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natta225 [31]
3 years ago
9

When auditing the accounts receivable account on the balance sheet, an auditor’s procedures most likely would focus primarily on

management’s assertion of?
Business
1 answer:
Harman [31]3 years ago
5 0

I guess the correct answer is Existence.

When auditing the accounts receivable account on the balance sheet, an auditor's procedures most likely would focus primarily on management's assertion of existence.

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Which of the following statements regarding the direct and indirect methods of reporting cash flow from operating activities is
erica [24]

Answer:

a) although both methods result in the same net increase or decrease in cash for the year, net cash flow from operating activities will be different under the two methods

Explanation:

Using the indirect method, computation of cash flow from operating activities begins with net income as shown in the income statement. The FASB also permits both methods but has expressed a preference for the direct method and the direct method shows the specific cash inflow and outflows for each operating activities of the business.

This option that does not align with the differences between the 2 methods is that the cash flow reported under direct and indirect method for operating activities would always remain the same notwithstanding the method used.

3 0
4 years ago
Compare transnet with a perfect competitor in terms of price and output and profit
Sergeu [11.5K]
Transnet SOC Ltd is a rail, port, and pipeline company in Johannesburg. 

Price: This company is a price maker, therefore, in terms of price, Transnet perfect compitetor is a price taker.

Output: Transnet has the ability to decide the quantity of their output and they have many competitors on this one.

<span>Profit: Transnet might be able to increase their profit but in a competition it would be hard because customers might switch to the competitor. </span>
6 0
3 years ago
According to the diversification-for-stability argument, why should some nations impose protective tariffs and import quotas
Artyom0805 [142]

Their economies are highly specialized and depend on international trade for their income.

<h3>What is  income?</h3>

Income is the consumption and saving opportunity gained by an entity over a given time period, which is usually expressed in monetary terms. Income is difficult to define conceptually, and definitions vary across fields.

Income is defined as the amount of money received by a person, group, or company over a specific time period. A salary of $70,000 per year is an example of income.

Income is money received by an individual or business in exchange for labor, the production of a good or service, or the investment of capital. Individuals typically earn money through wages or salaries, whereas businesses make money by selling goods or services for more than their cost of production.

To know more about  income follow the link:

brainly.com/question/25895372

#SPJ4

5 0
2 years ago
Morrow Inc. uses the percentage of credit sales method of estimating doubtful accounts. The Allowance for Doubtful Accounts has
Black_prince [1.1K]

Answer:

$9,400

Explanation:

The computation of ending balance in the Allowance for Doubtful Accounts account is shown below:-

The ending balance in the Allowance for Doubtful Accounts account = Net credit sales × Bad debt losses + Unadjusted credit balance

= $190,000 × 3% + $3,700

= $5,700 +$3,700

= $9,400

Therefore for computing the ending balance in the Allowance for Doubtful Accounts account we simply applied the above formula.

7 0
3 years ago
The _____ is a financial statement that reports the revenues, expenses, and net income or loss that resulted from a firm’s opera
suter [353]

The Income Statement is a financial statement that reports the revenues, expenses, and net income or loss that resulted from a firm’s operations over an accounting period.

<u>Explanation:</u>

The Income Statement is one of the company’s center financial reports that confers their gain and loss over a remarkable time. The gain or loss is circumscribed by practicing all revenues and deducting all liabilities from both working and non-operating exercises.

The income statement is a vital element of a company’s execution reports that need to be yielded to the Securities and Exchange Commission (SEC). An income statement presents worthy insights into a company’s operations, the performance of its management, underperforming areas and its production applicable to industry rivals.

7 0
3 years ago
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