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4 years ago

Which of the following procedures would a cpa most likely perform in the planning a financial statement audit?

Business

1 answer:

ozzi4 years ago

6 0

Answer:

Correct answer is B, make inquiries of the client's lawyer concerning pending litigation

Explanation:

During an Audit Planning, an auditor will undergo into certain phases:

1. Understanding the client and the business

2. Determining strategy to perform ( making risk and materiality assessment)

3. Determining the type of evidence to collect based on the risks level

Based on the above-mentioned phases, Making inquiries of the client's lawyer concerning pending litigation is part of understanding the client and the business. An auditor must also know the events or transaction that might result into legal liability of the client.

<em>The rest of the choices is part of performing the audit procedures conducted by an auditor to obtain suffecient audit evidence.</em>

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Bluebird Mfg. has received a special one-time order for 15,000 bird feeders at $3 per unit. Bluebird currently produces and sell

tamaranim1 [39]

If Bluebird accepts this additional business, the incremental cost will be: c. $33,750.

Using this formula

Incremental cost=Number of order for feeders× Variable cost

Where:

Number of order for feeders=15,000 feeders

Variable cost=$2.25

Let plug in the formula

Incremental cost=15,000×$2.25

Incremental cost=$33,750

Inconclusion if Bluebird accepts this additional business, the incremental cost will be: c. $33,750.

Learn more here:<em>brainly.com/question/16252703</em>

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3 years ago

Two agencies that look out for the best interest of customers are ____

elixir [45]

Answer:FDA and CPSC

Explanation:

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3 years ago

Read 2 more answers

Create a conversational but professional tone in letters, e-mail messages, instant messages, and memos by Group of answer choice

egoroff_w [7]

Answer:

Using familiar words, occasional contractions, and pronouns such as you and I.

Explanation:

This is the best strategy in order to create a conversational but professional tone in letters, e-mail messages, instant messages and memos. This strategy suggests the use of familiar words. This will give a personal, relaxed tone to your texts. Moreover, it suggests the use of occasional contractions. Contractions are useful when it comes to making a text less formal and more intimate. Finally, using pronouns such as "you" and "I" gives a tone of closeness, while remaining professional.

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3 years ago

Mr.Akhil (55 years) paid mediclaim for self and family Rs.40,000 and for parents (80 years) Rs.60,000. What will be the deductio

Dominik [7]

In order to claim the deduction under Section 80D, the expenditure needs to be made in any means other than cash. Although the expenditure on preventive health check-ups is allowed to be incurred in cash. The deduction for the following expenses are available under section 80D:

A. Medical insurance premium paid for yourself & your family. Rs. 25,000 Rs. 50,000 (in case of senior citizen)

B. Medical insurance premium paid for your parents. Rs. 25,000 Rs. 50,000 (in case of senior citizen)

C. Expenditure on preventive health check-up. Rs.5,000

D. Medical expenditure of senior citizens or super senior citizens. Rs.50,000

E. Contribution to CGHS/notified scheme. Rs.25,000 Rs.50,000(in case of senior citizen)

Maximum amount of deduction (A+ B+C+D+E) Non-senior citizens(Self & family and Parents) Senior Citizens (Self & family and Parents) Self & family (Non-senior citizens)Parents(Senior Citizens) Rs.25000+Rs.25000= Rs.50,000

Rs.50000+Rs.50000=Rs.1,00,000

Rs.25000+Rs.50000=Rs.75,000

Hence, the deduction available is his total paid minus expected paid which is Rs. 40000 + Rs. 60000 = Rs. 100000 - (A+ B+C+D+E) = Rs. 150000

<h3>What is Section 80D?</h3>

Section 80D permits the deduction for money spent on taking care of one's health and health insurance. Section 80D claims great significance in one's tax planning and personal finance.

Therefore, the correct answer is as given above

learn more about Section 80D: brainly.com/question/14585764

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2 years ago

Private individuals who provide seed capital to young ventures are known as _____.

Karolina [17]

They are known as angel investors

7 0

3 years ago