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mina [271]
4 years ago
15

Under Auditing Standards, which of the following would be classified as an error? Multiple Choice Misappropriation of assets for

the benefit of management. Preparation of records by employees to cover a fraudulent scheme. Misinterpretation by management of facts that existed when the financial statements were prepared. Intentional omission of the recording of a transaction to benefit a third party.
Business
2 answers:
Masja [62]4 years ago
6 0

Answer:

Misinterpretation by management of facts that existed when the financial statements were prepared.

Explanation:

Under accounting standard , an error is defined as an unintentional act that can disrupt the interpretation of a financial statement and which could likely mislead the users in making a wrong decision.

An error is different from a fraud as a fraud is an intentional act to gain undue advantage by manipulating and altering transactions .

While every other option given in the answers choice are fraud, Misinterpretation by management of facts that existed when the financial statements were prepared is an error.

Rasek [7]4 years ago
4 0

Answer:

The correct choice is C)

A misinterpretation by management of facts that existed when the financial statements were being prepared can be classified as an error.

Explanation:

An accounting error is a non-fraudulent discrepancy in financial documentation. The term is used in financial reporting. Types of accounting errors include:

  • Error of omission - a transaction that is not recorded. ... One example of an error of commission is subtracting a figure that should have been added.
  • Error of commission - a transaction that is calculated incorrectly. One example of an error of commission is subtracting a figure that should have been added.
  • Error of principle - a transaction that is not in accordance with generally accepted accounting principles ( GAAP). One example of an accounting error of principle is an expenditure that is placed in an inappropriate category.

If a company discovers that an accounting error significantly affected a previous report, it usually issues a restatement of the original release.

Cheers!

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Amiraneli [1.4K]

Answer:

Slavery in the southern US began to expand in the Virginia Colony with the tobacco plantations in the Chesapeake area. It expanded southwards with time, first to the Carolinas, were slaves were imported to work in Rice Plantations, and, finally the Georgia colony.

However, cotton began to replace tobacco, rice and sugar in the South, because it was more profitable, and suited better the soil and climate of the region. With the cultivation of cotton, slavery became widespread in the US. The majority of slaves were "imported" from the end of the 17th century to the first decades of the 18th century.

Cotton plantations made then, slavery institutions of the antebellum South widespread, strong and entrenched. The economics of the South practically depended on slavery, just like the economics of the Roman Empire a millenium ago.

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3 years ago
Which of the following is an example of a global strategy? Multiple Choice Consumer electronics companies developing different m
Tasya [4]

Answer:

Starbucks standardizing its products across the United States and other countries

Explanation:

When a company takes a global strategy, it means it is looking forward to competing and expanding itself in the global market. A global strategy represents the strategy and plans that a business implements to expand in other countries to profit more from the goods or services it offers abroad.

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3 years ago
What is one downside of banking at a traditional branch versus on-line-only banking​
tresset_1 [31]

<u>Answer:</u>

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alina1380 [7]

An example of a natural monopoly found across the globe is power delivery.

Is electricity a natural monopoly?

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  • A natural monopoly exists when average costs continuously fall as the firm gets larger.
  • An electric company is a classic example of a natural monopoly.

What are some examples of monopolies?

Natural gas, electricity companies, and other utility companies are examples of natural monopolies.

They exist as monopolies because the cost to enter the industry is high and new entrants are unable to provide the same services at lower prices and in quantities comparable to the existing firm.

Learn more about this here:

brainly.com/question/5372062

#SPJ4

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2 years ago
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Hoochie [10]

Answer:

Increase output

Explanation:

Increasing productivity of labor will result to greater MPP (Marginal Physical Product) per unit of labor (or worker). That means greater output.

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