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pickupchik [31]
3 years ago
7

According to AU-C 315, Understanding the Entity and its Environment and Assessing the Risks of Material Misstatement, not all co

ntrols are relevant to a financial statement audit. Which one of the following would most likely be considered in an audit?
A. Timely reporting and review of quality control results.
B. Maintenance of control over unused checks.
C. Maintenance of statistical production analyses.
D. Marketing analysis of sales generated by advertising projects.
Business
1 answer:
ankoles [38]3 years ago
5 0

Answer:

The correct answer is B. Maintenance of control over unused checks.

Explanation:

Risk of material misstatement is the risk that the financial statements contain material misstatements prior to the performance of the audit. The risk comprises two components, described as follows, in the statements:

Inherent risk - Susceptibility of a statement about a type of transaction, accounting balance or other disclosure of information to a misstatement that could be material, either individually or in aggregate with other inaccuracies, before taking into account the possible corresponding controls.

Control risk - Risk that an error that could exist in a statement about a type of transaction, accounting balance or other information relief, and that could be material either individually or in aggregate with other inaccuracies, is not prevented, or detected and corrected in a timely manner, by the entity's internal control system.

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Which of the following promises does NOT have to be evidenced by a writing in order to be enforceable? a. Jones's agreement with
olchik [2.2K]

Answer:

C. Dad's promise to the credit union that he will make payments on his son's truck

Explanation:

This promise does not have to be evidenced by writing in order to enforceable since personal relationship exist between father and son. This promise is therefore enforceable automatically.

3 0
3 years ago
Which factor doesn’t describe management as science​
4vir4ik [10]
The answer is C. That’s the answer
3 0
3 years ago
________ marketing calls for socially and environmentally responsible actions that meet the present needs of consumers and busin
Alex_Xolod [135]

Answer:

Sustainable Customer-driven marketing calls for socially and environmentally responsible actions that meet the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs.

Sustainable Customer-driven marketing refers to the concept that an overall need and satisfaction is provided to the society to keep it sustainable. The consumers needs to know that they are important and so are their future generations which builds trust and keeps a sustainable environment.

6 0
3 years ago
Johnson Electronics is considering extending trade credit to some customers previously considered poor risks. Sales would increa
torisob [31]

Answer:

a) $       40,480  

b) 17.60%  

Explanation:

Working:  

 

a. Increase in sales a 2,30,000  

Less:    

  • Bad debts expenses

b=a*5% 11,500  

  • Collection costs

c=a*2% 4,600  

  • Production ans selling costs

d=a*71% 1,63,300  

  • Earning before tax

e=a-b-c-d 50,600  

  • Less: Tax @ 20%

f=e*20%

10,120  

Net Income 40,480  

b)Return on sales  

Net Income/Sales  

40480/230000  

17.60%

6 0
3 years ago
as foreign exchange activity has grown, a given degree of central bank intervention has become: a. more frequent. b. less effect
Lunna [17]

As foreign exchange activity grows, a given degree of central bank intervention becomes less effective. Hence, the correct option is (b) less effective.

Central banks manage currency by generating new currency, setting foreign currency reserves, and fixing interest rates. In regard to foreign exchange, the central bank intervention aims at stabilizing its currency in the foreign exchange market. The success of central bank interventions highly depends on how it manages and stabilizes its currency in the foreign exchange market.

If the central bank fails to maintain its stability in the foreign exchange market, it undermines the credibility of the central bank. The increase in foreign exchange activities means that the role of central bank intervention is less effective to stabilize its currency in the foreign exchange market.

You can learn more about  role of central bank at

brainly.com/question/19336573

#SPJ4

6 0
1 year ago
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