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julia-pushkina [17]
4 years ago
11

An entity has failed to provide documentation for a newly acquired material asset and informs its auditors that the documentatio

n is lost. According to generally accepted government auditing standards, what would this situation typically indicate to the auditors?
Business
1 answer:
Kay [80]4 years ago
3 0

Answer:

The answer is a heightened risk of fraud

Explanation:

When this (the scenario in the question) happens, it is a red flag and a fraud is likely to have happened and the auditor should treat this as a high risk.

Management intention might be to conceal a material information inorder to pepetrate fraud or the truth might be that the documents for the acquisition is truly lost.

The auditor should also consider the materiality of this event when forming their opinion on the financial statement

In a nutshell, this case poses a risk of fraud.

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Bonnie purchased a new business asset (five-year property) on March 10, 2019, at a cost of $30,000. She also purchased a new bus
bearhunter [10]

Answer:  The cost recovery deduction for 2019 for these assets is $43000.

Explanation:

New business asset (five year property) purchased March 10, 2019 = $30000

New business asset (seven year property) purchased on November 20, 2019 = $13000

Additional depreciation of the first year is referred as the bonus depreciation.

Also, bonus depreciation in the year 2019 is at 100% of the value of assets bought during this year.

∴ Total assets value = New business asset (five year property) + New business asset (seven year property)

= $30000 + $13000

= $43000

Hence, the cost recovery deduction for 2019 for these assets is $43000.

6 0
4 years ago
Among United States' major trade partners in 2014, a trade ______ occurred only with _____. The United States also had the large
Allushta [10]
Commercial stock market international service
6 0
3 years ago
For each of the following, indicate whether the idea is most closely associated with the first industrial revolution, the second
soldier1979 [14.2K]

Answer: Railways - the first industrial revolution, the Internet - the second, the technological - the oboe, the steam engine - the beginning, the telegraph - the first, the Feedback loops - second, The flying shuttle the first, The possibility of traveling from coast to coast in the US in under a wee - the first.

Explanation:

  • The Industrial Revolution brought about textural changes in people's lives, in everyday life, in the economy, in production. It went through several stages and always brought with it certain technological advances that made life easier for people. We link railways and the development of rail transport to the first industrial revolution. With steam technology, the first trains were launched and later this technology spread to the whole world. The emergence of the Internet is tied to the second half of the 20th century. It is a technology that has completely transformed the world, and without which life, today is almost impossible. When it comes to the technological revolution, it is still happening today. In this context, we bind it to both stages of the revolution. The advent of steamboats has been part of the technological revolution since the beginning of the 19th century, just like the advent of the Internet in the second half of the 20th century. The steam engine is part of the first technological revolution. Thanks to James Watts, transportation of people and goods was much faster and easier. The telegraph is part of the first technological revolution. The development of electricity has formed the basis for the electric telegraph. In 1832 Samuel Morse succeeded in developing the first stable and straightforward electrical messaging system, and in the following year received a patent for the invention.
  • The first real electric telegraph connected London and Birmingham and was built in 1838. The first operational amplifier to match its name was created by electronic tubing and built-in Bell's laboratories, United States, during 1941. This is a technology that we connect to backlinks and is part of another technological revolution. The invention of hydrogen, invented by the English physicist Henry Cavendish in 1767, solved the question of balloon filling. After many attempts by French physicist Jacques Charles, using a new invention to dissolve the rubber, he constructed a 380 m3 balloon with a bulletproof, hydrogen-filled shell that had a gas vent. The first steamboat to make a profit on sailing was built in 1807 (and patented in 1809) by the American Robert Fulton. However, the new boats were built even before the end of the 18th century.
4 0
3 years ago
an example of the frictionally unemployed is a(n): Group of answer choices geologist who is permanently laid off from an oil com
Anna35 [415]

Answer:

real estate agent who leaves a job in Texas and searches for a similar, higher paying job in California

Explanation:

Frictional unemployment occurs when Labour leaves his job in search of another one. It is the period between Labour leaves current employment and get another one.

geologist who is permanently laid off from an oil company due to a new technological advance is an example of structural unemployment

worker at a fast-food restaurant who quits work and attends college is am example of voluntary unemployment.

autoworker who is temporarily laid off because of a decline in sales is an example of cyclical unemployment.

I hope my answer helps you

8 0
3 years ago
At the end of the video, there is the implication that "selling out" has a different meaning for today’s teens than for past gen
PSYCHO15rus [73]

Answer: No, it's still the same

Explanation:

Selling out is the process of having your product completely bought by your customers either at an event or through a period of a day sales. The meaning of the word "sold out" still holds for the past generation and also this generation or teens today

3 0
3 years ago
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