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olasank [31]
4 years ago
6

Which of the following statements is not correct?

Business
1 answer:
Agata [3.3K]4 years ago
6 0

Answer:

The correct answer is letter "C": Confirmation of cash should only be performed as of the balance statement date because the auditor expresses an opinion as of that date.

Explanation:

Confirmation of cash is an audit procedure in which specialists request the company to get in touch with its banker to verify the organization's balance. The procedure is not based only on the balance statement but according to the transactions the company has carried out regardless of the date.

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Shrimp Galore, a shrimp harvesting business in the Pacific Northwest, has a 30-year loan on its shrimp harvesting boat. The annu
xxMikexx [17]

Answer:

a) Sell off the boat and pay back the loan and retain the extra money rather than produce nothing and experience a loss of $25,000

b) if it produces

1. If it produces 0 than 0 - 10 = -10

2. If it produces 60 than 60 - 60 = 0

3. If it produces 120 than 120 - 80 = 40

4. If it produces 180 than 180 - 110 = 70

5. If it produces 240 than 240 - 165 = 75

6. If it produces 300 than 300 - 245 = 55

Hence the maximum profit is $75

8 0
3 years ago
A piece of equipment is purchased by Great Notch Corporation on January 1 for $46,200. It is expected to have a useful life of f
malfutka [58]

Answer:

gain of $6,350.

Explanation:

Depreciation expense each year = (cost of asset - residual value) / useful life

($46,200 - $6,300) / 4 = $9,975

Depreciation expense after two years = $9,975 x 2  = $19,950

Value of the equipment in two years = $46,200 -  $19,950 = $26,250

If the equipment is sold for  $32,600, the equipment would be sold at a profit

Profit =  $32,600 - $26,250 = $6350

5 0
3 years ago
Which term refers to the possibility of an investor losing some or all of an investment?
Lerok [7]

Answer:

The answer is Risk because every time a stock holder or/and investor puts money into someone else company/business, it's not promising that they'll get their profit back because the company/business may not expand as they intended too.

8 0
4 years ago
When should you use Add other funds to this deposit grid in a Deposit Transaction? Identify 3 correct options. (Select all that
Anni [7]

Answer:

(A) When an employee reimburses the company

(B) You receive a tax refund from the IRS

(D) When a company doesn’t record income using sales transactions (invoices or sales receipts), and wants to record deposits directly to income accounts

Explanation:

The three options are -

Option A is correct as the employee repays the company so that the funds to this deposit will be added to the deposit transaction.

Option B is correct as the employee or an individual will get the tax refund from the IRS which can be deposited to the deposit grid.

Option D is correct as it is recorded to income accounts directly as deposits.

Any payment cannot be added as deposit. Therefore, option C is incorrect.

4 0
3 years ago
Company sales reports are often utilized as part of a company’s marketing research activities and can provide insight about whic
Alex787 [66]

Answer:

The answer is: C) internal secondary

Explanation:

Internal secondary data is data that was collected by other members of your organization (through different activities) and is stored inside the organization.  In this case the sales reports (completed by the sales department) are used by a different department in the company (marketing).  

8 0
4 years ago
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