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3 years ago

The primary responsibility for fair and accurate financial reporting rests with the:

Business

1 answer:

Nikitich [7]3 years ago

5 0

Answer:

The correct answer is (D)

Explanation:

Financial reporting is a complex task which requires an expert to handle them accurately. Companies make many changes in the real data to slip from government taxes and they usually report losses. Auditors are the one responsible to find discrepancies in the financial reporting. So, the primary responsibility rests with the auditors for accurate financial reporting.

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Based on the following information, determine the amount of equipment on the balance sheet. Total liabilities and owner's equity

hammer [34]

Answer:

$9,950

Explanation:

The amount of equipment shall be determined through accounting equation which is given as follows:

Total Assets=Total liabilities+Total equity

Total assets=Current+Non current assets

Current assets+Non current assets=Total liabilities+Total equity

Non current assets=Cost of land+Cost of equipment-accumulated depreciation on equipment

Current assets+Cost of land+Cost of equipment-accumulated depreciation on equipment=Total liabilities+Total equity

Applying given data in the question to the above equation

$19,800+$15,000+Cost of equipment-$1,550=$44,750

$33,250+Cost of equipment=$44,750

Cost of equipment=$44,750-$33,250=$11,500

Amount of equipment on balance sheet=$11,500-$1,550=$9,950

6 0

3 years ago

Read 2 more answers

Suppose the price level reflects the number of dollars needed to buy a basket of goods containing one cup of coffee, one donut,

Anettt [7]

Answer:

From year one to year two, there is (Deflation,Inflation) at an annual rate of _12.5____%. In year one, $40.00 will buy ____5____ baskets, and in year two, $40.00 will buy ___5.7 (6)____ baskets. This example illustrates that, as the price level falls, the value of money:_increases___

Explanation:

a) Data and Calculations:

The price of a basket of goods in year one = $8.00

The price of the same basket of goods in year two = $7.00

Difference in price (reduction in price) = $1 ($8 - $7)

Percentage reduction in price = $1/$8 * 100 = 12.5%

With $40/8, 5 baskets were bought

With $40/7, 5.7 baskets will be bought

b) Economists are always wary of prolonged deflation or continuous general falling prices of goods because it depicts an economy that is seriously weakening at its foundation. As a fallout, companies slow production, reduce output, lay off workers, and reduce salaries (earned income).

5 0

2 years ago

At its height, what percentage of american workers were employed in an automotive-related industry?

USPshnik [31]

The percentage of American workers that were classified as employed in the industry that is automotive-related is only 20%. There were only 2 out 10 Americans who are working on this job. Automotive jobs cover auto dealerships, and manufacturing plants.

7 0

3 years ago

Read 2 more answers

client becomes dissatisfied with the progress that Engineer A is making on his project. As a result, he terminates the services

BaLLatris [955]

Answer:

The correct answer is all of the above.

Explanation:

Solution

When a client is not happy with the work of the former Engineer A on his project, if he hires Engineer B to finish the work, the new Engineer must take into consideration the past work of his predecessor.

He has to check the overall work manual of the previous engineer, so as to input his own idea to make the work much better and satisfactory for the client.

He (Engineer B) should be able to keep track in documenting his or her effort while redoing the entire design process stage.

He can also asked questions from the previous Engineer in case he his not understanding dome things or facing some issues towards the project work.

The four option here, are correct

5 0

3 years ago

The only thing a firm can and should do to balance the conflicting demands of being agile in a dynamic environment is to design

leva [86]

Answer:

B) false

Explanation:

This is false because the statement from the question is not the only option.

To balance the conflicting demands by firm could be challenging but can be achieved,

✓Look out for the communication needs, then data can as well be turned to information.

✓The only thing a firm can and should do to balance the conflicting demands of being agile in a dynamic environment is to design systems and processes that can identify, assess, and develop technology based opportunities.

4 0

2 years ago