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Lisa [10]
3 years ago
6

Several students are arguing over the actual year that the berlin wall came down. some of the students think it was in 1990, sev

eral think it was in 1991, and one student thinks it may have been 1988. seth confidently tells them it was in november 1989, because it came down the same week he won a statewide spelling bee. the fact that seth is able to accurately recall the date illustrates the impact of
Business
1 answer:
Vinvika [58]3 years ago
7 0
<span>self-referent encoding</span>
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A common step in the testing for accounts payable is to test subsequent disbursements for improper/proper inclusion/exclusion in
galben [10]

Answer:

1. When searching for unrecorded liabilities, the auditors consider transactions recorded <u>after</u> year end.

<em>Auditors consider transactions recorded after year end to determine if it was supposed to be recorded in the current period. </em>

2. Accounts payable <u>confirmation</u> can be mailed to vendors from whom substantial purchases have been made.

<em>As a way to keep a document trail, creditors from whom substantial goods were bought from can be mailed a confirmation. </em>

3. To gain overall assurance as to the reasonableness of accounts payable, the auditor may consider <u>ratios</u>.

<em>Ratios such as the Payables turnover can be used to evaluate the reasonableness of Accounts payable. </em>

4. When auditors find unrecorded liabilities, before adjusting they must consider <u>materiality</u>.

<em> They must consider if the adjustment is material or significant enough to record. </em>

5 Auditiors need to consider <u>shipping terms</u> terms for determining ownership and whether a liability should be recorded.

<em>Shipping terms need to be considered because they can tell who owns goods in transit and therefore if a liability is needed for them. Shipping terms such as FOB Shipping point mean that the business incurs the liability as soon as the seller ships the goods. </em>

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2 years ago
Brian is thinking of taking a job as a waiter. What is an associated monetary cost that he should consider?
RUDIKE [14]
C.uniforms is the answer
3 0
3 years ago
When the firms in the industry are just able to cover their cost of production, economic profit is zero. Therefore, if demand fa
zheka24 [161]

Answer:

The correct answer is false.

Explanation:

A firm incurs both variable cost and fixed cost in the short run. If the firm is able to cover the variable cost in the short run it will continue operating. However, if it is not able to cover its variable cost it will stop operating.  

So, if the demand falls such that total revenue is not able to cover total cost but the variable cost is being covered, the firm will not stop production.  

In the long run, all the costs are variable. So when the revenue is not able to cover cost, the firms will stop operating.

6 0
2 years ago
A manager hires an agent to obtain a license to build a warehouse in an industrial district. The agent gets caught offering a br
Rus_ich [418]

Answer: The correct answer is D:)

6 0
3 years ago
Income Statement The revenues and expenses of Paradise Travel Service for the year ended May 31, 20Y6, follow: Fees earned $954,
stiv31 [10]

Answer:

Instructions are listed below

Explanation:

An income statement is one of the three important financial statements used for reporting a company's financial performance over a specific accounting period. The income statement focuses on the four key items - revenue, expenses, gains, and losses. It does not cover receipts (money received by the business) or the cash payments/disbursements (money paid by the business).

It follows the general structures:

Revenues (+)

Operating Revenue

Non-Operating Revenue

Total

Expenses (-)

Primary Activity Expenses

Secondary Activity Expenses

Total

Gains (+)

Losses (-)

Net income/loss

In this exercise:

Total revenues=$954210

Expenses:

Office expense 219470

Miscellaneous expense 19085

Wages expense 458020

Total Expenses=$696575

Net profit= $275635

4 0
3 years ago
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