Acc 450 specific misstatement in one of a client's 2,000 accounts receivable is referred to as a(n) <u>known misstatement.</u>
There are two categories of errors: known and likely. The amount of specifically determined misstatements is what Section 312A.35 refers to as known misstatements.
For instance, it would be a known untruth if an unpaid invoice for items purchased or services supplied prior to the end of the period given was not recorded.
According to Section 312A.35, "the auditor's best assessment of the overall misstatements in the account balances or classes of transactions" is what is meant by "likely misstatements." When an auditor uses analytical or sampling techniques, probable misstatements may be found.
For instance, if an auditor applies sampling methodologies to a certain class of transactions and finds a known misstatement in the items examined, the auditor will project the known difference found in the samples to find the likely misstatement.
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Managers must conduct a contingency plan so they are prepared if consignment sales unexpectedly drop.
A contingency plan is preventive planning whose objective is to institute actions that must be taken in case of adversities and crises that can negatively impact the business.
The advantages of developing a contingency plan are:
- Minimize the risks inherent in the business.
Therefore, it is essential that an organization is prepared to face changes in the internal and external environment, and the contingency plan is an ideal instrument for a more effective administration.
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Answer:
The company has developed standard costs for one unit of fludex, as follows: During November, the following activity was recorded relative to production of fludex.
Explanation:
1) Real Price in Material Price Variance = 225000/12000 = 18.75
2) Standard Quantity in Material Quantity Variance = 3750*2.5 = 9375
3) Real Quantity in Material Quantity Variance = 12000 - 2500 = 9500
4) Real Hours in Labor Rate Variance/Labor efficiency Variance = 35*160 = 5600
5) Common Hours in Labor efficiency Variance/Variable Overhead efficiency Variance = 1.4*3750 = 5250
6) Real Rate in Variable Overhead Rate Variance = 18200/5600 = 3.25
Answer:
D) $2,000
Explanation:
Angela's basis on the stocks will be the same as her father's. Since she sold the stocks, her basis will be $8,000, so her recognized gains will = selling price - basis = $10,000 - $8,000 = $2,000
The IRS allows the donee (Angela) to use the doners (Ralph) basis when selling an asset received as a gift in order to determine the realized gain/loss.
I have always had this idea of producing bar soap. I decided to sit down and think about how to start after watching several videos on how to mix the ingredients that make up this. I decided to approach a lady that deals on chemicals and coastic soda to ask her more about where and how to get the things I needed for this. She took her time and directed me.
During this period I saw a poster while on my way from visiting a friend, and its all about Empowerment and things like what I had always wanted was among the contents of what will be taught at the empowerment program.
So I make out time and attend and the instructors were spitted into groups and I had to move into the group of what I had always desire. I was able to learn the process gradually and started the next week to produce and distribute to stores. I extended my products to markets because I made it of international standard too. Today the outbreak of this dreaded disease has boosted the production of my product as people rushes it few days after I produce.