has a good job and pays off his one credit card every month. He was surprised that when he applied for a loan to buy a car, he was rejected. Explain the steps the he should take to check his credit report for errors. How can he resolve any errors that he discovers?
Answers
It should be remembered that a credit report is just a record of a borrower's payments. When Jesse discovers the problem in his credit report, he needs to notify the credit reporting agency in writing.
A credit report is a document that contains details on your credit history, credit use, and other aspects of your credit behavior and circumstances. You should be able to check your credit score by going into your account online or looking over your monthly statement if your bank or credit card provider gives free credit ratings.
You may view your credit score or report for free using other services as well. Creditors such as lenders, credit card issuers, and other financial institutions send financial information about you to credit reporting firms, commonly referred to as credit bureaus or consumer reporting agencies, who then collect and store it.
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What is the government’s aim in setting quotas? to create more competition in the market to increase sales of domestic goods to keep tariffs high to limit export of domestic goods
Answers
Answer:
to increase sales of domestic goods
Explanation:
B
Depending on the particular situation and the government's goals, different quotas may be set by the government. A government might impose quotas for the following reasons:
To safeguard domestic industriesTo restrict the availability of specific itemsTo control commercial relationsTo adhere to international agreementsHow do tariffs and quotas protect the domestic industry?
By increasing the cost of their competitors' goods, tariffs are designed to protect domestic industry. Tariffs, whilst they may increase prices for consumers, can also harm domestic businesses operating in linked industries. In the industries that are protected, tariffs can also reduce competition.
This can assist guarantee that domestic producers have a sizable enough market share to continue earning a profit and creating items in the nation. In some circumstances, a government may impose export limitations on certain goods to guarantee that they are still available for domestic use.
Governments may use quotas to control the flow of goods into and out of their territories. A few international agreements, like the WTO accords, permit governments to set import limits in certain situations.
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QUCIK!! How do you merge an excel sheet with a word document??
Answers
Explanation:
Instead of a mail merge from Excel to Word, you can simply copy and paste the excel sheet from excel to word directly, the worse case is to do some small editing and formatting, or you can decide to keep source formatting all this are prompt you will get to encounter when performing the operation
Explain why societies cannot make a choice above their production possibilities frontier and
should not make a choice below it. What affects a production possibilities curve?
Answers
Societies cannot make a choice above their production possibilities frontier because it is impossible to produce more than what is possible.
What affects a production possibilities curve?Societies cannot make a choice above their production possibilities frontier because this would require the society to produce more than their current productive capacity allows. This would be impossible because the resources available, such as land, labor, capital, and technology, are limited.Societies should not make a choice below their production possibilities frontier because this would mean producing less than their current productive capacity allows. This would result in an inefficient use of resources and would lead to a lower standard of living.The production possibilities curve is affected by a number of factors, such as population growth, economic growth, technological advancement, availability of capital and labor, and government policies. These factors can cause the curve to shift outward or inward, depending on the changes in the factors.To learn more about production possibilities curve refer :
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Gti two employees are paid weekly. As of the end if the year, two days salaries have accrued at the rate of 180 per day per per employee
Answers
The adjusting journal entry for GTI is as follows:
Adjusting Journal Entry:Date Account Titles Debit Credit
Dec. 31 Wages Expenses $720
Wages Payable $720
To accrue the two days' wages owed to two employees.What is an adjusting journal entry?An adjusting journal entry is a period-end journal entry to accrue expenses that have been incurred but not paid in cash.
Adjusting journal entries can also be used to record Depreciation Expenses, Earned and Unearned Revenues, Prepayments, and correction of accounting errors.
Transaction Analysis:Wages Expenses $720 Wages Payable $720
Two Employees' wages for two days = $720 (180 x 2 x 2)
Thus, the Wages Expenses account will be debited, while the Wages Payable account will be credited to show that GTI is owing two employee wages for 2 days.
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Question Completion:Prepare the adjusting journal entry to record the accrual.
Will give 5 stars
Predesigned PowerPoint slides that include a combination of colors and fonts are called?
backgrounds
designs
themes
variants
Answers
Answer:
themes
Explanation:
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What is the effect of KFC in the economy of the world?
Answers
Answer:
There are many effects. They equate for a large portion in the fast food industry
Explanation:
What does patriotism mean
Answers
Answer:
patriotism is a synonym for Nationalism; a feeling of extreme pride for one's country.
Explanation:
Answer:
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Explanation:
According to the video, what qualities do Loading Machine Operators need? Check all that apply.
college degree
high-school degree
on-the-job training
customer-service
skills leadership experience
Answers
Answer:
B and C
Explanation:
Edge 2021
Answer:
Explanation:
it is high-school degree and on-the-job training
Orion Iron Corp. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost a. Inventory, Beginning 350 $ 14 For the year: b. Purchase, April 11 950 12 c. Purchase, June 1 700 15 d. Sale, May 1 (sold for $42 per unit) 350 e. Sale, July 3 (sold for $42 per unit) 610 f. Operating expenses (excluding income tax expense), $18,000 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. 4. Prepare an income statement that shows under the FIFO method, LIFO method and weighted average method. 6. Which inventory costing method minimizes income taxes
Answers
Answer:
Part 1.
Number = 2,000 units and Cost = $26,800
Part 2.
1,040 units
Part 3.
a. FIFO
Ending Inventory = $14,580
Cost of Goods Sold = $12,220
b. LIFO
Ending Inventory = $13,180
Cost of Goods Sold = $13,620
c. Weighted Average Cost
Ending Inventory = $13,936
Cost of Goods Sold = $12,864
Part 4.
Orion Iron Corp.
Income Statement
FIFO LIFO Weighted Average
Sales (960 x $42) $40,320 $40,320 $40,320
Less Cost of Sales ($12,220) ($13,620) ($12,864)
Gross Profit $28,100 $26,700 $27,456
Less Expenses
Operating Expenses ($18,000) ($18,000) ($18,000)
Net Income $10,100 $8,700 $9,456
Part 6.
Weighted Average method minimizes Income taxes as it provides lowest profits than the rest of the methods.
Explanation:
Periodic Inventory method ensures that Cost of Sales and Inventory Value are determined at the end of the period.
Cost of Goods Available for Sale = Beginning Inventory + Purchases
therefore,
Number = 350 + 950 + 700 = 2,000 units
Cost = 350 x $14 + 950 x $12 + 700 x $15 = $26,800
Units in Ending Inventory = Units available for sale - Units sold
therefore,
Units in Ending Inventory = 2,000 - ( 350 + 610 ) = 1,040
FIFO
This method assumes that the units to arrive first, will be sold first.
Ending Inventory = 340 x $12 + 700 x $15 = $14,580
Cost of Goods Sold = 350 x $14 + 610 x $12 = $12,220
LIFO
This method assumes that the units to arrive last, will be sold first.
Ending Inventory = 690 x $12 + 350 x $14 = $13,180
Cost of Goods Sold = 700 x $15 + 260 x $12 = $13,620
Weighted Average Cost
This method calculates a new unit cost based on units available for sale after each and every purchase. This unit cost is then used to determine the cost of sales and inventory value.
Unit Cost = Total Cost ÷ Units available for sale
= $26,800 ÷ 2,000 units
= $13.40
Ending Inventory = Units in Inventory x Unit Cost
= 1,040 x $13.40
= $13,936
Cost of Goods Sold = Units Sold x Unit Cost
= 960 x $13.40
= $12,864
UESTION 1: COMPULSORY The following trial balance was extracted from the ledger acc Trader as at 30 June 2015 may, ION 1 IS REST es 66 Say ASTIN MAKOYE'S TRIAL BALANCE AS AT 30 JUNE 2015 DR K Capital Stock in trade. General expenses. Purchases and sales Car expenses. Motor car... 1 Repairs * Free hold land and Building Bank balance. *Furniture and Fittings. *Discounts 12 Bad debts *3 Rates and Insurance.. 7,300 2,586 56,500 418 10.050 548 11,000 640 2,460 2,061 459 Drawings S Provisions for bad debts- 1 July 2015 16 Trade debtors and Creditors..... Wages and Salaries K 30.500 70,900 348 3,400 914 6,213 9.606 113.589 240 11,035 113.589
Answers
Answer:
I don't understand your question
Explanation: