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crimeas [40]
3 years ago
8

Auditing :How to distinguish between test of control and substantive test

Business
1 answer:
Alenkinab [10]3 years ago
8 0
Test of controls is when you test controls surrounding a financial process . Substantive test are performed when one tests assertions surrounding a balance.
You might be interested in
A company will buy 1000 units of a certain commodity in one year. It decides to hedge 80% of its exposure using futures contract
Nataliya [291]

Answer:

$96 per unit

Explanation:

The computation of the average price paid for the commodity is shown below:

Average price = Total cost ÷ Total number of units

where,

Total cost = Total number of units buyed × spot rate - hedge fund

where,

Hedge fund is

= 1,000 × 80% × ($110 - $90)

= $16,000

So, the total cost is

= 1,000 units × $112 - $16,000

= $96,000

Now the average price is

= $96,000 ÷ 1,000 units

= $96 per unit

6 0
3 years ago
Cost of Goods Manufactured for a Manufacturing Company
aniked [119]

Answer:

Cost of goods manufactured $ 2567,400

Explanation:

<u>Ethtridge Manufacturing Company </u>

<u>Statement of Cost of Goods Manufactured </u>

<u>For the Month Ended July 31 </u>

Direct materials $1,150,000

Direct labor 966,000

Total factory overhead 490,500

Total manufacturing costs $  2606500

Add July 1 Work in process inventory, 316,400

Cost of Goods Available for manufacture $ 2922,900

Less July 31 Work in process inventory,  355,500

Cost of goods manufactured $ 2567,400

When we add the direct materials. direct labor and FOH we get the total manufacturing costs .

When the total manufacturing costs are added to the opening work in process inventory we get the cost of goods available for manufacture and we get the cost of goods manufactured by subtracting the ending work in process inventory from the cost of goods available for manufacture.

6 0
3 years ago
Three types of patents available under U.S. law are: a. utility, regulatory, common law. b. design, packaging, invention. c. uti
riadik2000 [5.3K]

The three types of patents available under U.S. law are design, plant and utility.

<h3>What is patent?</h3>

A patent is an exclusive right granted for an invention, which is a product or a process that provides, in general, a new way of doing something, or offers a new technical solution to a problem.

It is the right from the federal government to produce and sell something for a certain number of years without anyone copying it.

Thus, option D is true as three types of patents available under U.S. law are design, plant and utility.

Learn more about patent here,

brainly.com/question/17273778

#SPJ1

8 0
2 years ago
Yuto owns a souvenir shop in Tokyo. He wants to reach English speaking tourists in his city during certain hours of the day. Whi
vesna_86 [32]

Answer:

Location targeting

Ad scheduling

Language targeting

Explanation:

Yuto try three new and improve methods, Location targeting , Ad scheduling ,Language targeting to reach English speaking tourists.

By using these techniques, Yuto focus on specific target and specific location for target his tourist .

7 0
3 years ago
A single database that collects data and feeds it into applications that support each of the company's business activities, such
Montano1993 [528]

Answer:

a) true

Explanation:

The Enterprise resource planning system is a single database that helps to collect data and feed into applications with a motive to support the various business activities like - purchases, production, distribution, sales, marketing, finance, human resource, information technology, etc

The aim of this system is to conduct each and every business activity in an effective and efficient manner so that each one can share the database so that tracking could be done that helps to reduce the time and cost.

4 0
3 years ago
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