Answer: a. The auditor provides services to employee benefit plans sponsored by governmental entities
Explanation:
Department of Labor independence rules apply to the audit services that are provided to employee benefit plans.
The situation requiring an auditor to apply Department of Labor (DOL) independence rules is when the auditor provides services to employee benefit plans sponsored by governmental entities
Answer: can obtain the benefit
Explanation:
Public goods are meant to be for the benefit of everyone in the country not just a select few. This means that when the government provides one therefore, everyone can obtain the benefit.
Think of a police station for instance. When one is built in an area, everyone there should enjoy more security not just a few because the police are to protect the welfare of every law abiding citizen.
Answer:
The correct answer is (Extremely high levels of liquidity guard against liquidity crises, but at the cost of lower returns on assets).
Explanation:
Reserve requirement, especially for the banks, is designed for the sole purpose of protecting them from falling towards bankruptcy. Although, there are certain drawbacks of high reserve requirement or extremely high levels of liquidity; it can bound a firm or organisation to invest in small ventures and at lower returns on investment because such companies invest in low-risk assets.
Answer:
B. First-in, first-out (FIFO)
Explanation:
Inventory costing method: A method of approximating the flow of inventory costs in a business that is used to determine the amount of cost of goods sold and ending merchandise inventory.
First-in, First-out (FIFO) Method: It is one of the inventory valuation methods to estimate the value of inventory at the end of the accounting period. This method assumes that the goods which are first, these are the one which will be also sold first. This method is also helpful for the business to determine the cost of goods sold during the period.
