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1 year ago

Cash is difficult to protect because it is easy to transfer and its ownership difficult to prove. These statements are?.

1 answer:

4 0

The following are some causes for a bank balance to differ from a company's balance: Deposits in transit, Charges for printing checks and bank services, Accounting mistakes at the business.

<h3>What are financial statement audits mostly focused on?</h3>

In a financial statement audit, the auditor is able to determine with a reasonable degree of assurance whether there are no major misstatements in the financial statements.
Cash can easily stolen or misplaced. As a result, it's critical to put internal controls in place to protect these assets and ensure that only authorized individuals have access to them.
A fundamental internal control process is to deposit all cash receipts in the bank as soon as possible. Cash receipts are frequently deposited by businesses each day.
The following are some causes for a bank balance to differ from a company's balance: Deposits in transit, Charges for printing checks and bank services, Accounting mistakes at the business.

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Suppose two companies own adjacent oil fields. Under the two fields is a common pool of oil worth $60 million. For each well tha

AlekseyPX

Answer:

Each company drills two wells and experiences a profit of $22 million.

Explanation:

If each company acts independently and drills two oil wells each they will have a total of 4 wells each worth (60 million ÷ 4= $15 million.

Each company will have two oil wells which equals (2* 15 million = $30 million)

But each company incurs cost of $4 million per well. That is total cost of $8 million.

Therefore the profit for each company will be $30 million - $8 million= $22 million

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2 years ago

which of these is not true regarding the special function performed by the external auditing profession?

Vladimir79 [104]

<u>It serves the interests of client management rather than the public.</u>

The special function performed by the external auditing profession is the attestation to the fairness of the financial statements of clients.

"The special function helps ensure the reliability and integrity of the financial reporting system. The auditing profession exists to serve the users of an organization's financial statements. Auditors need to remember that they are serving the public interest and not necessarily the interests of client management."

"The special function is a testament that the financial statements of their client are fair. This function serves all users of the financial statement, to ensure they all will be receiving reliable financial information."

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1 year ago

If a company owns multiple lines of business in different areas such as cable TV, film entertainment, networks, and publishing,

Zepler [3.9K]

Answer: The answer is Discontinued Operation.

Explanation: Discontinued Operation in financial accounting is a term that is used to refer to part(s) of a company’s line of businesses or products that have been sold or shut down.

Discontinued operations are reported on the income statement, but separately from continuing operations.

The decision to list discontinued operations separately on the income statement is useful because it shows investors where the profits are coming from and which operations have ceased to function, especially useful when companies are about to merge.

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2 years ago

State Farm insurance company prints an ad in a national newspaper’s apartment rental section with a picture of a girl sitting on

Jobisdone [24]

Answer:

Safety and Security

Explanation:

Blow drying your hair over the tub isn't safe

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2 years ago

What change could be considered an effective sign of economic recovery from the Great Recession?

pogonyaev

Answer:

The answer is C. architecture and construction industry demonstrating a sustainable level of growth

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2 years ago