Answer: The correct answer is true.
Explanation: A disclosed principal is a principal whose identity is known by a third party with whom an agent contracts on the principals behalf, making this statement true.
- person working a part time job but seeking full time employment
-had a job but earns low wages
-people that have large families
-member of family with serious health issue
Answer:
To evaluate the effectiveness of controls over all relevant financial statement disclosures in the financial statements.
Explanation:
In Accounting, an internal control is a mechanism, procedure, rule or policy designed by management to secure assets, promote efficiency, ensure accountability and prevent fraudulent behavior in an organization.
The main goal of auditing internal control is to evaluate the effectiveness of controls over all relevant financial statement disclosures in the financial statements.
Answer and Explanation:
The effect of undervaluation of Inventory is shown below:-
Inventory Understated = Inventory counted + Correct value of inventory
= $545,000 - $554,000
= $9,000
Now, the effect of undervaluation of Inventory is
Cost of goods overstated by $9,000
Net income understated by $9,000
Retained earning understated by $9,000
Assets (Current assets - Inventory) understated by $9,000
Answer:
The correct answer is Maverick buying.
Explanation:
Maverick, is a wayward, a dissident, a rebel, someone who refuses to abide by the rules or resists joining a group. The term originates from Samuel A. Maverick (1803-1870), a Texas rancher, who refused to mark his cattle.
The "maverick buying", refers to purchases out of contract or channels established by an organization. For example, the Corporate Supply department negotiates a competitive price for certain particular models of laptops with a distributor. Days later, someone from the Human Resources department requests the purchase of a much more expensive model, for which a discount has not been negotiated.
Another example: traveling in an airline and staying in a hotel other than those with which the company has signed agreements.
The impact of bypassing the preferred purchasing channels and systems can vary from operational inefficiency, to missing out on the advantages of corporate contract negotiation, large fines and even jail time.
