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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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Planet Earth Developers is a large nationwide construction company with home offices in Lansing, MI. The local media often remar

san4es73 [151]

Answer: Planet Paul understands even though it cost a little more, the stakeholder considerations are important if one want their business to thrive.

Explanation:

The value of stakeholders to organizations cannot be underappreciated. Stakeholders are the individuals that are interested in ones company and gives ones business both financial and practical support.

Stakeholders include investors, employees, loyal customers etc. Based on the above question, Planet Paul understands even though it cost a little more, the stakeholder considerations are important if one want their business to succeed.

8 0

3 years ago

Since engineers are ethically obligated to act for each employer or client as faithful agents or trustees they are expected to c

Elina [12.6K]

Answer:

No this is not true.

Explanation:

Engineers are obligated to act ethically for both private and public employers.

7 0

3 years ago

Now that you are successful in your new position, you have decided to reward yourself with a new (or new to you) vehicle. Source

Serhud [2]

Answer:

Range is : (0, 0.1x)

Explanation:

Problem has no information about amount of salary, so I will just use 'x' and 'y'.

Problem says that vehicle payment should be no more than 10% of gross monthly salary. This means that vehicle payment (Y) equals to 0.1 (10%) multiplied by gross monthly salary, which is stated as 'X'.

From this y = 0.1 X;

Next, if we want to identify range of payments: (0; 0.1X).

This means that any amount of money between 0 and 0.1X is acceptable.

5 0

3 years ago

Read 2 more answers

JBC Corporation is owned 20 percent by John, 30 percent by Brian, 30 percent by Charlie, and 20 percent by Z Corporation. Z Corp

USPshnik [31]

Answer:

Part (a)

The percentage ownership of Mr. John is 20% + (80% x 20%) = 36%

Part (b)

The percentage ownership of Mr. Brian is 30% + 30% = 60%

Part (c)

The percentage ownership of Mr. Charlie is 30% + 30% = 60%

Part (d)

The amount that could be recognized for the purposes of tax would be $0, as Mr. Brian owns more than half that is more than 50% of XYZ Corp. either directly or indirectly.

4 0

3 years ago

During March, the production department of a process operations system completed and transferred to finished goods 20,000 units

Tju [1.3M]

Answer:

$2.18 per unit

Explanation:

The computation of the direct material cost per equivalent units is shown below:

As we know that

Direct Material cost per equivalent unit is

= Direct material cost ÷ equivalent units

where,

Direct material cost is

= $253,500 + $93,700

= $347,200

And, the number of equivalent units is

Equivalent units of production = Units processed + closing work-in-progress

= [(20,000 + 100,000) × 100%] + (39,000 × 100%)

= 120,000 + 39,000

= 159,000

Now the cost per equivalent unitis

= $347,200 ÷ 159,200

= $2.18 per unit

7 0

3 years ago