Answer:
a
Explanation:
Property risk is an example of a pure risk.
Pure risks are risks in which loss is the only possible outcome. It could be full loss or partial loss. Other examples of pure risks are personal and liability risks
Property risk is the risk that a person or company's property would be damaged or lost.
For example, if a building is set on fire or if a car is stolen
Financial statements include Income statement, Statement of Owner’s Equity, Balance sheet and Cash flow statement. Statement of Owner’s Equity and Balance sheet are prepared at a particular date at the end of the financial year or period.
Hence, A calendar year reporting company preparing its annual financial statements should use the phrase "at December 31, 2016" in the heading of Statement of Owner’s Equity and Balance sheet.
Answer
The answer and procedures of the exercise are attached in the following archives.
Explanation
You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.
Answer:
Process.
Explanation:
Since Game Play sells gaming systems and allows customers to mix-and-match individual components when placing a system order. A process facility layout would best serve Game Play's production needs.
A process facility layout can be defined as the strategic approach or plan which typically involves having the workflow around the production unit.
Generally, in a process facility layout, employees who are having similar job functions or roles are usually grouped together and as such productions are done in phases.
<em>Hence, a customer with preferences to individual components would use a process facility layout. </em>
The auditor should only perform tests of control when the
procedure of which are substantive alone are not enough to provide sufficient evidence
in which should be at the relevant assertion level and by that, the auditor
should perform test on the controls.
