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jenyasd209 [6]
3 years ago
12

Which of the following statements about Generally Accepted Audit Standards are true?

Business
1 answer:
lidiya [134]3 years ago
8 0

Answer:

B) I and III

Explanation:

Generally Accepted Audit Standards are used for auditing private companies. They provide systematic guidelines to auditors when conducting audits on companies' financial statements. They check for the auditor's verifiability of the company's compliance  to the Generally Accepted Accounting Principles (GAAP) as well as  their accuracy and consistency of their records. Therefore, choices I and III are correct.

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Which of the following is a correct statement of the accounting equation in economic terms?A. Economic resources = creditor fina
Dafna11 [192]

Answer:

D. Economic resources = creditor financing + owner financing

Explanation:

The economic resources in accounting are:

  • the liablities; which represent the loans and credit term made by third parties (creditor financing)
  • and equity which represent both, the actual nvestment and the retained earnings(owner financing)

Both, are used to obtain an maintain the assets which arethe economic use of the resources.

4 0
4 years ago
Listed below are several document terms. Match each term with the corresponding statement in the list provided. Some terms may b
GrogVix [38]

Answer:

1. The raw materials record

is a control for the materials stored in the storeroom. In order to get direct​ materials, a(n) materials requisition

must be presented.

2. Before production​ begins, the​ manufacturer's purchasing department issues purchase orders

to its supplier for needed direct materials.

3. A(n) receiving report

is typically a duplicate of the purchase order but without the quantity​ pre-listed on the form.

4. The bill of materials

is like a list of ingredients in a​ recipe, stating the materials needed to produce a product.

5. A(n) job cost record

is used to accumulate all of the costs affiliated with each job.

6. All direct laborers in the factory fill out​ a(n)

labor time record.

7. The accounting department will not pay​ a(n)

invoice unless it agrees with the quantity of parts both ordered and received.

8. Each item in the raw materials storeroom has its own raw materials record.

Explanation:

1. The raw materials record

is a control for the materials stored in the storeroom. In order to get direct​ materials, a(n) materials requisition

must be presented.

2. Before production​ begins, the​ manufacturer's purchasing department issues purchase orders

to its supplier for needed direct materials.

3. A(n) receiving report

is typically a duplicate of the purchase order but without the quantity​ pre-listed on the form.

4. The bill of materials

is like a list of ingredients in a​ recipe, stating the materials needed to produce a product.

5. A(n) job cost record

is used to accumulate all of the costs affiliated with each job.

6. All direct laborers in the factory fill out​ a(n)

labor time record.

7. The accounting department will not pay​ a(n)

invoice unless it agrees with the quantity of parts both ordered and received.

8. Each item in the raw materials storeroom has its own raw materials record.

7 0
4 years ago
When______________are constrained with government controls, they do not achieve their potential.
const2013 [10]

Answer:

The answer is Businesses.

Explanation:

When the businesses are burdened with laws, regulations and taxes, their potential to expand and develop in the long run decreases. Because of this, it is believed, that lesser the economic regulation of the businesses, the better they will function.

5 0
3 years ago
Before purchasing a car, John sought advice from his friends and researched auto reviews on the Internet. He also visited car de
KiRa [710]

Answer:

Option B External Information Research

Explanation:

John has researched about the car from external resources because asking a friend, researching auto reviews online, visiting car dealers and going for a test drive all constitutes to external sources of infromation. External source of information is dependent on the knowledge of the external sources and thier evaluation criteria.

4 0
3 years ago
Wildhorse Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures we
bija089 [108]

Answer:

10.63%

Explanation:

Weighted average interest rate for interest capitalization purposes.

10%, 5-year, $2,227,300 note payable

11%, 4-year, $3,799,000 note payable.

Principal

$2,227,300

$3,799,000

Total $6,026,300

Interest

10% × $2,227,300 =$222,730

11% ×$3,799,000 =$417,890

Total $640,620

Weighted average interest rate

$640,620/$6,026,300

=10.63%

Weighted average interest rate for interest capitalization purposes.

Expenditures

March 1 $1,812,000

June 1 $1,212,000

December 31 $3,007,840

Total $6,031,840

Capitalization period ×Expenditure =Weighted average accumulated period

10/12 ×$1,812,000 =$1,510,000

7/12×$1,212,000=$707,000

0

Total $2,217,000

Therefore the weighted-average interest rate for interest capitalization purpose is 10.63%

7 0
4 years ago
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