Answer:
The result generated by the method change must be expressed within the income statement as an extraordinary result.
And within the statement of financial situation, a note must be included where the change of method is reported and what the valuation of the inventory would have been if the method had not been changed.
The document that details the specific audit procedures for each type of test is the audit program.
The procedures that auditors follow in order to gather enough relevant audit evidence to make a professional judgment about the efficacy of an organization's internal controls.
To determine if transactions were appropriately categorized in the accounting records, audit techniques are utilized. For instance, it is possible to check purchase records for fixed assets to determine whether they were properly categorized into the appropriate fixed asset account.
To check if transactions have been recorded during the appropriate reporting period, audit processes are utilized. For instance, the shipping log can be examined to determine whether shipments to clients on the final day of the month were properly documented.
Learn more about audits here:
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Answer:
(B) opportunity cost
Explanation:
If you are giving up an opportunity over another than it is called opportunity cost.
Answer:
According to McNeely, Wagner had to choose between seeking the remaining payment ($250,000 x 1/3) or keeping the timber.
This was a real case: "<em>Glen WAGNER and Bonnie Wagner, Respondents, v. Theodore R. McNEELY, Appellant. (96 CV 0525; CA A100217)
, July 07, 1999</em>"
The Court of Appeals of Oregon ruled that due to usage and customs of the timber industry in Oregon, there was nothing illegal in the plaintiff (Wagner) keeping the timber and seeking the payment. It was a very technical issue regarding two different rules that seem to be contradictory (ORS 72.7090 and ORS 72.7190). The court actually decided not to rule on this issue, so the lower court's decision remained.
Answer:
Real Interest Rate = -2.7%
Explanation:
The formula to calculate the Real Interest rate is:
Here,
r = Real Interest Rate
i = Nominal Interest Rate = 3% = 0.03
p = Rate of Inflation
We have the value of Nominal Interest Rate. Before using the formula we need to calculate the Rate of Inflation. We have the values of CPI at the beginning and end of the year. From these we can calculate the Inflation Rate. The formula to calculate the inflation rate is:
Using the values in this formula, we get:
Now we have all the values that we need to use. The values in the formula will be used in decimals, not in percentages. Substituting the values, we get:
Thus, the Real Interest Rate that Juanita earned is -2.7%. This shows that rate of Inflation is more than the Nominal Interest and the value of her savings actually decreased compared to the beginning of the year.
