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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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Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $800 account of a customer,

Zielflug [23.3K]

Answer:

Gomez Corp. Journal entry

1. 31-Jan

Dr Allowance for doubtful accounts $800

Cr Accounts receivable - C. Green $800

2. 9-Mar

Dr Accounts receivable - C. Green $300

Cr Allowance for doubtful accounts $300

3. 9-Mar

Dr Cash $300

Cr Accounts receivable - C. Green $300

Explanation:

1. On January 1 Gomez Corp was said to use the allowance method to account for uncollectibles which means we have to record the write off as uncollectibles by Debiting Allowance for doubtful accounts with $800 and Credit Accounts receivable - C. Green with the same amount.

2. On March 9, receives a payment of $300 from Green which means we have to record the accounts receivables reinstated by

Debiting Accounts receivable - C. Green with $300 and Crediting Allowance for doubtful accounts with same amount.

3. Since it receives a payment of $300 from Green on March 9 we have to record cash receipt by Debiting Cash with $300 and Crediting Accounts receivable - C. Green with $300.

8 0

3 years ago

The following information is provided for Company Z. Per Unit Total $ % Sales Revenue (1,500 Units) $25.00 $37,500 100% Variable

nikklg [1K]

The Breakeven point in Dollars is $25,000

Breakeven point in Dollars is computed as;

= Fixed cost / Contribution margin ratio

First, we need to compute the contribution margin ratio

= Contribution margin / Revenues

= $22,500 / $37,500

= 0.6%

Then,

Breakeven point in Dollars

= Fixed cost / Contribution margin ratio

= $15,000 / 0.6%

= $25,000

Therefore, Company Z Breakeven Point in Dollars is $25,000

Lear more at : brainly.com/question/25694199

6 0

2 years ago

A resource is ______ if the number of firms that possess it is less than the number of firms required to reach a state of perfec

Savatey [412]

Answer:

Rare

Explanation:

hope this helps :)

5 0

3 years ago

PROJECT: SEGMENTS OF THE TRAVEL INDUSTRY There are six major sectors of the travel industry. Any community that wants to develop

8_murik_8 [283]

Answer:

Sector-specific associations.

Tourism and hospitality human resources organizations.

Training providers.

Educational institutions.

Government branches and ministries in land use, planning, development, environmental, transportation, and other related fields.

Economic development and urban planning offices.

hope this is the correct answer you need

6 0

3 years ago

Jeff Goldblum has just purchased a security which has no maturity date and no promised dividend payments. He can recoup his inve

larisa [96]

Answer: Common stock

Explanation: In simple words, these are the securities which represent ownership in an organisation. The common stocks has no maturity date as it is the ownership right and will remain until the liquidation of the company.

The dividends to common stockholders are not fixed and depends on the profit that the company made in the year. They are paid dividends after debt holders.

They can sell their shares to other participants through securities markets like stock exchanges etc.

Hence from the above we can conclude that Jeff has purchased common stock.

4 0

3 years ago