In obtaining evidence in support of financial statement assertions, the auditor develops specific audit procedures to access those assertions.Required:Your client is All�s Fair Appliance Company, an appliance wholesaler. Select the most appropriate audit procedure from the list below and enter the number in the appropriate place on the grid. (An audit procedure may be selected once, more than once, or not at all.)Audit Procedure:1. Compare selected amounts from the accounts payable listing with the voucher and supporting documents.2. Review drafts of the financial statements.3. Search for unrecorded liabilities.4. Select a sample of receiving documents for a few days before and after year-end.5. Obtain a listing of the accounts payable and agree total to general ledger control account.Specific Assertion Audit Procedurea. Verify that recorded accounts payable include all amounts owed to vendors. (completeness)b. Verify that all accounts payable are recorded in the correct period. (cutoff)c. Determine whether accounts payable have been properly accumulated from the journal to the general ledger. (accuracy)d. Determine whether recorded accounts payable are valid. (existence/occurrence)
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Verify that all amounts owing to vendors are included in the recorded accounts payable. (completeness) . 3. Check to make sure that all accounts payable are documented in the appropriate timeframe. (cutoff) 4c. Examine the general ledger to see if accounts payable have been correctly added up from the journal. (accuracy) 5 d. Verify the legitimacy of the documented accounts payable. (existence/occurrence) 1.
There are five assertions: existence, completeness, rights and obligations, presentation and disclosure, and accuracy and valuation. Business owners and managers may assert that the data presented in financial statements for their organisations, such as a balance sheet, income statement, and statement of cash flows, is correct. The correctness of these claims is subsequently checked by auditors and CPAs.
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In obtaining evidence in support of financial statement assertions, the auditor develops specific audit procedures to access those assertions.
Required:
All's Fair Appliance Company is an appliance wholesaler. Select the most appropriate audit procedure from the list below and enter the number in the appropriate place on the grid. (An audit procedure may be selected once, more than once, or not at all.)
Audit Procedure:
1. Compare selected amounts from the accounts payable listing with the voucher and supporting documents.
2. Review drafts of the financial statements.
3. Search for unrecorded liabilities.
4. Select a sample of receiving documents for a few days before and after year-end.
5. Obtain a listing of the accounts payable and agree total to general ledger control account.
Specific Assertion Audit Procedure. Verify that recorded accounts payable include all amounts owed to vendors. (completeness) Verify that all accounts payable are recorded in the correct period. (cutoff) -Select a sample of receiving documents for a few days before and after year-end.
Determine whether accounts payable have been properly accumulated from the journal to the general ledger. (accuracy) - 1. Compare selected amounts from the accounts payable listing with the voucher and supporting documents.d. Determine whether recorded accounts payable are valid. (existence/occurrence) - 3. Search for unrecorded liabilities.
a. Verify that recorded accounts payable include all amounts owed to vendors. (completeness)
Audit Procedure: 3. Search for unrecorded liabilities.
b. Verify that all accounts payable are recorded in the correct period. (cutoff)
Audit Procedure: 4. Select a sample of receiving documents for a few days before and after year-end.
c. Determine whether accounts payable have been properly accumulated from the journal to the general ledger. (accuracy)
Audit Procedure: 5. Obtain a listing of the accounts payable and agree total to general ledger control account.
d. Determine whether recorded accounts payable are valid. (existence/occurrence)
Audit Procedure: 1. Compare selected amounts from the accounts payable listing with the voucher and supporting documents.
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Related Questions
henry suspects that some of his employees have been stealing from his company. he purchases a commercial crime insurance policy, which will cover any losses that actually occur during the policy period. under which coverage form of commercial crime insurance is henry's company insured?
Answers
Loss-Sustained form of commercial crime insurance henry's company insured.
The required details about commercial crime insurance is mentioned in below paragraph.
Insurance against business-related crimes, such as employee theft, forgery, robbery, and technological crime, protects against monetary damages. It is a kind of business insurance that offers protection for the company under the following types of policy: Employee dishonesty in Form A may be written as scheduled insurance or on a blanket insurance basis and covers money, securities, and other properties.
What are the commercial crime policy's exclusions?
The following things are not covered by commercial crime insurance: theft, misdemeanors, or other wrongdoing by you or your company partners. Additionally, it excludes any activities taken by personnel who colluded with one of your partners.
Thus, Henry company is insured under Loss-Sustained form.
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5. Understanding the IRR and NPVThe net present value (NPV) and internal rate of return (IRR) methods of investment analysis are interrelated and are sometimes used together to make capital budgeting decisions. Consider the case of Cold Goose Metal Works Inc. :Last Tuesday, Cold Goose Metal Works Inc. Lost a portion of its planning and financial data when both its main and its backup servers crashed. The company’s CFO remembers that the internal rate of return (IRR) of Project Lambda is 11. 3%, but he can’t recall how much Cold Goose originally invested in the project nor the project’s net present value (NPV). However, he found a note that detailed the annual net cash flows expected to be generated by Project Lambda. They are:YearCash FlowYear 1 $2,400,000Year 2 $4,500,000Year 3 $4,500,000Year 4 $4,500,000The CFO has asked you to compute Project Lambda’s initial investment using the information currently available to you. He has offered the following suggestions and observations:• A project’s IRR represents the return the project would generate when its NPV is zero or the discounted value of its cash inflows equals the discounted value of its cash outflows—when the cash flows are discounted using the project’s IRR. • The level of risk exhibited by Project Lambda is the same as that exhibited by the company’s average project, which means that Project Lambda’s net cash flows can be discounted using Cold Goose’s 7% WACC. Given the data and hints, Project Lambda’s initial investment is __________ , and its NPV is ____________ (rounded to the nearest whole dollar). A project’s IRR will ______ if the project’s cash inflows increase, and everything else is unaffected
Answers
The initial investment of Project Lambda was $9,325,350.56.
The NPV of Project Lambda is $1,514,304.22,
How to solve for initial investmentPV = A / (r * (1 + r)^n - 1)
where PV is the present value, A is the annual cash flow, r is the discount rate (which is the project's IRR), and n is the number of years.
Using the given annual cash flows and the project's IRR of 11.3%, we can calculate the present value of the annuity as follows:
PV = $2,400,000 / (0.113 * (1 + 0.113)^1 - 1) + $4,500,000 / (0.113 * (1 + 0.113)^2 - 1) + $4,500,000 / (0.113 * (1 + 0.113)^3 - 1) + $4,500,000 / (0.113 * (1 + 0.113)^4 - 1)
PV = $9,325,350.56
Therefore, the initial investment of Project Lambda was $9,325,350.56.
To calculate the NPV of the project, we can use the formula:
NPV = PV of cash inflows - Initial investment
Using the present value of the annuity calculated above as the PV of cash inflows, we can calculate the NPV as follows:
NPV = $2,400,000 / (1 + 0.07)^1 + $4,500,000 / (1 + 0.07)^2 + $4,500,000 / (1 + 0.07)^3 + $4,500,000 / (1 + 0.07)^4 - $9,325,350.56
NPV = $1,514,304.22
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The average starting salary for a college graduate is approximately $50,000. What percentage of student loan borrowers have LESS than $50,000 in debt?
Answers
Answer:
About 20% of student loan borrowers have less than $50,000 in debt.
Explanation:
Shannon Company segments its income statement into its North and South Divisions. The company’s overall sales, contribution margin ratio, and net operating income are $480,000, 36%, and $9,600, respectively. The North Division’s contribution margin and contribution margin ratio are $92,000 and 40%, respectively. The South Division’s segment margin is $32,500. The company has $62,400 of common fixed expenses that cannot be traced to either division. Required: Prepare an income statement for Shannon Company that uses the contribution format and is segmented by divisions. In addition, for the company as a whole and for each segment, show each item on the segmented income statements as a percent of sales. (Round your percentage answers to 1 decimal place (i.e. 0.1234 should be entered as 12.3
Answers
Answer:
Shannon Company
Segmented Income Statement
Total Company North South
Division Division
Total sales 480,000 100% 230,000 47.9% 250,000 52.1%
Variable costs 307,200 100% 138,000 44.9% 169,200 55.1%
Contribution margin 172,800 100% 92,000 53.2% 80,800 46.8%
Traceable fixed 100,800 100% 52,500 52.1% 48,300 47.9%
Segment income 72,000 100% 39,500 54.9% 32,500 45.1%
Common fixed 62,400 100%
Net income 9,600 100%
North's total sales = $92,000 / 40% = $230,000
South's total sales = $480,000 - $230,000 = $250,000
South's contribution margin = $172,800 - $92,000 = $80,800
Total segment income = common fixed + net income = $62,400 + $9,600 = $72,000
in the hvacr trade tubing is joined together by what?
Answers
Answer:
Copper tubing is joined using flare connection, compression connection, pressed connection, or solder. Copper offers a high level of corrosion resistance but is becoming very costly.
Does QuickBooks Online Plus provides project profitability tracking?
Answers
Track the financial success of your project using QuickBooks Online projects.
Which version of QuickBooks Online offers profitability tracking?Track the financial success of your project using QuickBooks Online projects .From a single dashboard, you can add project income, expenses, and labor expenses, add previous transactions to new projects, and run project-specific reports.
Accountant and QuickBooks Online Plus are the only two products that support projects. With the additional ability to handle inventory and track profitability by project, QuickBooks Online Plus offers you the features of Simple Start and Essentials.
In addition to a few additional features with increased operation, QuickBooks Online Advanced has all the capabilities of QuickBooks Online Plus.You'll probably need to upgrade to Advanced as your firm develops.In contrast to Plus, which has a maximum user capacity of just 5, it supports up to 25 users.
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Which three characteristics help identify a business opportunity? (Choose three)
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The characteristics that help to identify a business opportunity includes
when it is measurablethe market availabilitythe timing of the opportunity.What is a business opportunity?It refers to a packaged business investment that does allows a potential buyer to begin a business.
In conclusion, the identification of a business opportunity is important because it informs about the best moment to start a business.
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What factors do you think are most important to luxury buyers?.
Answers
Explanation:
•The Value of Space. When it comes to luxury homes, it's all about space. ...
•Entertaining Excellence. ...
•Security & Convenience. ...
•Keeping Things Exclusive.
if you take and hour shower with the hot water how much water will the bill cost Avery day.
Answers
Answer:
$1000000000000000000
Answer:
Assuming that the rates of electricity and water in your area are near the national average, 12 cents per kilowatt-hour and $1.50/1k U.S. gallons, each shower will cost you 25 cents or 51 cents per day for the whole household, according to the shower cost calculator by Omni.
The pure expectations theory assumes that a one-year bond purchased today will have the same return as a one-Year bond purchased five years from now.a. Falseb. True
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False, The pure expectations theory assumes that a one-year bond purchased today will have the same return as a one-Year bond purchased five years from now.
What is the term structure's pure expectations theory?
A hypothesis which claims that only forward rates are the rates which are expected to be paid in the future. In other words, the entire term structure is a reflection of what the market anticipates will happen to short-term rates in the future.
Increasing short-term interest rates are implied, for instance, by an increasing slope to the term structure.
What does expectation theory mean?
The long-term interest rate is a weighted average of the current and anticipated short-term interest rates, according to the expectations theory of the term structure. The long rate will be equal to the short rate if anticipated future short rates remain unchanged (plus a constant risk premium).
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What does qualitative research and quantitative research means?
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Answer:
Quantitative research is expressed in numbers and graphs. It is used to test or confirm theories and assumptions. This type of research can be used to establish generalizable facts about a topic.
Common quantitative methods include experiments, observations recorded as numbers, and surveys with closed-ended questions.
Qualitative research
Qualitative research is expressed in words. It is used to understand concepts, thoughts or experiences. This type of research enables you to gather in-depth insights on topics that are not well understood.
Common qualitative methods include interviews with open-ended questions, observations described in words, and literature reviews that explore concepts and theories.
Answer:
Qualitative research involves collecting and analyzing non-numerical data (e.g., text, video, or audio) to understand concepts, opinions, or experiences. It can be used to gather in-depth insights into a problem or generate new ideas for research.
Quantitative research is a research strategy that focuses on quantifying the collection and analysis of data.
which type of learning involves reading a text to learn languages, business etiquette, and the history of a country?
Answers
The type of learning which involves reading a text to learn languages, business etiquette, and the history of a country is known as academic learning.
What is academic learning?Academic learning is a type of learning that occurs in academic settings, such as schools or universities, and is frequently linked with advanced or higher-level education.
It is the learning that is required for students to progress to the next level of their education, whether it be from one grade level to the next, from high school to college, or from college to a higher degree.
Acquiring a new skill is an example of academic learning. Reading a book on history to improve your knowledge of a country is another example. This type of learning is linked to the traditional classroom environment, which emphasizes reading, writing, and the acquisition of new knowledge.
Academic learning occurs in a controlled and structured environment, and it is assessed and evaluated by teachers or other qualified instructors.
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there is no right or wrong answer
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hey yalll how yall day goin
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Hey y'all! How is your day going? This is a friendly greeting used to ask someone how their day is going. Y'all is short for "you all" and is used to address multiple people.
What is address?Address is a geographical location that is associated with a particular building, residence, or other place of interest. It is typically composed of a street number, street name, city, state, and postal code. An address can also include additional details such as a unit or apartment number, floor level, or suite number. Addresses are used to identify and locate individuals, businesses, and other entities.
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how do our normative positions affect the choices we make individually and society
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Our normative positions affect the choices we make by affecting
Who to voteHow to treat people The time and the period to marry.What are normative positions?These are the ways that people are able to come up with new ideas as well as new positions.
It teaches of the various necessary channels that may help one to effect out of the box thinking.
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Invest in what you know than what you don’t know:
I need 3-4 sentences on this PLEASE HELP ME
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I pulled this out my ašš hope it helps :)
in a business-model sense, many organizations consider customers strategic assets.
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In a business-model sense, many organizations consider customers strategic assets. A customer's strategic asset is considered a valuable and long-term source of revenue. This implies that companies must engage in customer-centric practices and foster good relationships to benefit from their clients.
Customers are the foundation of any business. In order for a company to thrive, they must attract and retain consumers who are loyal to the brand. It is critical to remember that a customer isn't just a means of generating revenue; they are also a source of information about the company and the market. As a result, clients are regarded as strategic assets by many organizations, which are valuable resources that should be safeguarded.
Companies view clients as strategic assets for various reasons, one of which is that they provide a dependable source of revenue. In other words, a customer that is satisfied with the product or service they receive is more likely to become a repeat customer and recommend it to others. This boosts the company's bottom line and provides a long-term revenue stream. Furthermore, a company's clients serve as a bridge to the market and provide valuable insights into consumer preferences and trends. Clients may be a valuable source of information for businesses looking to expand their product lines or enter new markets. Companies can use customer feedback to improve existing goods and services or to create new ones.
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Michael’s personal property in his college dorm room is insured by an endorsement on his parents’ homeowners insurance. The deductible is $2,000. A flood destroys Michael’s textbooks, which cost $570.93 tablet computer, which cost $868.91 backpack, which cost $141.37 and clothing, valued at $500. How much of the loss will the insurance policy not cover?
Answers
Answer:
81.21.
Explanation:
all you would need to do is add up all the values then subtract 2000.
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Given the following table, how many workers should be hired to maximize profits?
Labor Marginal Product Labor VMPL Wage
1 8 $32 $100
2 32 $128 $100
3 16 $64 $100
4 -1 $-4 $100
5 -12 $-48 $100
A. 1
B. 2
C. 3
D. 4
Answers
The number of workers that should be hired to maximize profits is 2 workers. The correct option is B.
To determine how many workers should be hired to maximize profits, we should compare the value of the marginal product of labor (VMPL) to the wage for each worker.
1. Look at the VMPL and wage for each worker.
2. Compare the VMPL to the wage for each worker.
3. Hire workers until the VMPL is less than or equal to the wage.
Worker 1: VMPL is $32, and the wage is $100. Since the VMPL is less than the wage, we do not hire this worker.
Worker 2: VMPL is $128, and the wage is $100. Since the VMPL is greater than the wage, we hire this worker.
Worker 3: VMPL is $64, and the wage is $100. Since the VMPL is less than the wage, we do not hire this worker.
Worker 4: VMPL is $-4, and the wage is $100. Since the VMPL is less than the wage, we do not hire this worker.
Worker 5: VMPL is $-48, and the wage is $100. Since the VMPL is less than the wage, we do not hire this worker.
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the amount of money that a wheat farmer could have earned if he had planted barley instead of wheat is a. an implicit cost. b. an accounting cost c. forgone accounting profit. d. an explicit cost.
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The amount of money that a wheat farmer could have earned if he had planted barley instead of wheat is an implicit cost.
A farmer is someone who does agriculture, cultivating organisms for food or raw resources. People who grow fields, orchards, vineyards, poultry, or other livestock often fall under this definition. A farmer can own farmland or work as tenants on property owned by others.
In most industrialized countries, a "farmer" is usually the owner of a farm, while those who work on the farm are called "agricultural workers". However, in some previous definitions, a farmer was someone who employed and cared for the promotion or improvement of the growth of crops, land or crops, or livestock.
Hence the correct option is A.
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How would you characterize financial ratios? A. Financial ratios are those numbers that compare the net worth from the balance sheet to the net income of the income statement. B. Financial ratios are calculated numbers that identify various performance aspects of a business. C. Financial ratios are those numbers found in the statement of cash flows
Answers
Financial ratios are calculated numbers that identify various performance aspects of a business (option b).
What are financial ratios?Financial ratios are performance metrics of a company. It is used to determine how well a business is doing based on values derived from the financial statements of the company.
The types of financial ratios include:
Activity ratios : it measures the efficiency of a firm. Examples of activity ratios include inventory turnover and number of days of inventory on hand.
Liquidity ratios: it measures the ability of the business to meet its short term obligations. Examples of liquidity ratios include current ratio and quick ratio
Profitability ratios : it measures the ability of a firm to earn profits from its activities. Examples of profitability ratios include return on asset and profit margin
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One of the responsibilities of operations managers is to improve the efficiency of product development and manufacturing. Which of the following is needed to best help accomplish this task
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As one of the responsibilities of operations managers is to improve the efficiency of product development and manufacturing, a well-defined process is needed to best help accomplish this task.
What does well-defined process means?Processes are events or tasks that we want to repeat an unknown number of times; some processes we want to repeat indefinitely. We must document our business processes if we want them to be consistent — to produce predictable, consistently good results.
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the fish house (tfh) in norfolk, virginia sells fresh fish and seafood. tfh receives daily shipments of farm-raised trout from a nearby supplier. each trout costs $2.45 and is sold for $3.95. to maintain its reputation for freshness, at the end of the day tfh sells any leftover trout to a local pet food manufacturer for $1.25 each. the owner of tfh wants to determine how many trout to order each day. historically, the daily demand for trout is:
Answers
The owner of TFH can use historical data to help determine how many trout to order each day.
What is historical data?Historical data is a set of past events and records that are used as reference points to analyze trends, understand the present, and predict the future. It can include anything from economic indicators such as GDP and unemployment rates to records of customer behavior, election results, and stock market performance. Historical data is used to identify patterns and correlations that can help guide decision-making in many industries. For example, economists may use economic indicators from the past several decades to identify trends and make forecasts about the future.
By looking at the daily demand for trout, the owner can get a better understanding of the average number of trout that should be ordered on a daily basis. For example, if the average daily demand for trout is 30, then the owner should order at least 30 trout each day. This ensures that there will be enough trout for customers, while also avoiding ordering too many trout and having leftovers that need to be sold to the pet food manufacturer.
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At a local grocery store, they sell a Visa card that has a prepaid amount on it. People can use this card anywhere, but it cannot be used for more than its prepaid value. Which type of card is this?
A.
a debit card
B.
a smart card
C.
a stored value card
D.
a retail credit card
Answers
The type of the card is a Retail Credit card. Hence the option (D) is the correct one.
What is the function of retail credit cards work?For retail credit cards, an image You can potentially obtain benefits at some retail establishments if you have a retail store credit card.
Decide if you want a card that restricts the retailers with which you may earn rewards or one that enables you to earn rewards for regular purchases. Benefits could consist of privileged access to funding, exclusive deals, discounts, and awards.
For instance, paying in whole for a motorcycle costing $10,000 would be excessive for a buyer.
Consumer will receive a $10,000 loan from retail credit institutions, which will be repaid with interest over a period of time in the form of monthly installments.
Hence the correct option is (D).
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Which aspect of Darron's career matches his lifestyle but is also in conflict with some of his desires? busyness while at work earning money frequent travel strong competition
Answers
Answer:
frequent travel
Explanation:
Since in the question it is mentioned that Darron loves his carrier as it fits with his lifestyle. He knows how to make a money and how to keep busy also he loves travelling plus he wish that he could spend more time with his family members
So here the frequent travel fits in the given situation as he loves travelling so he travel frequently
Therefore the same is considered
Answer:
its travel
Explanation:
What term is best described as the additional satisfaction gained from purchasing a good given the price of the product?.
Answers
Please note that the term marginal utility is used to describe the additional benefit or utility gained by a consumer from purchasing and using an additional unit of a product or service.
What is Marginal Utility used for?In social science - economics, Marginal Utility is used to calculate how much of an item or service a consumer will be ready or willing to purchase.
It aids the economist to determine consumer behavior in relation to the way a person would spend their income on various goods in order to gain the most benefit possible.
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Describe one way advertising has played a role in something you've purchased.
Answers
Answer:Advertising has made me really want to buy many different things. It mostly effected me when I was younger, because I would watch tv a lot. I would constantly beg my parents to buy me some stupid toy I had saw on a commercial.
Explanation:
Advertising has strongly influenced the desire to purchase a variety of goods. A person was most affected by it when people were younger and would watch a lot of television. My siblings would frequently ask my parents to get me some ridiculous gadget they had seen on TV.
What is Advertising?In order to advertise a good, service, or cause, advertising entails purchasing real estate. Advertisements, or just ads for short, are the real commercial messaging. Reaching the audience that is most likely to be interested in purchasing the goods or services of a company is the aim of advertising.
Ads on television, radio, and in newspapers are examples of above-the-line marketing. Conversion-focused campaigns that are targeted towards a certain demographic make up below-the-line advertising. Billboards, sponsorships, in-store advertisements, and other types of advertising are examples of below-the-line marketing.
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write a journal post with three things you might be able to do to go to college (or any other option you are considering after high school) without student loan debt?
Answers
Answer:
You can apply for scholarships, work in high school, and receive grants.
Explanation:
You can possibly graduate college without debt or little money owed back to a bank.
The first option is a scholarship, this money is usually only offered from a range of $500-fully paid tuition. You may have to apply to hundreds before you are granted some but they are offered from freshmen in high school all the way to almost graduating college.
Your second option is working, sophomore year is when you'd be able to get a job the earliest. Every paycheck you save about 20%, work all the way through college and you can save enough to pay for your first year, possibly second year of college. You could also work while you're a full-time student, it'd be hard work but it can be done.
Your third option, but not last is to apply for grants. This is basically free money, they differ from scholarships though. You do not have to pay grants back, and you can get sponsored by companies to pay your way through college.
explain the availability and use of factors of production as method of growing the economy
Answers
The availability and use of factors of production play a critical role in growing the economy. The four primary factors of production include land, labor, capital, and entrepreneurship. The land is the natural resources available for production, such as soil, minerals, and water. Labor refers to the human effort involved in the production process, including physical and mental skills. Capital refers to the physical assets used in the production process, such as machinery, tools, and buildings. Entrepreneurship refers to the process of combining the other three factors to create a business venture.
The availability of these factors determines the extent to which an economy can grow. For example, a country with abundant natural resources can use them to increase production and grow its economy. Similarly, a country with a large and skilled labor force can produce more goods and services, which can lead to economic growth.
Moreover, the efficient use of factors of production can increase productivity and growth. For instance, the use of advanced technology and machinery can reduce the labor required for production, leading to cost savings and increased efficiency.
Overall, the availability and effective use of factors of production can significantly contribute to economic growth and development.
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What types of planning can be done to improve a nation’s economy?
A nation can undergo ____ planning or ___ planning in order to improve its economy.
Answers
Answer:
A nation can undergo long-term planning or constructive planning in order to improve its economy. Long-term planning involves setting goals and implementing policies that will have an impact over a period of several years. This type of planning may involve investments in education, infrastructure, and research and development, among other areas. Constructive planning involves implementing policies that encourage economic growth and development, such as reducing barriers to trade, promoting entrepreneurship and innovation, and investing in key industries. These types of planning can help a nation to create jobs, increase productivity, and improve living standards for its citizens. THANK YOU