Which type of audit is performed by either a consultant or an auditing firm employee?
Answers
The type of audit that is performed by either a consultant or an auditing firm employee is called an external audit.
An external audit is conducted by an independent third party, such as a consultant or an auditing firm, who is not employed by the organization being audited. This type of audit aims to provide an objective assessment of an organization's financial statements, internal controls, and compliance with applicable laws and regulations.
During an external audit, the auditor examines financial records, interviews key personnel, and reviews internal policies and procedures to ensure accuracy and transparency in financial reporting. The auditor also assesses the organization's internal controls to identify any weaknesses or areas of improvement.
One of the main purposes of an external audit is to provide assurance to stakeholders, such as investors, lenders, and regulators, that the organization's financial statements are reliable and free from material misstatements. This helps to enhance the credibility and trustworthiness of the organization's financial information.
In addition to financial audits, external auditors may also perform operational audits, compliance audits, or special audits based on specific requirements or concerns of the organization. These audits focus on evaluating the effectiveness and efficiency of an organization's operations, adherence to laws and regulations, or addressing specific issues or risks.
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Related Questions
Mark applies for a credit card using someone else's name and Social Security number. What type of fraud is this? • A. Securities fraud • B. Insurance fraud C. Identity theft D. Tax fraud
Answers
C. Identity theft. Mark's actions of using someone else's name and Social Security number to apply for a credit card constitute identity theft.
What is Identity theft?
Credit card constitute identity theft is a type of fraud involving the unauthorized use of someone's personal information for fraudulent purposes. Securities fraud, insurance fraud, and tax fraud are different types of fraud that involve illegal activities in specific domains such as financial securities, insurance, and taxation, respectively, and are not applicable in this scenario. Identity theft is a serious crime that can result in financial loss and harm to the victim, and it is important to take steps to protect personal information and report any suspected cases of identity theft to the appropriate authorities.
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What’s the answer to this question??
Answers
i'm pretty sure it's listening and talking but i may be wrong.
what two outcomes are possible when production costs fall? (choose all that apply)
Answers
When production costs fall, two possible outcomes are lower prices for consumers and increased profitability for producers.
When production costs decrease, producers have the opportunity to lower the prices of their goods or services. This can result in more affordable products for consumers, potentially leading to increased sales and market demand. Lower prices can make goods and services more accessible to a broader range of customers, which can stimulate economic activity and potentially lead to higher overall consumption.
On the other hand, decreased production costs can also lead to increased profitability for producers. When the costs of raw materials, labor, or other inputs decline, producers can improve their profit margins.
This can allow businesses to invest in research and development, expand their operations, or allocate resources towards other areas of growth and innovation. Increased profitability can also incentivize businesses to stay competitive in the market and potentially attract new entrants, further driving economic development.
In conclusion, when production costs fall, two potential outcomes are lower prices for consumers and increased profitability for producers. These outcomes can contribute to economic growth, increased market efficiency, and improved affordability and accessibility of goods and services.
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What was the total amount deducted from Lily’s pay for Federal, State, and Local income tax?
Answers
Additionally, payroll taxes such as Social Security and Medicare would need to be considered. This information should be provided on her pay stub or in her tax documents, such as a W-2 form or tax return.
Without this information, it's impossible to accurately determine the total amount deducted from Lily's pay for income taxes.
disclosing confidential information of a past employer to gain advantage at a new job is a violation of the standard of ethics?
Answers
Disclosing confidential information of a past employer to gain an advantage at a new job is a violation of the confidentiality standard of ethics.
What is ethics?Ethics or moral philosophy is a branch of philosophy that "involves systematizing, defending, and recommending concepts of right and wrong behavior". The field of ethics, like aesthetics, is concerned with matters of value; together, these fields comprise the branch of philosophy known as axiology.
Furthermore, ethics investigates the rational basis for our moral judgments; it investigates what is morally right or wrong, just or unjust. In a broader sense, ethics considers human beings and their interactions with nature and other humans, as well as freedom, responsibility, and justice.
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How important is money
Answers
Answer:
very important
Explanation:
money is a global income source for everyone. we all have different types but it is all still money. now say one country got rid of money and had people pay for stuff using other things. if china did that lots of different countries wouldn't be able to get stuff from there unless they had so much of that product they could just give it up.
Kim is a seller of Strength Bracelets, a bracelet that claims to provide strength and stability with the use of the body's natural energy field, at the local mall. Strength Bracelets became so popular that Kim decided to sell 1 bracelet for $55.00. If the consumer is willing to purchase 3 bracelets, it would only cost the consumer $39.99/ bracelet. It only took 4 hours for Kim's stock of 240 Strength Bracelets to sell out.
1. Kim is using First degree price discrimination against her consumers.
2. Kim is using Third degree price discrimination against her consumers.
3. With this pricing scheme, Kim is extracting part of the consumer's surplus.
Which of the above statements are true?
a.Only 1 is true.
b.Only 2 is true.
c.Only 3 is true.
d.Both 1 and 2 are true.
e.Both 2 and 3 are true.
Answers
First-degree price discrimination involves setting the price of a product or service at the highest possible price that customers are willing to pay. In first-degree price discrimination, the seller knows the maximum price that each customer is willing to pay for the product or service. This is also referred to as price discrimination of the individual consumer.
Second-degree price discrimination is where prices are set according to how much of a product or service is purchased. Quantity discounts, bulk discounts, and differential pricing are all examples of second-degree price discrimination. Third-degree price discrimination is where different prices are charged to different groups of consumers or market segments.
Third-degree price discrimination is based on the theory that certain groups are more or less price-sensitive and therefore willing to pay more or less for a product or service. It is the most common form of price discrimination. Kim is using third-degree price discrimination against her consumers. When a seller offers different prices to different groups of customers, he or she is engaging in third-degree price discrimination. This is exactly what Kim is doing by offering a discount on the purchase of three bracelets.
Consumers who buy three or more bracelets benefit from a reduced price, which is less than the per-unit price. Hence, only statement 2 is true: Kim is using Third degree price discrimination against her consumers.
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Which of the following statements describes GAAP?
A. GAAP standards are written and regulated by the government.
B. It is legally required that all companies meet GAAP standards.
C. Companies that meet GAAP standards usually use cash basis accounting.
D. GAAP recommends accrual basis accounting.
Answers
The statement that describes GAAP is that GAAP recommends accrual basis accounting.
Generally accepted accounting principles refers to the standards and accounting rules that are used for financial reporting.The four main principles of GAAP include consistency, objectivity, materiality and prudence. It should also be noted that Generally accepted accounting principles make use of the accrual basis accounting because sales are recorded at the time that they occur. This is vital in providing a better insight into the affairs and the performance of a company.
In conclusion, the correct option is D.
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If the fed raised the reserve requirement, the demand for reserves would.
Answers
In a scenario where the fed raise the reserve requirement, the demand for reserves would increase.
What is a reserve requirement?A reserve requirement simply means the amount of money that banks are expected to keep with the central bank.
It should be noted that when the fed raise the reserve requirement, the demand for reserves would increase, therefore, the federal rates would fall.
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For a customer of Lush, how will their MVV translate to your experience?
For an employee of Lush, for example a shop worker – how might the companies MVV affect your working life, your daily experience and your perspective of the business?
Answers
You plan to set aside $500 for 5 years. The account pays annual interest of 8 percent, compounded quarterly. The ending balance (principal plus interest) will be ___at the end of 5 years.
Answers
Answer:
$942.27
Explanation:
The applicable formula for this case is A = p x ( 1 + r) ^ n
Where A is the amount after 5 years
p = Principal amount: $500
r = Interest rate : 8 % or 0.08 per year.
quarterly interest rate = 0.08/4 = 0.02
n = number of period : 8 year or 32 quarters (8 years x 4 )
A = $500 x (1 + 0.02) ^32
A= $500 x (1.02)^32
A =$500 x 1.88454
A=$942.27
Amount after five years will be $942.27
Most states have statutes protecting merchants from charges of false imprisonment when detaining suspected shoplifters as long as the merchant detains the suspect:____.
Answers
When detaining suspected shoplifter as long as the merchant detains the suspect with probable cause, in a reasonable manner, and for not more than a reasonable time.
Most of the states provide an affirmative defense to merchants accused of false imprisonment. False imprisonment occurs when a person, who doesn't have legal authority or justification intentionally restrains another person's ability to move freely.
The general rule in detention of someone suspected of shoplifting is that the situation can evolve into an arrest if he or she is taken into custody for the crime.
Hence, the shop owner or manager can detain the person when there are reasonable belief and proof that the suspect did engage in shoplifting.
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Question4: 20 points. Both formal training and informal learning contribute to the development of intangible assets, but especially human capital. Human capital includes knowledge. In this regard briefly ddefine and explain the difference between Explicit knowledge and Tactic knowledge
Answers
The difference between Explicit knowledge and Tactic knowledge is that Explicit knowledge is knowledge that is easily and widely available and transferrable to people.Tacit knowledge refers to knowledge that is hard to transfer from one person to another.
Both formal training and informal learning contribute to the development of intangible assets, but especially human capital. Human capital includes knowledge. In this regard, the difference between Explicit knowledge and Tactic knowledge is as follows:
Explicit knowledge refers to knowledge that is documented, codified, and easily transferable from one person to another. It is knowledge that is easily and widely available to people. It is possible to communicate it through written words, speech, and pictures. This knowledge can be easily stored and retrieved. Explicit knowledge is also called formal knowledge.
Tacit knowledge refers to knowledge that is hard to transfer from one person to another. It is embedded in personal experience, context, and know-how. It is knowledge that people acquire through experience. It is knowledge that is unique to individuals. It is knowledge that is not documented and is challenging to articulate. Tacit knowledge is also called informal knowledge.
In conclusion, explicit knowledge can be easily written down and communicated, while tacit knowledge cannot be easily transferred from one person to another and is mostly unique to individuals.
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Question 10 of 20
What is the difference between a market economy and a command
economy?
A. A market economy is determined by central authority and a
command economy is determined by consumers,
B. A market economy is determined by consumers while a command
economy is determined by both consumers and central authority
C. A market economy is determined by both central authority and
consumers while a command economy is determined by only
consumers
D. A market economy is determined by consumers and a command
economy is determined by central authority,
Answers
The balance in the Finished Goods inventory account at the beginning of the month was $79,000 and at the end of the month was $72,000. The cost of goods manufactured for the month was $361,600. The actual manufacturing overhead cost incurred was $118,400 and the manufacturing overhead cost applied to jobs was $112,000. The adjusted cost of goods sold that would appear on the income statement for July is
Answers
Answer:
Adjusted cost of goods sold $ 375,000
Explanation:
Under-absorbed overhead = Actual overhead - Absorbed overhead
= 118,400- 112,000 = 6,400
Under-absorbed overhead= 6,400
Data:
Opening inventory 79,000
cost of goods sold 361,600
under absorbed overhead 6,400
closing inventory 72,000
The income statement would as follows:
$
Opening inventory 79,000
Add cost of goods sold 361,600
Add under absorbed overhead 6,400
less closing inventory (72,000)
Adjusted cost of goods 375,000
Note the under absorbed overhead implies that the cost of manufactured reported before the adjustment for the under-absorbed overhead is under cost and charged. To correct this the under absorbed overheard figure is added back.
Federally-funded grants require the student to...
earn above average grades.
have a membership in a high school club.
perform volunteer work for a local community
agency.
have financial need only.
Answers
Answer:
Explanation:
have financial need only
Federally-funded grants typically require students to have financial need only, as they are designed to provide financial assistance to students who may not have the means to pay for their education. Therefore, option D is correct.
Federally-funded grants are financial assistance programs provided by the government to support students in pursuing their education. These grants are typically awarded based on financial need, considering factors such as income, family size, and assets.
They aim to ensure that students from low-income backgrounds have access to higher education opportunities. Unlike loans, grants do not need to be repaid, making them an attractive form of aid.
Federal grants include programs like the Pell Grant and the Federal Supplemental Educational Opportunity Grant (FSEOG), among others.
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What Was All That One in a Million Talk, Inc., a manufacturer of cross country mopeds, incurred the following total costs in its monthly operations: Month Activity Level Total Cost September 100 mopeds $10,000 October 85 mopeds $9,520 November 75 mopeds $7,875 December 80 mopeds $7,500 Using the high-low method of cost estimation, for every additional moped, the company should expect its costs to increase by $87.50 $102.63 $125.00 $100.00 $85.00
Answers
The high-low method of cost estimation, for every additional moped, the company should expect its costs to increase by $85.00.
To determine the cost increase per additional moped using the high-low method of cost estimation, we need to identify the highest and lowest activity levels and their corresponding total costs.
Given the data provided, the highest activity level is 100 mopeds in September with a total cost of $10,000, and the lowest activity level is 75 mopeds in November with a total cost of $7,875.
To calculate the cost increase per additional moped, we subtract the total cost at the lowest activity level from the total cost at the highest activity level, and then divide that difference by the change in activity level.
Cost increase per additional moped = (Total cost at highest activity level - Total cost at lowest activity level) / (Highest activity level - Lowest activity level)
Cost increase per additional moped = ($10,000 - $7,875) / (100 - 75)
Cost increase per additional moped = $2,125 / 25
Cost increase per additional moped = $85
Therefore, using the high-low method of cost estimation, for every additional moped, the company should expect its costs to increase by $85.00.
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Which method assigns probabilities based on the assumption of equally likely outcomes?
Answers
Classical Approach determining probability with the assumption that all possible outcomes are equally likely.
What kinds of results are there?Organizational, team, and individual outcomes are the three different categories of results.
What characteristics define a successful outcome?Think carefully exactly what you can actually achieve given the groups your want to target and the range of your resources. Good outcome goals are clear, measurable, and practical. Develop the following results: • Your outcomes should specify what you hope will occur once your action is finished.
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PLEASE help im stuck
What management principle caused the cost per bushel to change? Explain how the principles applied to this example.
Answers
Answer:
Microeconomics uses a set of fundamental principles to make predictions about how individuals behave in certain situations involving economic or financial transactions. These principles include the law of supply and demand, opportunity costs, and utility maximization. Microeconomics also applies to businesses.
Each of the following items affect the cash balance per books except a) notes collected by the bank. b) outstanding checks. c) bank service charges. d) NSF checks.
Answers
The correct answer is a) notes collected by the bank. Notes collected by the bank refer to the funds received by the bank on behalf of the company from customers or other parties.
These funds are typically deposited into the company's bank account, which increases the cash balance per books.
On the other hand, the remaining options—outstanding checks, bank service charges, and NSF (Non-Sufficient Funds) checks—do affect the cash balance per books.
b) Outstanding checks represent checks that have been issued by the company but have not yet been presented for payment. These checks have already been recorded as a decrease in the cash balance per books.
c) Bank service charges are fees charged by the bank for various services, such as monthly maintenance fees or transaction fees. These charges reduce the cash balance per books.
d) NSF checks are checks that were received by the company but were not honored by the bank due to insufficient funds in the payer's account. The amount of the NSF checks should be deducted from the cash balance per books.
Therefore, the correct answer is a) notes collected by the bank, as they increase the cash balance per books.
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Your store sales average $162,000 per month. Your triple net lease has the following monthly terms: rent is 3% of sales, insurance is $210, maintenance is $100, utilities total $425, and taxes are $90. You expect next year's sales to increase 7%, but your lease terms will remain the same. Calculate next year's ANNUAL lease payment. Round your answer to the nearest dollar.
Answers
Answer:
=$72, 302
Explanation:
The tenant agrees to pay all real estate taxes, building insurance, and maintenance (the three "nets") plus the normal monthly rent in a triple net lease agreement.
Rent is 3% of sales. Sales will grow by 7%.
Current sales are equivalent to 100%; increased sales will be 100% + 7% = 107%
This year's monthly sales are 162,000: next year's monthly sales will be 107% of $162,000
=107/100 x $162,000
=1.07 x $162,000
=$173,340
Monthly sales will be $173,340. Monthly rent is 3% of sales
=3/100 x $173,340
=$5,200.2
The monthly lease will be monthly rent, plus insurance plus maintenance plus, utilities total plus taxes
= $5,200.2 + $210 + $100 + $425 + $90.
=$6,025.2
monthly lease = $6,025.2
Annual lease =$6,025.2 x 12
=$72,302.40
=$72, 302
Answer: 72,302
Explanation:
The current price of a German bond is €98 and the current exchange rate is €1 = $1. 5. The bond pays a coupon of €10 per period. ‘You expect the bond price to increase to €105 at the end of the period. Also, you expect the exchange rate to become €1= $1. 15 at the end of the period. What is the expected dollar rate of return on the German bond for the period?
Answers
The expected dollar rate of return on the German bond for the period is 16.15%.
Expected capital gain = €105 - €98 = €7
Expected exchange rate = €1 = $1.15
Expected dollar bond price = €105 × ($1.15/€1) = $120.75
Expected coupon payment = €10 × ($1.5/€1) = $15
Initial dollar bond price = €98 × ($1.5/€1) = $147
Expected dollar rate of return = ($15 + €7 × ($1.15/€1)) / $147 = 16.15%.
A bond refers to a debt security issued by a corporation, government or other organization, which serves as a means of borrowing funds from investors. When an entity issues a bond, it is essentially borrowing money from investors who buy the bond, and promising to pay them back with interest at a predetermined time in the future.
Bonds are generally considered to be less risky than stocks because they provide a fixed income stream and a predetermined repayment date. The interest rate on a bond is called the coupon rate and is typically fixed for the life of the bond. Bonds are usually bought and sold on the bond market, which is a separate market from the stock market. Investors can use bonds to diversify their portfolios and reduce their overall risk because the returns on bonds tend to be less volatile than stocks.
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What decision did a London Court Reach In this case?
Answers
Answer:
A.
Explanation:
I did B from the person above and got it wrong and it said that A was the answer :)
Answer:
A. The writing of The Da Vinci Code did not violate copyright law.
Explanation:
Right on ED2021, goodluck!
If a 20% increase results in a price of $6.36, what was the price before?
Answers
Answer:
$5.09 cents
Explanation:
Given the following question:
20% of 6.36
In order to find the answer, we will calculate using the formula for percentages then subtract that answer from the initial amount to have our answer.
\(\frac{p\times n}{100}\)
\(\frac{20\times6.36}{100}=20\times6.36=127.2\div100=1.272\)
\(=1.272\)
Round:
\(1.272\)
\(2 < 5\)
\(1.27\)
Now subtract:
\(6.36-1.27=5.09\)
\(=5.09\)
After a 20% decrease the price is now "$5.09 cents." Which means this was the price before the 20% increase.
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How do you calculate marginal cost from production cost?
Answers
marginal cost The difference in total production costs caused by creating or producing one extra unit is known as the marginal cost in economics.
Divide the variation in production costs by the variation in quantity to determine marginal cost. In managerial accounting, the idea of marginal cost is crucial because it may be used to maximize production through economies of scale within an organization. The overall costs involved in producing an additional good are what is referred to as the marginal cost. Therefore, it can be evaluated by changes in the costs associated with each extra unit. Because a corporation seeking to maximize profits will only create until marginal cost (MC) equals marginal income, marginal cost is a key concept in economic theory.
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assume on january 1, 2017, a wholly owned subsidiary sells to its parent, for a sale price of $132,000, equipment that originally cost $180,000. the subsidiary originally purchased the equipment on january 1, 2013, and depreciated the equipment assuming a 12-year useful life (straight-line with no salvage value). the parent has adopted the subsidiary’s depreciation policy and depreciates the equipment over the remaining useful life of 8 years. the parent uses the equity method to account for its equity investment.
Answers
When the wholly owned subsidiary sells equipment to its parent, the parent company would account for the transaction using the equity method.
The subsidiary originally purchased the equipment on January 1, 2013, and depreciated it over a 12-year useful life with no salvage value. As of January 1, 2017, the equipment has been depreciated for 4 years.
Since the parent adopts the subsidiary's depreciation policy, it will continue depreciating the equipment over the remaining useful life of 8 years, starting from January 1, 2017.
The parent's portion of the equipment's cost will be $132,000, the sale price agreed upon between the subsidiary and the parent.
To account for the transaction, the parent company would reduce its investment in the subsidiary by the amount of the sale price, $132,000. It would also recognize depreciation expense on the equipment over the remaining useful life of 8 years.
By applying the equity method, the parent maintains its investment value in the subsidiary and records its share of the subsidiary's depreciation expense, aligning the financial reporting of both entities.
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2. What does AOC stand for?
d. Area of Concentration
c. Area of Careers
b. Awareness of Careers
na Awareness of College
Answers
Answer:
The answer is D. Area of Concentration
Explanation:
Area of concentration (AOC) must be listed along with a skill identifier (if applicable) and listed as the primary specialty.
8. Ann Wills is offered a sales job with two firms. Boden Tools offers her a salary of $800 a month, a
commission of 3% on total monthly sales, and 3% more on monthly sales over $75,000. Sentor, Inc.
offers her a commission of 2.5% on the first $45,000 of monthly sales, 4.5% on the next $20,000 of
monthly sales, and 7% on all monthly sales over $65,000. If Ann could average $87,000 in sales a month
at either job, at which job could she earn more per month, and how much more?
Answers
Ann will earn more at Sentor Inc. as she will earn $1955 more.
Based on the information given in the question, the earnings from the companies will be:
Boden Tools:
= $800 + (3% × $87000) + (3% × $87000)
= $800 + $2610 + $2610
= $6020
Sentor Inc.
= (2.5% × $45000) + (4.5% × $20000) + (7% × $85000)
= $1125 + $900 + $5950
= $7975
Difference in earnings = $7975 - $6020 = $1955
Therefore, based on the calculation above, she'll earn more at Sentor Inc. She will earn $1955 more.
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Type the correct answer in the box Spell all words correctly
What is an example of using a transaction processing system to process data immediately
transactions are aſ perfect example of the transaction processing system,
Answers
Answer:
online transactions
Explanation:
1. What are the problems/challenges encountered by Nanay Coring in her business? 2. What alternatives did Nanay Coring take when the business encountered problem? 3. What were the business opportunities she selected?
Answers
Explanation:
1. The problems/challenges encountered by Nanay Coring in her business includes;
the Japanese who took over Philipines destroyed books they found in their bookstore which they did not like.the American war which drove the Japanese from the Philipines led to the store been destroyeda typhoon damaged the store unexpectedly, resulting in relocation.2 & 3.
according to Nanay Coring, they had to switch to selling candies, soap, slippers, papers, and cigarettes as this was demanded by the Japanese soldiers frequently.they also spent longer working hours.Everyone calls her "Nanay Coring," and she is Young's 2004 Entrepreneur of the Year-Philippines award and recipient of Ernst, which has been nicknamed the "Oscar" of the corporate environment. She founded the National Book Store) chain of bookstores.
1. The problems:
The heavy volumes thinned out. We didn't exhibit the books any longer because mathematics books were virtually the only ones preserved. A typhoon soaked all of their stock and blew the roof off of their small business.
2. When a problem arises in the business, Nanay Coring can attempt another business that is currently popular. Modify her business's appearance. She's found someone who is willing to invest in her company. Make her business more appealing to the eye, but the buyer should understand that purchasing her problem or trying her service is worthwhile.
3. Business opportunities:
Nanay Coring first demonstrated her financial acumen with this summer employment.
She worked at a cigarette factory, where she was paid five centavos every pack for removing rotting tobacco and keeping the rest of the cigarette filler.
"At the time, that was a lot of money because the conversion rate was P2 to $1."
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