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3 years ago

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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Cindy has just opened a hair salon and wants to bring more customers in. She's just starting out so she doesn't having anything

valentinak56 [21]

Answer:

Discount

Explanation:

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4 years ago

Read 2 more answers

Your friend wants to open a clothing shop. A necessary capital resource is a

saw5 [17]

Answer: Your friend wants to open a clothing shop. A necessary capital resource is a place to open the shop.

Explanation: Capital is the element constituted by money and infrastructure, which are needed to take advantage of human and natural resources in the productive process, considered as essential by the capitalists, since without money and other economic resources, companies cannot settle and industries, because they need it to have facilities, furniture, machinery, buy raw materials, pay staff, and so on.

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4 years ago

Pepsi Cola has entered into a long-term contract with a South African beverage business. The contract calls for the South Africa

Helen [10]

Answer:

Licensing is the correct answer.

Explanation:

Licensing is defined as a trade agreement between a company that gives another company authorization to manufacture its product by contract and payment of royalties for the use of the right to use the trademark.

Companies generally license: design, patents, trademarks, copyrights and others whose purpose is to assist in increasing profitability and expanding business.

Despite being a very profitable strategy worldwide, product licensing is not crucial to a company's success, despite the ease of marketing a product or brand already consolidated and valued by the consumer, it is necessary to ensure compliance in production processes. and focus on marketing and sales.

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3 years ago

A department adds raw materials to a process at the beginning of the process and incurs conversion costs uniformly throughout th

Sav [38]

Answer:

Equivalent units of production= 68,000 units

Explanation:

Giving the following information:

Units started and completed= 80,000 - 20,000= 60,000

Units in ending inventory= 20,000 nits that were 40% complete in the ending work in process inventory at the end of January.

To calculate the equivalent units for conversion costs, we need to use the following formula:

Units completed in the period + Equivalent units in ending inventory WIP (units*%completion) = Equivalent units of production

Equivalent units of production= 60,000 + (20,000*0.4)

Equivalent units of production= 68,000 units

5 0

3 years ago

Nieto Company’s budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted D.M. Purchases January $ 2

inn [45]

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

Budgeted Sales:

January $ 237,400

February 251,400

March 336,600

Nieto’s sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible.

Cash collection March:

Cash sales= 336,600*0.3= 100,980

Credit Sales March= (336,600*0.7*0.1)= 23,562

From February= (251,400*0.7*0.5)= 87,990

From January= (237,400*0.7*0.36)= 59,824.8

Total= 272,356.8

4 0

3 years ago