Answer: c. $50,000 paid today.
Explanation:
A rational person rational person would prefer $50,000 paid today. As individuals, we have been shaped in such a way that we live for the present as when we are given an opportunity to receive something now or later, we'll prefer to receive it now.
This is just the normal behavior of a rational human being.
Cost price(CP)=$1399
VAT=6 1/2%=6.5%
Amount paid=SP=?
Hence the amount paid is given by,
↪SP=CP+VAT% OF CP
=1399+6.5%×1399
=1399+90.935
=$1489.935↪is the amount paid.
A right of possession to one-eighth of the property is what each of the eight
grandchildren will receive.
In cases where there is no will which specifies ownership then the estate will
have to be shared equally between the parties involved. They can however
do what they want with the share allocated to them.
In cases where there is no will and no relative, then it goes to the state. This
case involves eight grandchildren and it gives them the right to own one-
eighth of the property as a result of equal sharing.
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Answer:
The correct answer is A. Obtain an understanding of the entity's risk assessment process.
Explanation:
In the process of developing the audit plan, risk assessment is one of the most important parts, since it will determine the relevance of the accounts in the review procedure performed. However, it is essential to emphasize that in order to achieve this determination, aspects such as qualitative risk factors, as well as quantitative ones, must be taken into consideration. In addition, the process has three essential steps that will help you achieve the evaluation of processes in an effective way: a) identify or classify an account as significant within the financial statements; b) identification of risks that may affect the processes; c) understanding of the entity.
Answer:
d. Because the hurricane occurred after the release of the financial statements and Rory's report, he has no responsibility to perform additional procedures or reissue his report.
Explanation:
In auditing, an auditor responsibility for an audit period ends immediately after the completion of the audit assignment and issue of the audit report. Any event that occurred after issuing the audit report is no more the responsibility of the auditor to consider for that particular already issued audit report.
Therefore, because the hurricane occurred after the release of the financial statements and Rory's report, he has no responsibility to perform additional procedures or reissue his report.