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3 years ago

Under the laws of agency, partners of a CPA firm may be liable for the work of others on whom they rely. This would not include:

Business

1 answer:

irga5000 [103]3 years ago

6 0

Answer: employees of the audit client.

Explanation:

The options to the question are:

A. employees of the CPA firm.

B) employees of the audit client.

C) other CPA firms engaged to do part of the audit work.

D) specialists employed by the CPA firm to provide technical advice on the audit.

Agency law simply means the agent-principal relationships which is a relationship whereby one party has a legal authority to act and represent the other party.

Based on the above question, the partners of CPA firm are liable for the work of the firm that they are representing. In this case, they'll be liable for the employees of the CPA firm, other CPA firms engaged to do part of the audit work and the specialists employed by the CPA firm to provide technical advice on the audit.

Therefore, the employees of the audit client is not part of the people that them. Hence, this is the answer.

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In unregulated monopoly: a consumers are confronted with a price that is lower than marginal cost. b consumers are confronted wi

dsp73

Answer:

c. because P > MC, a basic condition for efficiency is violated.

Explanation:

An unregulated monopoly is a market in which monopoly holders have control over goods and services, giving them the ability to do whatever they like. Under unregulated monopoly, having a free market is impossible as price gouging is always evident.

In unregulated monopoly a basic condition for efficiency is violated because price is greater than marginal cost (P > MC).

Where P is the price and MC is the marginal cost of goods.

3 0

3 years ago

Which of the following is a condition necessary to exclude an obligation from current liabilities? Entry field with incorrect an

lutik1710 [3]

Answer:

The answer is: Obligation that has a distant due date exceeding company's operating cycle.

Explanation:

A current liability is a financial obligation due within one year (or one normal operation cycle).

So a financial obligation that has a due date that exceeds a company´s operating cycle should have been directly classified as a long term liability (or a non current liability) in the first place. It simply is not a current liability that is changed into a long term liability, it always was a long term liability.

The other options represent the steps necessary for turning a current liability into a long term liability.

Intend to refinance the obligation on a long-term basis.
Demonstrate the ability to complete the refinancing.
Subsequently refinance the obligation on a long-term basis.

7 0

3 years ago

Gomez runs a small pottery firm. He hires one helper at $14,500 per year, pays annual rent of $7,500 for his shop, and spends $1

uysha [10]

Answer:

a). Accounting profits=$6,000

b). Economic profit=-$6,000

Explanation:

a). The accounting profits for Gomez's pottery firm can be expressed in the form;

Accounting profits-Total monetary revenue-Total monetary expenses

where;

Total monetary revenue=$86,000

Total monetary expenses=excludes opportunity cost=wages+rent+materials+equipment=(14,500+7,500+18,000+40,000)=$80,000

replacing;

Accounting profits=(86,000-80,000)=$6,000

Accounting profits=$6,000

b). Gomez's economic profit

Economic profit=Total revenue-total costs

where;

Total revenue=(86,000+5,000+6,000)=97,000

Total costs includes opportunity cost=(80,000+23,000)=103,000

replacing;

Economic profit=(97,000-103,000)=-$6,000

Economic profit=-$6,000

6 0

3 years ago

Oil creek auto has sales of $3,740, net income of $274, net fixed assets of $2,800, and current assets of $920. the firm has $63

Montano1993 [528]

An income statement that expresses each line item as a percentage of a base amount is known as a common-size income statement

<h3>What is common-size statement?</h3>

An income statement that expresses each line item as a percentage of a base amount is known as a common-size income statement. Typically, this refers to overall earnings or total sales. Financial ratio analysis's objective is comparable to that of a common-size income statement. Items are shown as a percentage of a common base amount, such as total sales revenue, in a financial statement of common size. This kind of financial statement makes it simple to compare one company to another or different time periods within the same company.

The common-size statement refers to expressing each value as a percent of sales:

Sales 3,340 100.000%

income 274 8.234% (274 divided by 3340 times 100)

fixed assets 2,699 80.809%

current assets 836 25.030%

Inventory 417 0.12485 (417/3,340)

To learn more about common-size statement refer to:

brainly.com/question/14275288

#SPJ4

5 0

2 years ago

Benjamin, an Australian businessman, is assigned to represent his firm and manage a project in Japan. He has been learning about

Lorico [155]

Answer:

The answer is: A) cognitive and psychological dimensions of a global mind set

Explanation:

Global mindset can be defined as the ability to adjust to different cultural environments (e.g. traditions, norms, ways of doing business, etc.) and being able to deal with people from other backgrounds and styles.

In simple words, global mindset is the ability to think globally, the whole world is your home.

The main advantage of thinking globally is that you can develop better relationships and communications with different customers and world partners.

The best possible example is how the Coca Cola Company works.

8 0

3 years ago