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3 years ago

Which of the following statements is false regarding audit reporting?

Business

1 answer:

Mnenie [13.5K]3 years ago

8 0

Answer:

None

Explanation:

In simple words, audit reporting or auditing refers to the process under which an independent third part, licensed by the regulatory body, examines the financial statements of an organisation to check if such statements depicts fair information and are made as per the regulatory standards.

The auditor if satisfied gives the positive assurance and if not then he or she can ask for further information or can directly report the statements to the regulatory bodies.

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In strategic management, both the short-term and long-term perspectives need to be considered because a. the creative tension be

astra-53 [7]

Answer:

a. the creative tension between the two forces managers to develop more successful strategy.

Explanation:

It is correct to say that short-term and long-term strategies must be designed individually as the creative tension between the two forces managers to develop more successful strategies.

It is essential that in strategic planning the short-term and long-term action plans are well specified, so that the strategic development understands the organizational whole and the strategies are aligned, since the short-term actions will consequently impact those of long term.

3 0

2 years ago

A company wants to set up operations in a country with the following corporate tax rate structure: Taxable Income Tax Rate <$

Alisiya [41]

Answer:

Taxable income = $240,000

Amount payable = $64,850

Explanation:

As per the data given in the question,

Taxable income :

Gross revenue = $400,000

Total cost = $100,000

Net profit = $400,000 - $100,000 = $300,000

Allowable tax deduction = $60,000

Taxable income = $300,000 - $60,000

= $240,000

Tax to be paid :

Computation of tax Amount to be taxed Rate Tax

$50,000 $50,000 15% $7,500

$50,000 to $75,000 $25,000 25% $6,250

$75,000 to $100,000 $25,000 34% $8,500

More than $100,000 $140,000 39% $54,600

Total tax $76,850

Amount payable = Total tax - Tax credit

= $76,850 - $12,000

=$64,850

3 0

3 years ago

In the nation of Ruva, GDP is $15 trillion, consumption is $10 trillion, and government spending is $2.5 trillion. Taxes are $1

ELEN [110]

Answer:

Private Savings = $4 Trillion

Explanation:

Given that

GDP = Y = 15 Trillion

Taxes = T = 1 trillion

Consumption = C = 10 trillion

Recall that

Private Savings = Y - T - C

Therefore,

Private savings = 15 - 1 - 10

= $ 4 Trillion

6 0

3 years ago

Flannery Corporation owns machinery with a book value of $520,000. It is estimated that the machinery will generate future cash

Aleonysh [2.5K]

Answer:

(d)$105,000.

Explanation:

Since the book value is more than the generated future cash flows so book value cannot be recovered. In this case, the generated future cash flows are ignored

In this scenario, we compare the values between book value and the fair value of machinery, the difference would be the loss on impairment of the asset

In mathematically,

= Book value of machinery - fair value of machinery

= $520,000 - $415,000

= $105,000

5 0

3 years ago

The W. J. Clinton Company issued 750 shares of $1 stated value common stock in exchange for land from the Whitewater Investment

MrMuchimi

Explanation:

The journal entry is as follows:

Land Dr $70,000

Additional paid in capital $5,000

To Common stock $75,000

(Being the common stock is issued in exchanged for cash)

The computation of the additional paid in capital is shown below:

= Common stock - the appraised value of land

where,

The common stock = 750 shares × $100 = $75,000

And, the appraised value of land is $70,000

So, the remaining balance is

= $75,000 - $70,000

= $5,000

The $5,000 would be recorded as an additional paid in capital

4 0

3 years ago