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ivolga24 [154]
3 years ago
8

In a financial statement audit performed following AICPA Professional Standards, how frequently must an auditor test operating e

ffectiveness of controls that appear to function as they have in past years and on which the auditor wishes to rely upon in the current year?
A. Monthly.
B. Each audit.
C. At least every second audit.
D. At least every third audit.
Business
1 answer:
Anni [7]3 years ago
3 0

Answer: D. At least every third audit

Explanation: According to the AICPA Professional Standards of auditing. Testing the operating effectiveness of controls that appear to function as they have in past years and on which the auditor wishes to rely upon in the current year must be carried out at least every 3rd Audit.

This is done if the auditor plans to use audit evidence from a prior audit about the operating

effectiveness of specific controls. The auditor shall establish the continuing relevance of that

evidence by obtaining audit evidence about whether changes in those controls have

occurred subsequent to the previous audit.

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d.a surplus of apples must have existed.

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If the supply of apples decreased while there is no change in the demand for Apples, there would be a shortage of apples and price would rise.

If the demand for apples recently increased while supply remains unchanged, there would be a shortage and the price of apples would rise.

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3 years ago
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If jorge produces 20 pounds of green beans, he can produce _______ pounds of corn
aniked [119]

If jorge produces 20 pounds of green beans, he can produce  <u>240 </u>pounds of corn.

<h3 /><h3> Production Possibilities Schedule</h3>

Based on the  Production Possibilities Schedule table given pound of green beans is 20 while pounds of corn is 240.

Based on this if he produces 20 pounds of green beans he can as well produce 240 pounds of corn.

Jorge's Production Possibilities Schedule

Pounds of Green       Beans Pounds of Corn

20                                 240

Therefore If jorge produces 20 pounds of green beans, he can produce  <u>240 </u>pounds of corn.

Learn more about  Production Possibilities Schedule here:brainly.com/question/26492942

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6 0
1 year ago
You are the decision maker for purchasing office equipment in your organization. One sales representative privately offers you s
Tatiana [17]

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c

Explanation:

6 0
3 years ago
This year, Linda Moore earned a $112,000 salary and $2,200 interest income from a jumbo Certificate of Deposit.She recognized a
olya-2409 [2.1K]

Answer:

a) salary $112,000

Interest income $2,200

Capital gain on stock -

gross income $114,200

capital gains and losses

capital gain 10,500

capital loss 15,300

Net capital loss = 4800

net loss offset on Gross income = 3000

Net Gross income $111,200

capital loss that is carried forward = $1800

b) salary $112,000

Interest income $2,200

Capital gain on stock -

gross income $114,200

CAPITAL LOSSES/GAINS

capital gain 16000

capital loss 15300

Net Capital gain = 700  

ADD taxable capital gains on Gross income

c) salary $112,000

Interest income $2,200

gross income $114,200

capital losses/ gains

capital loss 15300

capital loss 17000

Total Capital LOSS = $ 32300

Set off against income = (3000)

Losses carried forward =$29300

Explanation:

Capital losses can be offset on normal Gross income but only up to $3000 per year

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