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xxMikexx [17]
3 years ago
7

An auditor observed that a client mails monthly statements to customers. Subsequently, the auditor reviewed evidence of follow-u

p on the errors reported by the customers. This test of controls was most likely performed to support management's financial statement assertion(s) of
Classification and understandability
rights and obligations

A. Yes Yes
B. Yes No
C. No Yes
D. No No
Business
1 answer:
mash [69]3 years ago
4 0

Answer:

C. No Yes

Explanation:

Classification and understand-ability = NO

rights and obligations= YES

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On September 1, Vicario, Inc., borrows $100,000 from First National Bank at 6 percent annual interest. This note is due in 90 da
Tomtit [17]

Answer:

Explanation:

The journal entry is shown below:

Cash A/c Dr $100,000            

     To Notes payable A/c $100,000        

(Being the issuance of the note payable is recorded)

For recording this transaction, we debited the cash account as it increases the asset and credited the note payable account as it also increases the liabilities account    

5 0
3 years ago
A tax on suppliers will cause the equilibrium price paid by the consumer to ______ and the equilibrium quantity to ______.
tangare [24]
A tax on suppliers will cause the equilibrium price paid by the consumer to increase and the equilibrium quantity to decrease. The tax would basically make the supplier decide to increase the price of their product. In effect, the consumer would have to pay a higher <span>price because of this incident. Since the price to be paid by the consumer would increase, the equilibrium quantity would eventually increase because the amount to be paid by the consumer is already fixed. When the price per unit would increase, the number of units that can be bought with the specified amount of money will eventually decrease.</span>
7 0
3 years ago
Read 2 more answers
Because risk is associated with the potential for higher profits, business persons are motivated to choose organizational forms
Lubov Fominskaja [6]

Answer:

True

Explanation:

The reason why every business exists is to make a profit. Hopefully businesses will be able to make a profit by selling products or services that satisfy the needs of their customers. The problem with higher profits is that they are always associated with higher risks, and business owners and investors are risk averse.

Business owners and managers will continually search for ways to increase their profits while keeping the risks as low as possible. This includes choosing organizational layouts and forms that might help them increase their profits while reducing risks or at least keeping them under a certain level.

8 0
3 years ago
According to the video, Industrial Production Managers commonly perform which tasks? Check all that apply.
Pavel [41]

Answer:

2 and 4

Explanation:

6 0
3 years ago
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The following company information is available for March. The direct materials price variance is: Direct materials purchased and
lord [1]

Answer:

Option (d) $7,200 unfavorable.

Explanation:

Data provided in the question:

Standard price = $78

Actual price = $80

Standard quantity = 3,700

Actual quantity = 3,600

Now,

The direct material price variance

= ( Standard price - Actual price ) × actual quantity

= ( $78 - $80 ) × 3,600

or

= - 7,200       [ negative sign depicts unfavorable ]

Hence,

Option (d) $7,200 unfavorable.

5 0
3 years ago
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