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1 year ago

which of these is not true regarding the special function performed by the external auditing profession?

Business

1 answer:

Vladimir79 [104]1 year ago

3 0

It serves the interests of client management rather than the public.

The special function performed by the external auditing profession is the attestation to the fairness of the financial statements of clients.

"The special function helps ensure the reliability and integrity of the financial reporting system. The auditing profession exists to serve the users of an organization's financial statements. Auditors need to remember that they are serving the public interest and not necessarily the interests of client management."

"The special function is a testament that the financial statements of their client are fair. This function serves all users of the financial statement, to ensure they all will be receiving reliable financial information."

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Initiatives intended to improve an organization's positive impact on society and the natural environment are called:

ikadub [295]

Green marketing initiatives are intended to improve an organization's positive impact on society and the natural environment.

To add, green marketing products that are presumed to be environmentally safe. It incorporates a broad range of activities, including product modification, changes to the production process, [sustainable packaging], as well as modifying advertising.

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3 years ago

Below are transactions for Wolverine Company during 2021.

Leona [35]

Answer:

Wolverine Company

Journal Adjusting Entries:

a) Debit Deferred Revenue $1,050

Credit Rent Received $1,050

To adjust rent received for December.

b) Debit Insurance Expense $5,460

Credit Prepaid Insurance $5,460

To adjust insurance expense for the year.

c) Debit Wages & Salaries $1,100

Credit Wages & Salaries Payable $1,100

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d) Debit Interest on Loan Account $110

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e) Debit Supplies Expense $2,000

Credit Supplies Account $2,000

To record supplies used during the year.

Explanation:

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On April 3, a customer returned $ 900 of merchandise that had been purchased with cash to Cooke Supplies. Cooke's cost of the

PIT_PIT [208]

Answer:

The Journal entries are as follows:

(i) Sales revenue A/c Dr. $900

To Cash $900

(To record the correction in sales revenue)

(ii) Merchandise Inventory A/c Dr. $200

To Cost of Goods sold $200

(To record the merchandise returned)

Note:

(1) At the time of sale, the cash would have been debited with the amount of $900 and the sales revenue would have been credited with the amount of $900. Now, the cash of $900 should be credited as it was debited earlier.

(2) The inventory account also credited at the time sale, so it should be debited and the cost of goods sold debited at the time of original sale, so it need to be credited.

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3 years ago

Brews 4 U is a local chain of coffee shops. Managers are interested in the costs of the stores and believe that the costs can be

Elden [556K]

Answer:

Explanation:

a. In a regression equation expressed as y= a + bx, how is the letter b best described?

Here, b is the slope and best described as the estimate of the cost when there's a visit of an additional customer.

b. How is the letter y in the regression equation best described?

The letter y is the observed store cost for that particular month.

c. How is the letter x in the regression equation best described?

The letter x is the observed customer visit for that particular month.

d. Based on the data derived from the regression analysis, what are the estimated costs for 370 customer-visits in a month?

The estimated cost for 370 customer visit will be:

Y = a + bx

where,

a =$1496

b = $2.08

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Y = $1496 + ($2.08 × 370 customer visit)

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e. What is the percent of the total variance that can be explained by the regression equation?

The percent of total variance which the regression equation explain will be:

R2 = 0.86814 or 86.814%

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