Answer:Option A
Explanation:
Auditing is an independent examination of the financial statement of an audit client to express a true and fair view on the statement examined.
Investigation is a much deeper aspect of auditing that wants to examine a particular aspect of in organization for example theft of cash, insurance claim etc.
The Auditor is only to report to the Board of Directors i.e the Engagement Officer.
The internal auditor must be concerned about the possibility of inclusion of a statement for which the accused employee could use to sue the organization. It becomes imperative for a draft of the proposed final communications on fraud should be submitted to legal counsel for review to prevent further liabilities for the organization.
Answer: Option (c) is correct.
Explanation:
Gross profit of 30% means that every $1 of Sales require $0.7 of inventory and cost of freight.
So, inventory used to generate sales of $3,630,000:
= $3,630,000 x 0.7
= $2,541,000
Total inventory during the period:
= Beginning inventory + Purchases
= $4,950,000 + $2,049,000
= $6,999,000
Remaining Inventory:
= (Total inventory - Inventory used to generate sales) + freight-in
= ($6,999,000 - $2,541,000) + $234,000
= $4,692,000
Answer:
The correct answer is a. menu costs
.
Explanation:
Menu costs are those that arise from changes in product prices. In order to implement any sudden change of this type, it is necessary to carry out a very thorough analysis in order to determine if it is profitable for an organization to make changes in prices, this action determines if said increase is enough to cover the costs of that change.
Answer:
TRUE
Explanation:
Training and development describes the formal, ongoing effort that are made within organizations to improve the performance and self-fulfillment of their employees through a variety of educational methods and programs.
In order to choose the best training method, there are some factors that a company should consider. These factors include:
Number of people to be trained: people can learn more effectively in small groups, and, consequently, less effective in larger ones.
The cost of training: training budget is very essential in the decision process because training can take a lot of resources: money, materials, equipments e.t.c)
The objectives of training: the goal or objectives will vary depending on the organization and the kind of activities the organization plans to do during work.
Therefore, it is TRUE that to choose the best training method, a company should consider such factors as the number of people to be trained, the cost of training, and the objectives of the training.
Answer:
is personally responsible for all partnership debts
Explanation:
COMPLETE QUESTION
A general partner:
is personally responsible for all partnership debts. has no say over a firm's daily operations. faces double taxation whereas a limited partner does not. has a maximum loss equal to his or her equity investment. receives a salary in lieu of a portion of the profits.
EXPLANATION
A general partner can be regarded as a person that joins with another person or join with more than one other person to form a business. A general partner is responsible for the actions that is been taken in the business, He or she is liable personally for all the debts as well as obligations in the business and can bind the business legally. It should be noted that A general partner is personally responsible for all partnership debts.
