All categories

3 years ago

Choose the correct statement about audits of corporations:

1 answer:

8 0

Answer:A. Public corporations (those whose stock are traded on exchanges) are subject to annual audit as to their compliance with GAAP.

Explanation:GAAP(Generally accepted accounting principles) is a body saddled with the response of ensuring that financial statements are prepared based on certain principles which includes the following.

OBJECTIVITY, MATERIALITY, CONSISTENCY AND PRUDENCE. All public corporations (those whose stock are traded on exchanges) are subject to annual audit as to their compliance with GAAP which regulates Their Financial statement and reports.

You might be interested in

Finished goods inventory is $182,000. If overhead applied to these goods is $75,000, and the overhead rate is 120% of direct lab

Sedaia [141]

Answer:Direct Material cost To the nearest whole dollar becomes $45,000

Explanation:

Given that Total cost in the finished goods inventory = $182,000

Total cost = Direct Material cost + Direct Labor cost + Overhead rate cost

But Overhead rate cost = 120% of labor cost

Since Over head cost = $75,000

Direct labor cost = $75,000/ 120%=$62,500

Total cost = Direct Material cost + Direct Labor cost + Overhead rate cost

$182,000 = Direct Material cost+ $62,500+ $75,000

Direct Material cost = $182,000 - ( 62,500+75,000)

Direct Material cost = $182,000 -$137,500

Direct Material cost = $44,500

To the nearest whole dollar becomes $45,000

8 0

3 years ago

Describe at least three investments you want to make with your income. Explain whether each one is an equity investment or a deb

Eddi Din [679]

I would like to buy a car with the income I would make, it would be a equity investment. I chose this item because it would help me get to work and places on my owns. I would also like to buy or rent a house with my income, this would also be a equity investment, it would give me a place to live to a long-period of time. I would like to invest in a strong company would wants to help the good in the world, this is a debt investment, it would give a strong face to the world.

6 0

3 years ago

Which of your responsibilities as a caregiver depends largely on where you live? A. Communicating with parents B. Managing staff

lidiya [134]

My answer would be C or D. Hoprobably this helps

5 0

3 years ago

Read 2 more answers

Gabbe Industries is a division of a major corporation. Last year the division had total sales of $32,948,550, net operating inco

Leona [35]

Answer:

a. Division's margin = Net operating income / Total sales

Division's margin = $4,069,146 / $32,948,550

Division's margin = 0.1235000

Division's margin = 12.35%

b. Division's turnover = Total sales / Average operating assets

Division's turnover = $32,948,550 / $9,027,000

Division's turnover = 3.65 times

c. Division's return on investment = Division margin * Division turnover

Division's return on investment = 12.35% * 3.65 times

Division's return on investment = 45.08%

8 0

3 years ago

Unincorporated business and rental activities do NOT pay taxes at the organizational level; rather these types of activities are

zaharov [31]

Answer:

Flow-through.

Explanation:

Flow-through is basically how to limit taxation or avoid double taxation. In terms of business, it is passed to the owner / investors.

4 0

4 years ago