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2 years ago

The auditing standards board has concluded that analytical procedures are so important that they are required during the?

1 answer:

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The Auditing Standards Board has concluded that analytical procedures are so important that they are required during planning and completion phases.

The American Institute of Certified Public Accountants has designated the Auditing Standards Board as its senior technical committee for the purpose of issuing standards, guidelines, and auditing, attestation, and quality control statements to certified public accountants for audits of non-public companies.

The Auditing Standards Board (ASB) provides certified public accountants with standards, guidelines, and auditing, attestation, and quality control statements (CPAs). It is the senior technical committee of the AIPCA and is in charge of creating generally recognized auditing standards (GAAS) for private enterprises.

Learn more about Auditing Standards Board (ASB) here

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Question 7 (Multiple Choice Worth 4 points)

Stolb23 [73]

In a situation wherein Country Y has a progressive tax system for income, with no credits or deductions, a CEO earning $2.5 million per year would pay the most as a percentage of income in the country Y. Therefore, the option D holds true.

<h3>What is the significance of a progressive tax system?</h3>

A progressive tax system can be referred to or considered as a system wherein the percentage of tax to be levied increases with an increase in the total taxable income for an individual. The rates of taxation under this system are defined under percentage.

In the situation given above, when a CEO in country Y earns $2.5 million, i.e., more than any other person mentioned above, he will be the one who will have to pay the most taxes as a part of percentage of his income.

Therefore, the option D holds true and states regarding the significance of the progressive tax system.

Learn more about progressive tax system here:

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1 year ago

Read 2 more answers

Sigma Corporation applies overhead cost to jobs on the basis of direct labor cost. Job V, which was started and completed during

murzikaleks [220]

Answer:

$3,283

Explanation:

Calculation for the overhead cost be added to Job W at year-end

Using this formula

Overhead cost =(Overhead cost / Direct Labor) *Job W Direct Labor

Overhead cost=($6,365 / $9,500) *$4,900

Overhead cost=0.67*$4,900

Overhead cost=$3,283

Therefore the overhead cost be added to Job W at year-end is $3,283

4 0

2 years ago

Consider the following two separate events for a company during the year: 1. Loss on sale of investments = $30. 2. Unrealized ga

Serggg [28]

Answer:

A.) Net income = $(30); Comprehensive income = $(10).

Explanation:

First, the multiple choices to the question

A.) Net income = $(30); Comprehensive income = $(10).

B.) Net income = $(30); Comprehensive income = $20.

C.) Net income = $0; Comprehensive income = $(10).

D.) Net income = $(10); Comprehensive income = $20.

The question is to determine the effect of the two events listed on the Net Income as well as the comprehensive income

First, we look at event one:

The loss of sales of investment = #30

The effect of this is to debit the income statement because it is a net loss of $30. It brings a reduction to the income side. Income will usually have a credit balance, but a net loss reduces income therefore, it will be debited.

Second, the Unrealized gain on investment from increase in fair value = $20

The effect is $10 which represents $30 from the loss - $20 from the unrealised gain. It will however, also decrease the comprehensive income by the $10.

7 0

3 years ago

Akers Company sold bonds on July 1, 20X1, with a face value of $100,000. These bonds are due in 10 years. The stated annual inte

Taya2010 [7]

Answer:

$76,620.83

Explanation:

According to the scenario, computation of the given data are as follows

Future Value (FV) = $100,000

Rate of interest = 10% yearly

Rate of interest (Rate) = 10%÷ 2 = 5% semiannually

Number of period (Nper) = 9 × 2 = 18

Face value = $100,000

Payment (pmt) = $100,000 × (6%÷2) = $3,000

By putting the value in excel present value formula, we get,

PV = $76,620.83

Attachment is attached below

6 0

2 years ago

An outside supplier offers to provide Epsilon with all the units it needs at $63.05 per unit. If Epsilon buys from the supplier,

ICE Princess25 [194]

Answer:

Make since the relevant cost to make it is $59.05

Explanation:

Calculation to determine what Epsilon should choose to:

Relevant costs to make = 8.20 + 24.20 + [41*(100%-35%)]

Relevant costs to make = 8.20 + 24.20 + (41*65%)

Relevant costs to make = 8.20 + 24.20 + 26.65

Relevant costs to make =$59.05

Therefore Epsilon should choose to: MAKE SINCE THE RELEVANT COST TO MAKE IT IS $59.05

8 0

2 years ago