1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Jlenok [28]
3 years ago
7

What factors might have caused the auditor to inappropriately accept the assertions by management that the vendor allowances sho

uld be reflected in the financial statements?
Business
1 answer:
Korvikt [17]3 years ago
6 0
Auditors may be inclined to accept client representations because of a natural bias to want <span>to trust the client.
Before doing the auditing process, auditor usually receive a small briefing from the management team on the financial system that they use in recording their transactions. </span>If these allowances had been used in the past the auditor<span> may have been inclined to accept them as regular business practices</span>
You might be interested in
For the past five years, a person has had a $20,000 whole life insurance policy that has a cash value clause. The person decides
alexandr1967 [171]
The correct answer is B.
7 0
3 years ago
Can anyone please tell me the right answer
olganol [36]
Commit to buy more in the future
5 0
3 years ago
Asarta Inc. is polluting into a nearby fishing stream; doing so benefits them $40,000 a year. The fishermen are unhappy as their
IceJOKER [234]

Answer:

a. Asarta Inc. could pay the fishermen $8,500 and keep polluting  

Explanation:

The fishermen sell the fish for $8,000 a year at local market.

Due to pollution emitted by company into stream, their catch is dwindling and also their income.

The company benefits from usage of stream to the tune of $4,000 a year.  In such scenario, if company compensates the fishermen for any amount between $8,000 and $40,000 then, in that case, optimal solution to the problem can be achieved in absence of any other transaction cost as per the Coase Theorem.

Therefore, The Asarta Inc. could pay the fishermen $8,500 and keep polluting.

4 0
3 years ago
A Caterpillar tractor acquired on January 12 at a cost of $171,000 has an estimated useful life of 25 years. Assuming that it wi
Kay [80]

Answer and Explanation:

a. The computation of depreciation for each of the first two years by the straight-line method is shown below:-

Depreciation

= (Assets cost - Salvage value) ÷ Useful life

= ($171,000 - 0) ÷ 25

= $6,840

For First year = $6,840

For Second year = $6,840

It would be the same for the remaining useful life

b. The computation of depreciation for each of the first two years by the double-declining-balance method is shown below:-

First we have to determine the depreciation rate which is shown below:

= One ÷ useful life

= 1 ÷ 25

= 4%

Now the rate is double So, 8%

In year 1, the original cost is $171,000, so the depreciation is $13,680 after applying the 8% depreciation rate

And, in year 2, the ($171,000 - $13,680) × 8% = $12,585.60

7 0
3 years ago
What is meant by Sandel's use of the phrase "a common currency"?
Zinaida [17]

Answer:

C. Sandel meant that utilitarianism aims to level all values to equal standing so that they can be quantified and measured

Explanation:

The common currency is the currency that are shared by the different countries

Utilitarianism refers to a theory in which the goods things are to be rise and the bad things would be decline also it shows the outcome of an action that generated right and wrong concept

Therefore it provides a measure that should be common depend upon the values

Hence, the option c is correct

3 0
3 years ago
Other questions:
  • Damita company reported net income of $48,025 and net sales of $425,000 for the current year. calculate the company's profit mar
    8·1 answer
  • Tuller wants to start a commercial trucking business and also wants to form his own limited liability company (LLC). Tuller, as
    9·1 answer
  • DeLong Corporation was organized on January 1, 2017. It is authorized to issue 10,000 shares of 8%, $100 par value preferred sto
    9·1 answer
  • _____ is short-term employment that may allow you to develop contacts that may help in finding a permanent job a. Part-time work
    9·2 answers
  • A company purchased a weaving machine for $190,000. The machine has a useful life of 8 years and a residual value of $10,000. It
    14·1 answer
  • The money paid to stockholders from the corporation's profit is known as
    15·1 answer
  • One benefit of ______ is that employees are more likely to be committed to their goals and to the goals of the organization beca
    8·2 answers
  • During December, the production department of a process operations system completed and transferred to finished goods a total of
    12·1 answer
  • Select all that apply.
    10·2 answers
  • On January 1, 2021, Tru Fashions Corporation awarded restricted stock units (RSUS) representing 5 million of its $1 par common s
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!