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1 year ago

The aicpa has assigned responsibility for issuing official pronouncements on auditing matters to the

1 answer:

6 0

The aicpa has assigned responsibility for issuing official pronouncements on auditing matters to the Auditing Standards Board (ASB) responsibility for issuing official pronouncements on auditing matters.

The Auditing Standards Board, the AICPA's highest technical body designated to provide auditing pronouncements, issues Auditing Standards. The auditor may state that the audit was also carried out in compliance with another set of auditing standards (for example, International Standards on Auditing [ISAs] or Government Auditing Standards). An audit is a systematic process carried out by an auditor who obtains and evaluates evidence to determine concordance between management's assertions about economic facts and the defined standards (usually GAAP). The auditor will subsequently report the findings to anyone interested (such as the SEC or investors).

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James Perkins wants to have a million dollars at retirement, which is 15 years away. He already has $200,000 in an IRA earning 8

Lelu [443]

Solution :

Given :

James needs $ 1,000,000 after 15 years.

His IRA deposit is $ 200,000 and is earning at the rate of 8% per annum.

Maturity value of $200,000 after 15 years = $2000000 \times( 1.08)^{15}$

= $ 634,434.

Balance fund needed after 15 years = 1,000,000 - 634,434

= $ 365,566

Therefore, the future value of the annuity is :

$FV=A[\frac{(1+k)^n-1}{k}]$

Here, FV = future annuity value = 365,566

A = periodical investment

k = interest rate = 8%

n = period = 15 years

∴ $365566 = A\frac{[(1.08)^{15}-1]}{0.08}$

A = 13,464

Thus, James needs to save $ 13,464 each year end to reach his target.

4 0

3 years ago

If interest rates on the euro are consistently below U.S. dollar interest rates, then for the International Fisher Equation (IFE

Temka [501]

Answer:

The euro will appreciate against the dollar.

Explanation:

Since in the given situation it is mentioned that the rate of interest is consistently less than the interest rate of US so here in the IFE, the euro normally appreciated or increased as against the dollar

So as per the given option, the above should be the answer and the same should be relevant

Therefore the rest of the options are considered to be wrong

4 0

3 years ago

Use the following information to determine the break-even point in units (rounded to the nearest whole unit):

denis23 [38]

Answer:

29,771 units

Explanation:

The break-even indicates the number of units that you have to sell to cover your costs. The break-even point is calculated by using the formula:

Break-even point in units= Fixed costs/(selling price per unit-variable cost per unit)

Break-even point in units= $195,000/($14.95-$8.40)

Break-even point in units= $195,000/$6.55

Break-even point in units= 29,771 units

The break-even point in units is 29,771.

4 0

3 years ago

A project that cost $80000 with a useful life of 5 years is being considered. Straight-line depreciation is being used and salva

mina [271]

Answer:

8.13%

Explanation:

Annual return = [ (Total FV/Initial investment)^(1/n) ] -1

n = useful life of the project

Total Future Value = (22650*5) +5000

Total FV = $118,250

Initial investment = $80,000

Annual return = [ (118,250/80,000)^(1/5) ] -1

r = [ (1.478125^(1/5)] -1

r = 1.0813 - 1

r = 0.0813 or 8.13%

6 0

3 years ago

The belief that capital punishment is now unconstitutional because society has changed is an example of what doctrine? A. Evolvi

Tasya [4]

A. Evolving standard??

7 0

3 years ago