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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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One significant contemporary management challenge is:_________

ddd [48]

The internationalization of business is a big managerial problem.

Just what is globalization?

The phrase "globalization" describes the increasing interconnection of the world's economies, cultures, and people.as a result of cross-border trade in products and services, technology, and flows of capital, people, and information. Over many years, nations have developed economic alliances to aid in these movements. However, the phrase became well-known in the early 1990s, following the end of the Cold War, since these cooperative agreements influenced contemporary daily life. This guide uses the phrase more specifically to refer to global commerce and some investment flows among advanced economies, with a primary focus on the United States.

Complex and politically fraught, globalization's wide-ranging repercussions are widespread.

to know more about globalization

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7 0

1 year ago

A diverse team will almost always have _____ than a homogeneous team. more extensive external contacts lesser cognitive resource

AfilCa [17]

Answer: more extensive external contacts

Explanation:

Team diversity has to do with the differences that the members of a particular team have. Such differences can be due to religion, nationality, age etc. .

It should be noted that diverse team will almost always have more extensive external contacts than a homogeneous team.

6 0

3 years ago

The Federal Reserve System performs many functions, but its most important one is

oksian1 [2.3K]

Answer:

b. controlling the money supply.

Explanation:

The main function of the federal reserve is to control the money supply. This is accomplished through expansionary or contractionary monetary policies, in which the Federal Reserve influences the amount of economy in the economy by controlling its supply. An open marketing policy, ie selling and buying securities, for example, is used to control the amount of currency in the economy.

8 0

3 years ago

Sara’s Salsa Company produces its condiments in two types: Extra Fine for restaurant customers and Family Style for home use. Sa

Len [333]

Answer:

1.$4.29 per cases

2. Extra Fine $14.29

Family Style $13.29

3a. Extra Fine $4.71

Family Style $0.29

3b. What might the management conclude about the Family Style Salsa product line is that Family Style salsa are not yielding profit which may may inturn make make the company to stop the production of the product in a situation where either the cost are not reduced or where the price.

Explanation:

1. Computation for the overhead cost that is assigned to each case of Extra Fine Salsa and each case of Family Style Salsa using Plantwide overhead rate

Using this formula

Overhead cost=Total overhead cost/Total volume

Let plug in the formula

First step is to calculate the Total overhead cost

Total overhead cost = $130,800 + $349,000 +$206,000

Total overhead cost =$685,800

Second step is to calculate the Total volume

Total volume= 35,000 + 125,000 cases

Total volume=160,000 cases

Now let calculate the Overhead cost

Overhead cost=$685,800/160,000 cases

Overhead cost=$4.29 per cases (rounded)

Therefore since we are making use of plantwide rate which means that same overhead cost of the amount of $4.29 per cases will be assigned to each of the two case .

2. Calculation to determine the total cost per case for the two products

Extra Fine Family Style

Direct materials + Direct Labor $ 10.00 $ 9.00

Add Overhead $4.29 $4.29

Manufacturing cost per case $ 14.29 $ 13.39

Therefore the the total cost per case for the two products will be:

Extra Fine $14.29

Family Style $13.29

3-A Calculation to determine the gross profit per case for each product.

Extra Fine Family Style

Selling price per case $ 19.00 $ 13.00

Less Manufacturing cost per case $14.29 $13.29

Gross profit (loss) per case $ 4.71. $ (0.29 )

Therefore the gross profit per case for each product will be ;

Extra Fine $4.71

Family Style $0.29

3-b. Based on the above Calculation What might the management conclude about the Family Style Salsa product line is that Family Style salsa are not yielding profit which may may inturn make make the company to stop the production of the product in a situation where either the cost are not reduced or where the price.

3 0

3 years ago

The researchers solicited customers of dealerships located in diverse markets, selling a variety of brands, and operating as bot

alexandr1967 [171]

The word that comes in the blank space is; "sample".
<span>These customers represent the sample used in the study.</span>

5 0

4 years ago