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
makvit [3.9K]
3 years ago
7

Jones, a consulting manager of Miller & Co., is considering membership on an audit client’s board of directors. Jones does n

ot provide any services to this client. Which statement describing this situation is correct under AICPA rules?
Business
2 answers:
sergey [27]3 years ago
7 0

<u>Under ACIPA rules, jones can not become the director of the company, as he is a member of the audit for that company.  </u>

Further Explanation:

AICPA:

The full form of AICPA is the American institute of certified public accountants. This is a body that provides the law and certificate to the chartered accountant. This association provides help to the company for maintaining the rules, regulation and procedures according to the company law.  

According to the AICPA rules, any professional firm is providing the services to the company, then the professional firm can not become the director of the company. The professional firm can not join the board of directors. If the professional firm wants to join the company as the board of directors, then the firm has to leave the professional work.  

The professional firm includes the all types of services. The professional firm includes taxation, chartered accountant, company secretary, consulting services and any other service which may help to run the company in a smooth manner.  

Therefore, if the jones wants to join the company as the board of directors. Then the jones has to resign from his current position of manager.  

Learn more:

1. Learn more about position in organization

<u>brainly.com/question/6449808 </u>

2. Learn more about moral values

<u>brainly.com/question/9724636 </u>

3. Learn more about depreciation expense

<u>brainly.com/question/11220357 </u>

Answer details:

Grade: Middle School

Subject: Business

Chapter: AICPA rules

Keywords:

Under ACIPA rules, jones can not become, the director, as he is a member, of the , audit company,American institute of certified public accountants rules, regulation and procedures.  

lord [1]3 years ago
5 0
<span>The AICPA rules would enforce that he is not allowed to join the board since he would be considered a firm professional. This would prevent a conflict of interest where he would serve as a director of a client. The AICPA is the American Institute of Certified Public Accountants.</span>
You might be interested in
Which is a feature of a perfectly competitive market?
levacccp [35]

Answer: products are standardized or homogeneous

Explanation:

 Products are standardized or homogeneous for the perfectly competitive market as, in the case of the competitive industry there are no barriers in the industry to entry. The products are homogeneous in the nature and there is large numbers of the firms are perfectly substituted in the industry. So, the price elasticity of the demand for the firm product is infinite.

8 0
3 years ago
Which of the following is an example of crowding out? Question 13 options: A decrease in the rate of growth of the money supply
Dmitriy789 [7]

Answer:

A budget deficit causes an increase in interest rates, which causes a decrease in investment spending.

Explanation:

In domain of economics, crowding out

can be regarded as a phenomenon which take place as a result of increased in involvement of government in market economy sector which substantially has effect on remainder of the market, this effect could be on the supply side, it could be on demand side of the market. An example of crowding out is A budget deficit causes an increase in interest rates, which causes a decrease in investment spending.

7 0
3 years ago
Aneal is a very successful employee in the IT department. His supervisor wishes to recognize him with a promotion to give him mo
steposvetlana [31]

Answer:

C. She can offer Aneal a position on an individual contributor career track and the title of senior IT specialist.

Explanation:

8 0
3 years ago
Read 2 more answers
On January 1, 2021, the Excel Delivery Company purchased a delivery van for $46,000. At the end of its five-year service life, i
marusya05 [52]

Answer:

Given

Cost $46000

Life= 5 years

Salvage Value= $ 4000

Total miles = 165,000

Formula

Depreciation Straight Line Method= Cost - Salvage Value/ Useful Life

Straight Line Rate= 100%/ useful Life= 100%/5 = 20%

Double Declining Method = 2 * Straight Line Rate

Double Declining Method = 2 * Straight Line Rate= 2*20%= 40%

1. Depreciation Straight Line Method= Cost - Salvage Value/ Useful Life

Depreciation Straight Line Method= $ 46000- $4000/ 5= $ 8,400

The depreciation expense using the straight line method does not change unless the salvage value is reached

Years        Depreciation      Accumulated Dep          Book Value

                                                                                (Cost - Accu. Dep)

a. 2021       $ 8,4000               8400                            37600

b. 2022       $ 8,4000               16,800                         29,200

c. 2023        $ 8,4000              25200                          20,800  

d. 2024       $ 8,4000              33,600                        12,400

e. 2025       $ 8,4000             42000                        4000

2. Straight Line Rate= 100%/ useful Life= 100%/5 = 20%

Double Declining Method = 2 * Straight Line Rate

Double Declining Method = 2 * Straight Line Rate= 2*20%= 40%

In double declining method the rate is multiplied to the cost to get the depreciation expense. 40 % of $ 46000= $ 18400

Each year the rate is multiplied with the remaining book value after deducting the depreciation expense from the cost as $ 46000- $ 18400= $ 27600

Next years depreciation will be $ 27600 * 40%= $ 11040.

This will be added in the original depreciation expense $ 18400 + $ 11040 = $ 29440 and deducted from cost to get the book value. $ 46,000- $ 29440 = $ 16560.

Again rate will be multiplied and each years depreciation will be calculated similarly.

It has been summarized in the table below.

Years       Dep Rate      Dep Expense       Accu. Dep.     Book Value

a. 2021        40%           18400                   18400               27600

b. 2022       40%           11040                     29440               16560

c. 2023       40%             6624                     36064               9936

d. 2024       40%             3974.4                  40,038.4         5961.6

e. 2025       40%            2384.64                   42,0423.4     3576.96

3. Depreciation per unit= (Cost -Salvage value) / Total units of production* Units of Production

Years       Mileage      Depreciation                    Depreciation

a. 2021      35,000     ($ 42000/165000)*35000        8909.09

b. 2022     37,000      ($ 42000/165000)*37000       9418.18

c. 2023      28,000     ($ 42000/165000)*28000        7127.27

d. 2024      33,000      ($ 42000/165000)*33000        8400

e. 2025      34,000    ($ 42000/165000)*34000         8654.54

7 0
3 years ago
A market situation where a small number of sellers compose the entire industry is called
Nadusha1986 [10]

Answer:

The correct answer is: oligopoly.

Explanation:

A market structure where there are only a few firms is called an oligopoly market. These firms can be producing either identical products or differentiated products.  

Because of few firms, there is a high degree of competition in the market. The firms are price makers and face a downward sloping curve.  

There is interdependence in the market such that the economic decisions of a firm affects the price, profits and output level of its rivals. So the firms have to consider the reaction of its rivals before making an economic decision.

4 0
3 years ago
Other questions:
  • In December, McCullum Corporation sold 2,900 units of its only product. Its total sales were $281,300, its total variable expens
    14·1 answer
  • Which of the following indicates that the functional currency of a foreign subsidiary is the US dollar? Group of answer choices
    11·1 answer
  • If the revenue for a certain product is $9.00 each and the company sells x products, then the revenue equation is R = 9x. If the
    8·1 answer
  • Beginning inventories: Raw materials $ 40,000 Work in process $ 19,000 Estimated total manufacturing overhead at the beginning o
    10·1 answer
  • Any excess of cost over fair value was attirbuted to goodwill, which has not been impaired. Emery Co. reported net income of $40
    15·1 answer
  • Pina Inc. has outstanding 10,500 shares of $10 par value common stock. On July 1, 2020, Pina reacquired 104 shares at $87 per sh
    5·1 answer
  • The cost of traveling on a bus,plane,or subway
    15·1 answer
  • Trout Company is considering introducing a new line of pagers targeting the preteen population. Trout believes that if the pager
    14·2 answers
  • How did you identify your customers?
    15·1 answer
  • A firm has experienced a constant annual rate of dividend growth of 7 percent on its common stock and expects the dividend per s
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!