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1 year ago

The primary focus of financial statement audits is the discovery of fraud. group startstrue or false

1 answer:

6 0

The goal of an audit of financial statements is to enable an auditor to specific an opinion as to whether or not the economic statements are prepared, in all material respects,

in accordance with International Financial Reporting Standards or another recognized financial reporting framework.

<h3>What is the primary motive of monetary statements?</h3>

This studying has presented an overview of economic statement analysis. Among the principal factors included are the following: The principal purpose of financial reports is to furnish records and records about a company's economic position and performance, consisting of profitability and cash flows.

Learn more about financial statement audits here:

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The corporate charter of Maine Yacht Corporation allows the issuance of a maximum of 3,000,000 shares of $1 par value common sto

Delvig [45]

Answer:

a)3,000,000 shares

b)2,200,000 shares

c)2,170,000 shares

d)$2,200,000

Explanation::

a) Based on the information given 3,000,000 shares were authorized

b) Based on the information given 2,200,000 shares were issued

c) Calculation for many shares are outstanding

Outstanding shares= (2,200,000 issued-30,000 in treasury)

Outstanding shares=2,170,000 shares

d) Calculation for the balance of the Common Stock account

Balance of the Common Stock account = ($1 × 2,200,000 shares

Balance of the Common Stock account=$2,200,000

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3 years ago

Which of the following are not considered earned income for EIC computations? a. Wages b. Tips c. Interest earned from a bank ac

geniusboy [140]

Answer:

The right answer is option (C).

Explanation:

Earned income can be defined as the income of a person which he earns by working and efforts.

Hence according to the question, the most appropriate answer is option (C) because interest earned from a bank account is not the result of any personal efforts and hence it is not considered as earned income for EIC.

While the other options are wrong because of the following reasons:

Wages can be defined as the income a person gets after working for some company, hence it is considered as the earned income.

Tips are also an outcome of personal efforts to make clients happy and hence it also considered as the earned income.

Self-employed income can be defined as the income a person gets for his work as a freelancer and hence it also considered as the earned income.

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3 years ago

Opportunity cost is:

yanalaym [24]

Answer: All of the above are true.

5 0

3 years ago

Multiple Choice Question Tresses, Inc., which has a December 31 year end, lent $1,000 on December 1 to an employee at 6% due in

maria [59]

Adjusting entry on December 31 with a debit to Interest receivable and credit to Interest Revenue for the interest generated in December.

<h3>What is an Adjusting entry?</h3>

Adjusting entries and journal entries used in accounting and accounting to assign income and expenditure to the period in which they actually occurred.
They are often made at the end of an accounting period. Under accrual-basis accounting, the revenue recognition principle serves as the foundation for adjusting entries related to unearned and accrued revenues.
Because they are done on balance day, they are occasionally referred to as balance day adjustments.
Revenues and related costs are recorded in the same accounting period according to the matching concept of accrual accounting.
The actual money, however, can be received or paid at a separate period.

<h3>What is Interest receivable?</h3>

The amount of interest that has been earned but has not yet been paid out in cash is known as interest receivable.
Many organizations won't record this number because they believe it to be irrelevant.

Therefore, it will record an Adjusting entry on December 31 with a debit to Interest receivable and credit to Interest Revenue for the interest generated in December.

Know more about Interest receivables here:

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2 years ago

Sonic Corp. manufactures ski and snowboarding equipment. It has estimated that this year there will be substantial growth in its

Ne4ueva [31]

the answer is expansion. but im not sure A or B

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3 years ago

Read 2 more answers