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1 year ago

Which audit procedure is most effective in testing credit sales for overstatement?

1 answer:

4 0

The audit procedure that is most effective in testing credit sales for overstatement is vouching a sample of recorded sales from the sales journal to shipping documents.

<h3>What is an overstatement?</h3>

In accounting, If an account or a figure on an account is overstated, it means that the amount that is reported on the financial statement is more than it should be.

Hence, in order to correct such errors, the audit procedure that is most effective in testing credit sales for overstatement is vouching a sample of recorded sales from the sales journal to shipping documents.

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The definition of workplace teams includes the requirement that team members _____.

pishuonlain [190]

Explanation:

I dont know sorry have a good day

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2 years ago

Bramble, Inc., manufactures golf clubs in three models. For the year, the Big Bart line has a net loss of $6,600 from sales $200

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Answer and Explanation:

The preparation of the analysis is shown below:

Particulars Continue Eliminate Net Income (Decrease)

Sales $200,000 $0 -$200,000

Less: Variable Costs $176,000 $0 -$176,000

Contribution margin $24,000 $0 -$24,000

Fixed Costs $30,600 $20,600 $10,000

Net Income/Loss -$6,600 -$20,600 -$14,000

As we can see that in both the cases whether eliminate or continue the amounts comes in negative but in continue there is a less amount of loss as compared to eliminated one

Therefore, in this case, the big Bart line could be continued

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3 years ago

Which of the following statements best describes the Sherman Act?A. The Sherman Act established the United States Securities and

aleksandr82 [10.1K]

Answer:

B. The Sherman Act allows the US government to regulate activities that restrain competition and trade

Explanation:

The Sherman Antitrust Act of 1890 was first legislation enacted by US congress. It was brought into force to regulate competition and trade among enterprises. This act prohibits agreement in restraint of trade or interference of power in trade like price fixing, bid rigging, etc.

The Sherman Act did not work for long as it restrict the business merger and people are confused about knowing the motive of the act as it is not designed properly.

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3 years ago

What were the origins of the Asian currency crisis?

valina [46]

Answer:

East and South east Asia

Explanation:

The crisis that later blew up to become a financial crisis over the year started from the east and south east Asia countries of Thailand , Indonesia and South korea in 1997 before spreading to other counties leading to a fall in value of the currencies ,and fall in stock market and assets prices as the exchange rate continued to nosedive.

It was sparked up by the inappropriate borrowing by the private sector in the previous years

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3 years ago

balance sheet showed total assets of $60 million, total liabilities (including preferred stock) of $45 million, and 1,000,000 sh

Sati [7]

Answer:

The price per share should be $22.5

Explanation:

The price earnings multiple or P/E tells us how much price the investors are willing to pay for $1 earnings of the company.

We first need to calculate the earnings per share of the company.

Earnings per share = Net Income / Number of outstanding common shares

Earnings per share = 1500000 / 1000000 = $1.5 per share

Using the P/E for the industry, the price per share of Flintstone should be,

P/E = Price per share / Earnings per share

15 = Price per share / 1.5

15 * 1.5 = Price per share

Price per Share = $22.5

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3 years ago

Read 2 more answers