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Alisiya [41]
3 years ago
10

The annual statements that have to be submitted at the end of each financial year must contain an overview of the internal audit

and the audit committee
Business
2 answers:
kykrilka [37]3 years ago
8 0

Answer:

It is not true.

Explanation:

The annual Statement that have to be submitted at the end of each financial year must contain the Financial Status of the company (the Assets and Liabilities, Expenses & Income, Debtors & Creditors) e.t.c.

The overview of the internal audit and the audit committee are special demands of the Board of Directors. The overview of the internal audit and the audit committee are usually demanded or accompany the yearly financial reports when there are suspicion of financial: misappropriations, mismanagement or graft.

levacccp [35]3 years ago
3 0

Answer:

False.

Explanation:

Audit committees play a vital role in the financial reporting system through their oversight of financial reporting, including the internal control over financial reporting (ICFR) and the external, independent audit process which includes financial statement.

Annual financial statements are financial reports based on a 12-month consecutive time period. The most common set of reports issued are the general-purpose financial statements that include a balance sheet, income statement, statement of retained earnings, and statement of cash flows.

They typically include four basic financial statements accompanied by a management discussion and analysis:

• A balance sheet or statement of financial position, reports on a company's assets, liabilities, and owners equity at a given point in time.

• An income statement—or profit and loss report (P&L report), or statement of comprehensive income, or statement of revenue & expense—reports on a company's income, expenses, and profits over a stated period. A profit and loss statement provides information on the operation of the enterprise. These include sales and the various expenses incurred during the stated period.

• A statement of changes in equity or statement of equity, or statement of retained earnings, reports on the changes in equity of the company over a stated period.

• A cash flow statement reports on a company's cash flow activities, particularly its operating, investing and financing activities over a stated period.

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LO 2.1Which of the following is the primary source of revenue for a service business?
malfutka [58]

Answer:

providing intangible goods and services

Explanation:

A service business is an organisation that provides services.

Examples of service businesses are airlines, insurance companies, and hospitals.

I hope my answer helps you

3 0
3 years ago
Read 2 more answers
Blossom Company purchased equipment on January 1 at a list price of $100000, with credit terms 2/10, n/30. Payment was made with
VikaD [51]

Answer:

the total cost of the new equipment is $105,500

Explanation:

The computation of the total cost of the new equipment is given below:

Total cost of the new equipment is

= Net price + Sales tax + Installation charges + Payment for concrete slab

= [$100,000 - ($100,000 × 2%)] + $3,000 + $1,500 + $3,000

= $105,500

Hence, the total cost of the new equipment is $105,500

6 0
3 years ago
In a town's general fund operating budget for the year, the amount of its estimated revenues exceeded the amount of its appropri
kaheart [24]

This excess should be credited to Budgetary Fund Balance Unassigned.

<h3>What is Fund Balance?</h3>

Any specific fund's fund balance is basically what is left over after the fund's assets are used to pay its liabilities. Both the reserved and unreserved portions of the fund balance must be disclosed.

<h3>What is Unassigned Fund Balance?</h3>

The term "unassigned fund balance" refers to the balance that remains after non-spendable, restricted, committed, and assigned funds have been deducted from the total amount. It contains all spendable monies that are not included in the other classes. That's not a very simple explanation.

Therefore, perhaps the simplest approach to considering the unassigned fund balance is the amount of money available to stop a cash flow problem.

Therefore, in a town's general fund operating budget for the year, the number of its estimated revenues exceeded the number of its appropriations. This excess should be credited to Budgetary Fund Balance Unassigned.

For more information on Budgetary Funds, refer to the link:

brainly.com/question/16033301

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5 0
1 year ago
All competitive advantages have:________1. a limited life. 2. unrestricted sustainability. 3. protections against imitability. 4
dimulka [17.4K]

Answer:

The answer is the ability to earn above average returns indefinitely

Explanation:

To earn above the average returns are form of returns in excess of what an investor expects to earn from other investments with similar amount of risk. This gives an ability to manufactures to produce at the lowest cost, which is an advantage to organizations.

7 0
3 years ago
Read 2 more answers
(b) Cite 3 reasons for and 3 reasons against rebuilding Greensburg as a “green town.”
mamaluj [8]

Answer:

The following are 3 against reasons for the reconstruction of Greensburg as the "green city":

Explanation:

Following are the reasons and the counter reasons:

Reasons:

  • Its tornado was something which will never be large as ever before, in which the city has been harmed and 95% of his residences have been destroyed. It also offers you to recreate the green city.  
  • The creation of a green city would also enable many cities to the devastated area to integrate with green technology.  
  • The Greenburg would become an icon with style as well as a prototype for the building of a clean energy city.

Counter Reason:  

  • The green tech isn't cheap and it would put pressure on the public resources.  
  • When a tornado of the same size hit Greenburg, then nobody would cause a serious source of financial and private assets.  
  • The city should give priority to tornado refugee camps that are capable of protecting public goods instead of building a green culture.
6 0
3 years ago
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