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2 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.

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Fill in the correct words for the skills that Sharia used to make a career plan.

gogolik [260]

#1 goal-setting #2 decision-making

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2 years ago

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is personally responsible for all partnership debts. has no say over a firm's daily operations. faces double taxation whereas a

aleksandrvk [35]

Answer:

is personally responsible for all partnership debts

Explanation:

COMPLETE QUESTION

A general partner:

is personally responsible for all partnership debts. has no say over a firm's daily operations. faces double taxation whereas a limited partner does not. has a maximum loss equal to his or her equity investment. receives a salary in lieu of a portion of the profits.

EXPLANATION

A general partner can be regarded as a person that joins with another person or join with more than one other person to form a business. A general partner is responsible for the actions that is been taken in the business, He or she is liable personally for all the debts as well as obligations in the business and can bind the business legally. It should be noted that A general partner is personally responsible for all partnership debts.

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2 years ago

Windsor Windows manufactures and sells custom storm windows for enclosed porches. Windsor also provides installation service for

Alina [70]

Answer:

June 1, 2021

No entry – neither party has performed under the contract.

August 1,2021

Dr. Cash $4,000

Dr. Accounts Receivable $700

Cr. Unearned Service Revenue $1,085

Cr. Sales revenue $3,615

Dr. Cost of goods Sold $2,300

Cr. Inventory $2,300

Explanation:

As no one performed under the contract on June 1, 2021, so there will be no entry on this day.

On August 1, 2021, Windsor has 2 performance obligations

First: Delivery of the windows

Second: Installation of the windows

Fair value of Windows = $4,000

Fair value of Installation services = $1,200

Fair Value of Contract = $4,000 + $1,200 = $5,200

Allocation of to revenue is based on the ratio of fair value of each performance to the total fair value of contract, As below

Windows = ($4,000 / $5,200) X $4,700 = $3,615 (round to nearest dollar)

Installation services = ($1,200/$5,200) X $4,700 = $1,085 (round to nearest dollar)

Total Revenue recognized = $4,700

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3 years ago

What is the first account number used in the liabilities division? A. 20 C. 2 B. 21 D. 02

zepelin [54]

Answer:

the answer is A. 20

Explanation:

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3 years ago

When demand shocks lead to recessions, it is mainly due to unexpected changes in the:________.

Alexeev081 [22]

Answer:

When demand shocks lead to recessions, it is mainly due to unexpected changes in the:

the inability of government policy to affect demand.

Explanation:

Government has every right to make policies that would strictly affect price, if this is not done and there is inflation of price it would lead to recession.

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3 years ago

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