Answer:
do not Install guard rail because the guard rail cost exceed the expected benefits
Explanation:
given data
guard rail cost = $70,000
average damage = $10,000
guard rail prevent = 5 vehicles
to find out
What should the county do
solution
we know here guard rail cost is $70,000
but expected benefits = $10,000 × 5
expected benefits = $50,000
so we can say that do not Install guard rail because the guard rail cost exceed the expected benefits
Answer: The internal auditor discovered it when performing a routine audit of expense reimbursements
Explanation:
Marcus Lane, was a geologist who travelled all over North America and South America and this results in several expense reimbursements. Lane engaged in fraudulent activity by double booking his air travel.
He used cheaper ticket for the actual flight and more expensive ticket was returned for credit. But, he submitted the expensive ticket for reimbursement.
The fraud was discovered by the internal auditor while doing a routine audit of expense reimbursements. He was terminated and he agreed to pay the money back.
<span>It is due to the profit maximising rule in a monopoly is Marginal Revenue=Marginal Costs (MR=MC). If the price or the output is below the ATC then the firm is operating at a loss; however, should shut down production until price or output is less than AVC.</span>
The common errors that leads to unbalanced account and are the easiest to resolve includes the <em>error of </em><em>Omission, Commission</em>. <em>Original Entry and Duplication</em><em>.</em>
In accounting, there are different type of error that could result to the unbalanced account, that is, leaving the Trial balance or Balance sheet unbalanced.
Generally, the recognized type of errors in accounting includes:
- <em>Error of Original Entry</em>
- <em>Error of Duplication</em>
- <em>Error of Omission</em>
- <em>Error of Entry Reversal</em>
- <em>Error of Principle </em>
- <em>Error of Commission</em>
- <em>Transposition Errors</em>
- <em>Rounding Errors </em><em>etc</em>
In conclusion, the common errors that leads to unbalanced account and are the easiest to resolve includes the <em>error of </em><em>Omission, Commission</em>. <em>Original Entry and Duplication</em><em> </em>because they are easy to correct.
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Answer:
$10,000.
The investment is written down to fair value, and the impairment loss is recognized in net income.
Explanation:
Given that
Purchase value of the bond = $100,000
Decline value = $70,000
Decrease in fair value = $30,000
Credit losses = $10,000
Non credit losses = $20,000
Based on the above information, the before tax net income for year 2016 is reduced by $10,000 as Nicholds wants to hold the bond till maturity date. So the non credit part of decrease in fair value would not be adjusted
Therefore only credit losses should be relevant
As it is mentioned in the question that the debt investment fair value is to be considered as an available-for-sale investment and viewed as an other than temporary therefore the written down of investment to fair value and the loss of impairment should be recorded in the net income