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2 years ago

Does audit service needed in Auchi polytechnic student union government of yes why

Business

1 answer:

ladessa [460]2 years ago

7 0

Yes audit service is needed in the Union government of this school called Auchi polytechnic.

<h3>What is audit?</h3>

This is the term that is used to refer to the official inspection that is done into the accounts of an organization of which this Union can be grouped under.

It helps to verify and also check the financial information of the entity. The reason why the audit is needed is because it would help to expose issues that may have to do with misappropriation of funds by the union.

It would also helps to tell the school if the financial report that the union makes is the same as the financial reflection of the Union at a particular point in time.

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4 years ago

Interest payable, income tax payable and salary payable are all examples of _______.

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2 years ago

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ICE Princess25 [194]

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4 years ago

Royal Gorge Company uses the gross profit method to estimate ending inventory and cost of goods sold when preparing monthly fina

Softa [21]

Answer:

1. $31,100

2. $104,000

Explanation:

1. Cost of goods available for sale:

= Cost of beginning inventory + Net purchase + Freight on purchase

= $60,200 + ($127,000 - $7,000) + $4,700

= $184,900

Estimated cost of goods sold:

= Sales - Gross profit

= ($265,000 - $22,000) - [40% × ($265,000 - $22,000)]

= $243,000 - $97,200

= $145,800

Estimated cost of ending inventory:

= Cost of goods available for sale - Estimated cost of goods sold - Inventory stolen

= $184,900 - $145,800 - $8,000

= $31,100

2. Cost of goods sold = Sales × (60/200)

= $243,000 × (60/200)

= $72,900

Estimated cost of ending inventory:

= Cost of goods available for sale - Estimated cost of goods sold - Inventory stolen

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4 years ago

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svp [43]

Answer:

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Explanation:

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3 years ago

Read 2 more answers