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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:

3 0

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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A market situation where all participants have an incentive to exploit a resource yet no one can limit anyone else's access to t

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Answer:

Tragedy of the Commons

Explanation:

The tragedy of the commons refers to a situation where the individual could access to the resources that are shared for their own interest.

So it is the market situation where the participant expolited the resources also there is no limited for accessing the resources

So the above term should be considered for the given situation

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3 years ago

Virginia has business property that is stolen and partially destroyed by the time it was recovered. She receives an insurance re

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Answer:

$4,000

Explanation:

The computation of amount of Virginia's casualty loss is shown below:-

If property is personal property or is not absolutely destroyed, then the amount of loss of casualty is the lower of:

1. The adjusted asset base, or

2. Reducing the fair market value of the property as a result of the incident

But loss of casualty, should be decreased by any salvage value by any insurance or even other reimbursement that you obtain or consider.

Basis = $14,000

Decrease in fair market value = $10,000

Lower of above = $10,000

From insurance company the Reimbursement is = 6000

So, the Loss of Casualty = $10,000 - $6,000

= $4,000

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4 years ago

Jason keeps all his clients financial plans and investment options details in a password protected folder. Which principle of th

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3 years ago

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Hallmarks of "personal cultures" are skill-based assignments, self-motivated workers, and more deference paid to knowledge than

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Answer:

The correct answer is "task culture"

Explanation:

In task cultures, it is essential to get the job achieved than concern about who does the work. Hallmarks of task cultures are skill-based assignments, self-motivated workers, and more deference paid to knowledge than to formal authority.

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4 years ago

Sparrow Corporation (a calendar year, accrual basis taxpayer) had the following transactions in 2019, its second year of operati

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<u>Solution and Explanation:</u>

Taxable income $330,000

Federal income tax liability paid (69,300 )

Tax-exempt interest income 5,000

Disallowed portion of meals and entertainment expenses (1,500)

Life insurance premiums paid, net of increase

In cash surrender value (3,500 minus 700) = (2,800)

Proceeds from life insurance policy, net cash

Surrender value (130,000 minus 20,000) 110,000

Excess capital losses (13,000)

Expenses (26,000 minus 16,000) 10,000

Allowable portion of 2013 SS 179

Expenses (20% multiply with 25,000) (5,000)

Dividends received deduction (70% multiply with $35,000) 24,500

LIFO recapture adjustment 10,000

Installment sale gain $(40,000-32,000) / 40,000 * 15,000)$ (3,000)

$394,900

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4 years ago