Auditors may be inclined to accept client representations because of a natural bias to want <span>to trust the client.
Before doing the auditing process, auditor usually receive a small briefing from the management team on the financial system that they use in recording their transactions. </span>If these allowances had been used in the past the auditor<span> may have been inclined to accept them as regular business practices</span>
<span>the national or federal debt consists of all the money borrowed over the years by the national government that is still outstanding. The national debt is the public and intragovernmental debt owed by the federal government. Two-thirds of the U.S. debt is the Treasury bills, notes and bonds owned by to the public. They include investors, the Federal Reserve, and foreign governments.</span>
Answer:
The expected profit is:
$5.
Explanation:
a) Calculations:
Profit from customers paying $10 = $6 ($10 - $4)
Profit from customers paying $8 = $4 ($8 - $4)
Expected profit from customers paying $10, = $6 x 0.5 = $3
Expected profit from customers paying $8, = $4 x 0.5 = $2
Total expected profit = $5.
The expected profit is the profit from customers paying $10 weighted with probability plus the weighted profit from customers paying $8. Adding the expected profit from each class of customers gives the overall expected profit combined.
Answer:
The proper adjusting journal entry at January 31
would: a) include a credit to Supplies for $400
Explanation:
On January 7, Bravo purchased supplies on
account for $1,000, and recorded this purchase to
the Supplies account by the entry:
Debit Supplies account $1,000
Credit Accounts Payable $1,000
At the end of January, Bravo had $600 of these
supplies still on hand. Supplies were used in
January = $1,000 - $600 = $400
The adjusting journal entry at January 31:
Debit Supplies Expense $400
Credit Supplies account $400
Answer:
Yeah the granny's right in her own way.
Explanation:
Due to inflation, which means the rise in price of goods and services, the amount that one can buy for their money; known as, "buy for money", and "purchasing power" has reduced. This phenomenon shows that when the price goes up, the quantity that can be purchased for the same price goes down.
This is an interesting relationship between inflation and deflation like mentioned above . Less buy for money (per dollar) during inflation (of price) and vice versa during deflation.
