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1 year ago

Inherent risk and control risk differ from detection risk in that inherent risk and control risk are?

1 answer:

3 0

Detection risk refers to the auditor's processes and can be altered at the auditor's discretion, whereas inherent risk and control risk exist independently of the audit of financial statements. The relationship between detection risk and inherent and control risk should be inverse. The more the detection risk that may be accepted, the less inherent and control risk the auditor thinks to be present. In contrast, the auditor considers that the detection risk can be tolerated less as inherent and control risk increases.

Inherent risk: What is it?

Human Involvement.
Business connections and regular meetings.
Assumption/Judgment Based Accounting is number three.
Organizational structure complexity.
Transactions that are not routine.

Cybersecurity risks, integrity and moral risks, fraud risk, subpar business system designs, etc. are a few examples of control risks. A crucial duty for the accounting department of a firm is control risk monitoring.

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To help with hiring decisions during peak seasons and holidays, Cards for All Seasons uses time-series forecasts, like sales fro

nexus9112 [7]

Answer:

B) A Trend Decision

Explanation:

Trend decision is also known as Trend forecasting. It is a complicated and useful way in which data of past sales is used to determine future trends. It is generally used by marketing experts to determine future sales growth. It can be used in different areas of a business.

An example of the use of trend forecasting is the fashion industry. Since customers change their purchasing behavior rapidly, so a particular garment becomes popular for one season and then it goes out of fashion. Fashion forecasters use trend forecasting to predict the trends by including the work designers and the early adoption of a trend among the people

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3 years ago

On January 1 of this year, Thomas Insurance Corporation issued bonds with a face value of $ 4,000,000 and a coupon rate of 9 per

e-lub [12.9K]

Bonds Payable amount reflected in balance sheet = $2192890

Face Value = $2000000

Coupon Rate = 10%

Maturity Period = 10 years

Number of compounding = 2

Interest = $2000000 * 10% * 6/12 = $100000

Period = 2 * 10 = 20

Maturity Value = Face Value = $2000000

Market Interest Rate semiannually = 0.085 / 2 = 0.0425

Market Value = Present Value of Future Cash Flows

= PV of Interest + PV of maturity value

= (Interest * PVAF (4.25%, 20)) + (Maturity Value * PVIF (4.25%, 20))

= (100000 * 13.29437) + (2000000 * 0.434989)

= $1329437 + $869978

= $2199415

Since market value is greater than face value, we can say that bonds are issued at a premium.

Premium = $2199415 - $2000000 = $199415

Journal Entry to record the issuance of bonds:

Cash a/c Dr $2199415

To Bonds Payable a/c $2000000

To Premium on the issue of bonds $199415

Bonds Payable amount is a liability account that carries the quantity owed to bondholders by way of the company. This account usually seems in the lengthy-term liabilities section of the stability sheet, on account that bonds usually mature in more than one year.

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2 years ago

Budget information for college athletic programs show that the programs could not exist with receive a significant amount of mon

My name is Ann [436]

Answer:

The correct answer is letter "A": Student Fee.

Explanation:

Student Fees are the monthly or quarterly payments students make to access education in a university or college. The money polled is useful to fund different school activities such as implementing more books and study resources in libraries, improving the faculties' structures, and supporting students' activities such as research and sports.

7 0

3 years ago

Career fulfillment means:

castortr0y [4]

Answer is a hope this helps cause its like common sense

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3 years ago

Read 2 more answers

A company used $35,000 of direct materials, incurred $73,000 in direct labor cost, and had $114,000 in factory overhead costs du

morpeh [17]

We can calculate the cost of goods manufactures using the formula:

Total Cost = Cost of Direct Materials + Direct Labor Cost + Overhead Cost – Inventory

Substituting the known values:

<span>Total Cost = $35,000 + $73,000 + $114,000 – ($32,000 - $28,000)</span>
Total Cost = $218,000 -----> ANSWER

We deduct the initial from the final inventory to get the balance.

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3 years ago