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denpristay [2]
3 years ago
10

When the auditors express an opinion on financial statements their responsibilities extend to:

Business
1 answer:
Westkost [7]3 years ago
4 0

When the auditors express an opinion on financial statements their responsibilities extend to : Whether the results of their client's operating decisions are fairly presented in the financial statements.

Explanation:

An auditor is a person or corporation assigned to conduct an audit by a client. To order to be an auditor, a person should have a credential or relevant credentials of the regulatory authority for accounting and auditing.

The auditor is someone who reviews financial records and checks them. They ensure consistency of financial records and correct payment of taxes. We monitor financial activities to ensure that companies operate efficiently.

A statement that somehow the auditor is liable for expressing an opinion on the audit's financial statements. Examining details of the sums and reports in the financial statements on a test basis; evaluating the accounting standards used and relevant management estimates;

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The performance and efficiency of a production house are analyzed by its achievements and strengths, and it is portrayed as the
Leviafan [203]

Answer:

press agents  

Explanation:

Press agents -

It refers to the person being employed by some person , in order to provide the press with the information , is referred to as press agent .

A press agent is also known as flack .

A flack is mostly employed by famous personalities like businessmen , actors , etc.

Hence , from the given scenario of the question ,

The correct answer is press agent .

5 0
3 years ago
Abbie Marson is the sole owner and operator of Great Plains Company. As of the end of its accounting period, December 31, Year 1
Nataliya [291]

Answer:

The net income for Year 2 is $ 114,482

Explanation:

Accounting Equation is used in order to calculate the closing capital figure of Year 1 and Year 2:

Assets=Liabilities + Equity.

we can rearrange the formula as Assets-Liabilities = Equity

  • So in Year 1. the closing capital is: $910,049-$274,794 = $635,255.
  • In Year 2. the closing capital is : $988,160-$234,792 = $ 753,368

Now we can construct an equation to drive net income of year to by means of balancing figure:

Opening capital year 1:            $635,255

+ Additional Capital in Year 2: $28,651

-Drawing in year 2:                   $(25,020)

Net Income(Balancing figure)   <u>$114,482</u>              

Closing Capital Year 2:            $ 753,368              

7 0
3 years ago
Read 2 more answers
Many customers have expressed a preference for local produce in season. Andy and Scott form partnerships with local farmers to e
FinnZ [79.3K]
The answer is a clout
3 0
3 years ago
Nov. 5 Purchased 850 units of product at a cost of $10 per unit. Terms of the sale are 3/10, n/60; the invoice is dated November
pickupchik [31]

Answer: Please see explanation column for answer

Explanation: A perpetual inventory system maintains inventory balances ensuring that records are continually made immediately when purchases or sale are made together with any returns which are recorded in inventory accounts.

To record purchase of merchandise

Date         Account                                    Debit       Credit

Nov 5    Merchandise Inventory         $8500

         Accounts payable                                               $8,500

To record return of merchandise purchased

Nov 7      Accounts payable                  $300

       Merchandise Inventory                                          $300

To record payment of inventory

Nov 15    Accounts payable                $8,200                      

              Cash                                                                  $7,954

          Merchandise Inventory                                         $246

Calculation =

Nov 5 - Cost of merchandise purchased =  No of units x unit price = 850 x 10 =$8500

Nov 7 - Cost of merchandise returned =  No of units returned x unt price = 30 x 10 = $300

discount received = Balance from accounts payable  x discount rate = (8,500- 300) x 3%= 8200 x 0.03=  $246

   Cash  =    Accounts payable    - Merchandise Inventory = $8200 - 246 =$7984.

4 0
3 years ago
A company incurs costs of $38 per unit ($27 variable and $11 fixed) to make a product that normally sells for $56. A wholesaler
Vladimir79 [104]

Answer:

It should accept the special order at the price of $36 as the total marginal cost will be $28.5 (27 variable cost + 1.15 shipping cost).

Explanation:

Special orders are accepted only if marginal revenue increases the marginal cost. Marginal cost is the total cost incurred to fulfill any order.

In the given scenario, since the Company already has adequate capacity and it will not incur any additional fixed cost, therefore the order can be accepted by taking variable cost in to consideration.

Marginal Revenue               36

Less: Marginal Cost

Variable Cost                      (27)

Shipping Cost                   <u> (1.15)</u>

Total Profit from Order   <u> 7.85</u>

4 0
3 years ago
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