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3 years ago

Consider the following items:

1 answer:

6 0

Answer: Long-term assets are assets with a duration of more than one year. From the list the parties classified as long-term assets are three:

- Land

- Buildings

-Equipment

The rest of the games are classified as:

Accounts receivable (short-term assets)

Notes payable (due in three years) (Long-term liabilities)

Accounts payable (Short-term liabilities)

Retained Revenue (Equity)

Prepaid rental (Short-term assets)

Unearned Renvenue (Short-term liabilities)

Notes payable (due in six months) (Short Term Liabilities)

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What objectives of internal controls are of primary interest to an auditor performing a financial statement audit?

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objectives of controls are of primary interest to an auditor performing a financial statement audit--- Accurate and reliable financial reporting.

What are the primary objectives of internal control?

The primary purpose of internal controls is to help safeguard an organization and further its objectives. Internal controls function to minimize risks and protect assets, ensure accuracy of records, promote operational efficiency, and encourage adherence to policies, rules, regulations, and laws.

What are the 5 internal controls in auditing?

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1 year ago

Health Wise Corporation has developed a new diet supplement to assist with weight loss. Which type of legal protection grants He

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Answer:B) Copyright

Explanation:

A copyright is a legal protection that gives the original inventors of a product the exclusive right to manufacture, sell ,use a product for a limited time.

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A trademark is a logo of a brand , product or company.

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Treaty is a written agreement agreed to by countries and international organisations.

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3 years ago

Each adjusted entry transaction needs to be posted to A. individual journal entries B. individual accrual accounts C. individual

ANTONII [103]

Answer: B. Individual ledger accounts

Explanation:

just took the test

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2 years ago

Pina Corporation entered into an operating lease agreement to lease equipment from Badger, Inc. on January 1, 2017. The lease ca

posledela

Answer:

= $80,273

Explanation:

Value of the right of use asset = Value of lease liability - cash incentive received + costs incurred for lease

= $82,773 -$ 6,000 + $3,000 + $500

=$80,273

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3 years ago

The actual cost of direct materials is $10.50 per pound. The standard cost per pound is $11.75. 42) During the current period 10

emmainna [20.7K]

Answer:

Direct materials efficiency variance = 1175 unfavorable

so correct option is C) $1,175 unfavorable

Explanation:

given data

actual cost = $10.50 per pound

standard cost per pound = $11.75

current period = 10,000 pounds

purchased = 11,500 pounds

actual units produced = 9,900 pounds

to find out

direct materials efficiency variance

solution

we get here Direct materials efficiency variance that is express as

Direct materials efficiency variance = Standard rate × ( Standard quantity - Actual quantity ) ..................1

put here value in equation 1 and we get

Direct materials efficiency variance = 11.75 × ( 10000 - 9900 )

Direct materials efficiency variance = 11.75 × 100

Direct materials efficiency variance = 1175 unfavorable

so correct option is C) $1,175 unfavorable

3 0

3 years ago