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2 years ago

How to identify the significant accounts, disclosures, and relevant assertions in auditing long-lived assets?

1 answer:

6 0

An account or disclosure is a vast account or disclosure if there's an inexpensive possibility that the account or disclosure should contain a misstatement that, personally or when aggregated with others, has a fabric impact on the financial statements, considering the risks of each overstatement.

On the subject of auditing balance sheet accounts, which includes lengthy-term property and liabilities, the important thing assertions that an auditor will test are lifestyles; rights and duties; completeness and valuation.

To be able to become aware of these risks, we carry out techniques such as subsequent: Discussions with key employees to gain knowledge of your employer and its environment. Discussions and walkthroughs achieved and documented over internal manipulation tactics. diverse analytical tactics.

Learn more about environment here: brainly.com/question/17413226

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Sterling Company paid $1,200 for 3 months of rent on April 1 of the current year. On April 30, Sterling Company made an adjustin

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Explanation:

the rent start on February first and paid 400 the expense rent are for 29 days on 13.7 USD per day

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2 years ago

Maple Farms, Inc. v. City School District of Elmira. Read the summary of the court opinion. Could something like this bankrupt a

tester [92]

The correct answers to these open questions are the following.

Maple Farms, Inc. v. City School District of Elmira.

Could something like this bankrupt a company?

Yes, it can, if the proper forecast were not done taking into consideration all of the possible variables at medium and long-range.

Do you agree with the decision?

It was a tough decision because the court declared in its decision that the performance was not impracticable, as Maple Farm Inc indicated when decided to break the contract.

In strict theory, I agree with the court's decision because the explanation was that an "impractical" occurred when an event happened totally unexpected. And in this case, Mapple Farm Inc could have taken extra provisions knowing that milk had a 10% increase the last year and had the chance of more increases in the present year.

That is how a company can avoid this type of situation. Taking better provisions, contemplating all kinds of variables, knowing that in the future, something unexpected can happen and could be prevented with the proper forecast.

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2 years ago

Understanding a target customer base allows a company to

Sever21 [200]

B is the answer.

Hope this helps.

6 0

3 years ago

Read 2 more answers

Sanctions are a type of trade restriction that is ineffective in forcing change in other countries.

Nikolay [14]

<span>The answer to this question is False. Sanctions do not only rarely achieve their goal of forcing change in the targeted country, but they also tend to produce collateral economic damage in the nations that do apply them.</span>

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3 years ago

BAK Corp. is considering purchasing one of two new diagnostic machines. Either machine would make it possible for the company to

suter [353]

Answer:

a) For MACHINE A

Net Present Value (NPV) 7208

Internal Rate of Return (IRR) 11,48%

For MACHINE B

Net Present Value (NPV) -13468

Internal Rate of Return (IRR) 6,99%

b)BAK Corp should buy MACHINE A

Explanation:

We use excel or a spreadsheet to calculate net present value and the profitability index of each machine. See document attached.

We use a cash flow to solve this problem.

At moment 0 we have the investment cost , in this case Original cost $76,700 $183,000 for Machine A and Machine B . From period 1 to period 8, we have inflows and outflow. (Estimated annual cash inflows $20,200 $40,500

Estimated annual cash outflows $5,040 $9,870).

Then, we calculate the Net cash flow that is the difference between benefits and cost.

We use all the result (positive and negative) in Net cash flow to get the profitability index, IRR.

Download xlsx

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2 years ago