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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:

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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.

To lean more about Detection risk from the given link.

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A. 8$ <br> B. 9$<br> C. 10$<br> D. 30$

Reptile [31]

The equilibrium is the middle, or the point where the lines meet
So when we look at the point at which they lie at, we can see that it isn't exactly eight and it isn't exactly ten, it's in between those two numbers
So the answer is nine dollars

6 0

3 years ago

Writers should use words carefully and construct sentences skillfully to emphasize main ideas and de-emphasize minor ideas. Choo

Alexxandr [17]

Answer:

Option b is correct.

Explanation:

The statement in option ''b" is the correct option for laying emphasis on the main idea and de-emphasizing the minor ideas, that is;

"First, please make the changes to the second section of the proposal changes, and then have Jane proofread the entire proposal."

The above statement is a detailed one and shows the step by step instructions or requirements;

1." First, please make the changes to the SECOND SECTION of the proposal changes.''

The SECOND SECTION the writer mentioned lay emphasis on the second section of the proposal CHANGES AND NOT THE WHOLE.

2. "and then have Jane proofread the ENTIRE proposal"

The writer wants Jane to do the PROOFREADING of the ENTIRE proposal.

4 0

3 years ago

Manufacturing costs include Group of answer choices

jeka94

Answer:

the answer is b) direct materials, direct labor, and manufacturing overhead.

Explanation:

direct materials - the materials and supplies used to create a product. (wood used to make a table)

direct labor- the labor and service implemented in the process of delivering finished goods. (hours spent on crafting the table)

manufacturing overhead- any indirect costs involved in the production of the product.

7 0

3 years ago

On March 12, Medical Waste Services provides services on account to Grace Hospital for $10,200, terms 4/10, n/30. Grace pays for

Serjik [45]

Answer:

See explanation section

Explanation:

Medical Waste Services

Journal entries

March 12 Accounts receivable - Grace Hospital Debit $10,200

Service revenue Credit $10,200

Note: Assuming the company used periodic inventory system. Therefore, it does not need to show the journal entry for cost of goods sold. Also the journal entry is recorded as gross method.

March 20 Cash Debit $9,792

Sales discount Debit $408 (Note - 1)

Accounts receivable - Grace Hospital Credit $10,200

As Grace Hospital paid within discount period, i.e., within 10 days, Medical Waste Services provided 4% discount.

Note - 1: Calculation of discount = $10,200 × 4% = $408.

Cash = $10,200 - $408 = $9,792

3 0

3 years ago

On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 1,000,000 shares of no-par common stock (with a stated

Diano4ka-milaya [45]

Answer:

B. The invested amount is $1,410,000

Explanation:

A. The journal entry is shown below:

For February 12:

Cash A/c Dr (1,000,000 shares × $1.20) = $1,200,000

To Common stock (1,000,000 shares × $0.25) = $250,000

To Paid in capital in excess of par $950,000

(Being common stock is issued for cash)

For August 3:

Cash A/c Dr (10,000 shares × $21) = $210,000

To Preference stock (10,000 shares × $15) = $150,000

To Paid in capital in excess of par $60,000

(Being preference stock is issued for cash)

B. The computation of the total amount invested is shown below:

Common stock = $250,000

Add: Preferred stock = $150,000

Add: Additional paid up capital of common stock = $950,000

Add: Additional paid up capital of Preference stock = $60,000

So, the invested amount is $1,410,000

8 0

3 years ago