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1 year ago

What objectives of internal controls are of primary interest to an auditor performing a financial statement audit?

1 answer:

8 0

objectives of controls are of primary interest to an auditor performing a financial statement audit--- Accurate and reliable financial reporting.

What are the primary objectives of internal control?

The primary purpose of internal controls is to help safeguard an organization and further its objectives. Internal controls function to minimize risks and protect assets, ensure accuracy of records, promote operational efficiency, and encourage adherence to policies, rules, regulations, and laws.

What are the 5 internal controls in auditing?

There are five interrelated components of an internal control framework: control environment, risk assessment, control activities, information and communication, and monitoring.

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2. What are some reasons the seller was willing to sell the product at this price?

Setler79 [48]

To get it out of His hands

Explanation:

Just tired and ready to let it go

4 0

2 years ago

When early settlers needed to buy farming equipment and supplies, they often would use the milk, eggs, and crops their farms pro

Tasya [4]

Answer:

The correct answer is A)

Explanation:

There is no good or service that is unlimited.

The concept of the Barter system was simply a method of exchanging value for value.

It was phased away due to several reasons:
It was not a good store of value as many of the goods were perishable
it didn't make for good administration: It was too cumbersome and problematic. Imagine having to store three trailers of eggs awaiting a barter exchange

Cheers!

3 0

3 years ago

LO 1.3Briefly discuss the chain of command for someone being hired into an organization as a staff managerial accountant.

grin007 [14]

Answer:

A staff managerial accountant is part of the mid-level accounting management.

The top position in the chain of command is the Chief Financial Officer, who is in charge of all financial matters within the firm, especially of presenting accurate financial information at the end of the accounting year to management, stockholders, and potential investors.

Directly below him is the controller, an important position in charge of reporting financial statements during the year, and helping gather information for auditors during external audtis.

Below a staff managerial accountant would be lower level accounting who are in charge of bookeeping on a daily basis.

3 0

3 years ago

The Southern Corporation manufactures a single product and has the following cost structure: Variable costs per unit: Production

Blizzard [7]

Answer:

$3,500

Explanation:

Under variable costing method, product costs are calculated on variable manufacturing costs only.

Step 1 : Determine unit Product Cost

Product Cost = Variable Manufacturing Costs

= $ 35

Step 2 : Determine the units in Inventory

Units in Inventory = Opening Stock + Production - Sales

= 0 + 7,210 - 7,110

= 100 units

Step 3 : Determine Inventory value

Inventory value = Units x Cost per unit

= 100 units x $ 35

= $3,500

Conclusion :

the ending inventory of finished goods under variable costing would be: $3,500

3 0

2 years ago

Consider a university that purchases replacement chairs for its classrooms. The purchasing manager knows that the annual demand

Ierofanga [76]

Answer:

b. $866

Explanation:

Annual demand from the question = D = $500

the ordering cost = S = $200

then the cost of carrying H = $15

we have to calculate the economic order quantity

= sqr(2*D*S)/H

= sqr(2 x 500 x 200)/25

= sqr(13333.3333)

this equals 115.469

which is approximately 115.5

next we have to calculate inventory ordering cost

= (D * S)/EOQ

= 200 *500/115.5

= 865.5

When approximated becomes $866

8 0

3 years ago