Answer: I do not agree with that statement.
Explanation: Auditing is a term used to describe the various processes and activities put in place to review, examine and verify the financial reports and statements of an organisation. When effectively implemented, it has the advantage of ensuring the following.
I. Improved quality of financial statements
II. Reduced chances for fraudulent activities.
III. Proper documentation and reporting of daily Transactions.
IV. Improved monitoring and evaluation of the financial activities of an organisation.
V. It is a statutory requirements and obligation for Business Organisations.
VI. It will help to make the financial records of an organisation to be more accessible and transparent.
Many organisations have continued to Implement periodic audits and make it part of their processes, system and policy as it has benefited them and helped them to comply with statutory regulations and obligations.
Answer:A
Explanation: i did the test
Answer:
C.
Explanation:
Financial Statements depicts the financial position of a firm at a particular point of time or specified date. The users of financial statements use various types of analysis to understand or compare the current financial statements of the company to prior years or with those of the competitors.
The journal entry on declaration of dividend would lead to a debit to retained earnings and credit to dividends payable.
No journal entry is passed on the date of recording dividend.
Later, on the date of payment of dividend would lead to a debit to dividends payable and credit to cash account.
The journal entries have been shown below:
Answer:
The correct answer is letter "C": gradual adjustment.
Explanation:
Canadian anthropologist Kalervo Oberg (1901-1973) defined Cultural Shock as the process by which individuals culture crash against a new culture being introduced implying feelings such as anxiety, confusion, and impotence as a result of the cultural difference.
According to Oberg, there are four (4) stages in the Cultural Shock: <em>the honeymoon; the crises or cultural shock phase; the gradual adjustment and recovery phase; the adaptation, resolution or acculturation phase.
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In the gradual adjustment and recovery phase, the foreign culture starts to make sense and negative reaction to the unusual decreases. Problems do not end in this stage but individuals react positively to them. The foreign language is learned during this phase.
Answer: The Business Cycle Dating Committee of the National Bureau of Economic Research.
Explanation:
The Business Cycle Dating Committee under the National Bureau of Economic Research are tasked with declaring the beginnings and the endings of the Business cycle. They do this by reviewing Economic wide measures especially GDP to see if prevailing conditions are still ongoing.
To declare a Recession, the Economy would have to be experiencing a significant downward trend in widespread economic activity reduction over more than a couple of months but for a Recession to be declared as over and back to a Peak, it might take longer than that.
