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3 years ago

A strong internal control system will reduce the amount of substantive testing that must be performed.A ) True B ) False

Business

1 answer:

Doss [256]3 years ago

4 0

Answer:

A) True

Explanation:

The internal control structure deals with the rules, laws, procedures, practices that vary from company to company that are necessary to attain an organization's goals and objectives.

The substantive testing is an audit process aimed at checking the accuracy and reliability of the financial statements. To check if the financial statements are free from any errors, mistakes, fraud, etc. that can change users' decisions.

The financial statements should be relevant, reliable and finalize in all respects.

Therefore, a strong internal system will reduce the quantity of substantive testing required.

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Job-Order Costing and Decision Making [LO2-1, LO2-2, LO2-3]

Anastaziya [24]

Answer:

a. $21 per machine hours

b. $4,855

Explanation:

a. The computation of the plantwide predetermined overhead rate is shown below:

Plantwide predetermined overhead rate is

= Variable overhead cost rate per machine hour + Fixed overhead cost rate per machine hour

= $2 + (fixed manufacturing overhead cost ÷ Estimated machine hours)

= $2 + ($4,275,000 ÷ 225,000 machine hours)

= $2 + $19

= $21 per machine hour

b. Now the total manufacturing cost assigned is

Particulars Amount

Direct material $1,702

Direct labor $1,221

Variable manufacturing overhead $168

(84 × $2)

Total variable cost $3,091

Add:

Fixed manufacturing overhead

(84 × $21) $1,764

Total manufacturing cost assigned

to Job P90 $4,855

7 0

3 years ago

When Kim and Liam move from spending 30 minutes of each hour producing pies and 30 minutes producing cakes to specializing in th

Novay_Z [31]

Answer:

A) 30 pies and 100 cakes.

Explanation:

Kim can produce 40 pies or 400 cakes an hour. Liam can produce 100 pies or 200 cakes an hour.

Since each one will specialize in the production of the good in which they have a comparative advantage, Kim will produce cakes and Liam will produce pies.

before specialization Kim produced 20 pies and 200 cakes, while Liam produced 50 pies and 100 cakes.

So the total gains from trade are:

50 pies - 20 pies = 30 pies
200 cakes - 100 cakes = 100 cakes

8 0

3 years ago

An organization expresses its reason for being, what it aspires to be, and the values it wants to emphasize in its mission, visi

Tomtit [17]

Answer:

1. Describes the image the organization wants to project

Statement: Mission Statement

2. Inspires enthusiasm and encourages commitment

Statement: Vision Statement

3. Illuminates the organization’s attitude toward its employees

Statement: Mission Statement

4. Is intended to guide all of the actions in the organization

Statement: Values Statement

5. Is easily understood and well-articulated

Statement: Vision Statement

6. Outlines the organization’s customer base

Statement: Mission Statement

7. Expresses the company’s worldview

Statement: Values Statement

8. Is appropriate for the times and for the organization

Statement: Vision Statement

9. Limits itself to a small number that employees can recall when making decisions

Statement: Values Statement

10. Articulates the geographical locations where the company competes

Statement: Mission Statement

11. Unchanging; As applicable in 100 years as it is today

Statement: Values Statement

12. Reflects high ideals

Statement: Vision Statement

8 0

3 years ago

According to Anne Roe’s personality theory of career choice, people choose occupational fields based on their ______________, wh

Gekata [30.6K]

According to Anne Roe’s personality theory of career choice, people choose occupational fields based on their need structures, which were influenced by the childhood environments that they experienced.

Explanation:

Anne Roe’s personality theory of career choice was well explained in her book “Psychology of Occupations”. There are certain factors that influence in deciding the career of a person. The factors are psychology, biology and sociology of a person.

Individuals decide their field of work based on their demands and needs. The childhood experience may also influence the occupation field of the person. Need structure provides the requirement of the person according to their lifestyle and requirements.

4 0

3 years ago

What cost of living? Need help please

Nezavi [6.7K]

Around 56 thousand and 65 thousand dollars, I think

6 0

3 years ago