Answer:
The rate at which to discount the payments to find sum borrowed is 12.68%
Explanation:
The discount rate to be used in computing the sum borrowed can e derived from the effective annual rate formula below:
Effective annual rate = (1 + Quoted interest rate/m)^m - 1
quoted interest rate is 8.40
m is the number of months in a year when compounding is done which is 12
effective annual rate=(1+8.40%/12)^12-1
effective annual rate=(1+0.01)^12-1
effective annual rate=(1.01)^12-1
effective annual rate=1.12682503
-1
effective annual rate=0.12682503=12.68%
The probability that an audit team will express an inappropriate audit opinion when the financial statements are materially misstated is the definition of audit risk.
When the financial statements are materially misstated, the auditor expresses an inappropriate audit opinion, this risk which an auditor gives is called the audit risk. So, when the auditor fails to modify an opinion on the financial statements it is an audit risk.
The audit risk will typically rise as an auditor will never be able to obtain absolute assurance by conducting audit procedures. Thus, after identifying the audit risk, auditors are often required to identify the relevant response to these risks.
Hence, the audit risk is a function of the risk of material misstatement.
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Answer:
Total= 36,800 pounds
Explanation:
Giving the following information:
Sales (units ) - Production (units):
May: 20,000 - 19,000
June: 18,000 - 16,000
Two pounds of material is required for each finished unit. The inventory of materials at the end of each month should equal 20% of the following month's production needs.
Purchases for May= production for the month + desired ending inventory - beginning inventory
Production= 19,000*2 pounds= 38,000 pounds
Desired ending inventory= (16,000*2)*0.2= 6,400 pounds
Beginning inventory= (38,000*0.2)= (7,600)
Total= 36,800 pounds
Answer:
13720
Explanation:
The difference between lines 5 and line 6 is 13720 (49980 - 36260)
Which means that after reconciliation in the accounting balance 13720 are missing.
Then we must find the item that adds 13720.
This may occur due to omission or bad registration of outstanding deposits or credits (which means a higher balance) or the amount in the accounts of outstanding checks or debits may have been doubled or bad recorded (since these accounts subtract in the reconciliation)
Answer:
d. use of product
Explanation:
A market segment can be described as a group of people that are put together as a unique segment for marketing purposes because of the similarity in their attributes.
Market are usually segmented based on personality, needs, values, use of product, and lifestyles of the consumers being targeted.
Therefore, International Paper segments its market based on use of product,
