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Rudiy27
3 years ago
10

The main goal of auditing internal control is Group of answer choices To allow the auditor to fix any internal control deficienc

ies. To form an opinion on the ability of internal controls to prevent fraud. To assure management that internal control is preventing all material misstatements on the financial statements. To evaluate the effectiveness of controls over all relevant financial statement disclosures in the financial statements.
Business
1 answer:
mafiozo [28]3 years ago
6 0

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.

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5. What is the purpose of a consumer cooperative?
Neko [114]
I think the answer is d
7 0
2 years ago
Irving purchase a car for $5,000 his interest rate is 10% for the year how much will he pay in one year's time​
Anna35 [415]

Answer:

$500

Explanation:

The cost of the car is $5000

the interest is 10% per year

the interest paid in one year time will be

I= p x r x t

p = $5000; r =10% or 0.1 ;and t = 1

I = $5000 x 0.1 x 1

I= $500 x 1

Interest payable in one year is $500

3 0
3 years ago
Hillside issues $2,600,000 of 5%, 15-year bonds dated January 1, 2015, that pay interest semiannually on June 30 and December 31
Amanda [17]

Answer:

1.- thwe cash payment are the same for each period as the coupon bond rate is fixed:

2,600,000 face value x 5% coupon rate / 2 payment per year = <em>65,000</em>

<em>On the last payment, we are going to calculate 65,000 + face value</em>

<em>2,600,000 + 65,000 = 2,665,000</em>

<em>2.- amortization per period 19,513</em>

<em>3.- interest expense per period 45,487</em>

<em>4.- 45,487 interest expense per period x 30 payment dates =  1,364,610</em>

cash    3,182,390  debit

   bonds payable   2,600,000 credit

   premium on BP     585,390 credit

-- to record issuance --

interest expense 45,487 debit

premium on BP    19,513 debit

    cash                                  65,000 credit

-- entry for each payment date--

Explanation:

proceeds: 3,182,390

face value: 2,600,000

premium:       585,390

amortization per period:

585,390 / 30 payment = 19,513

This will be the amortization on the premium on bonds payable for each payment

3.- as the amortization is fixed under straight-line method the interest expense is also fixed:

65,000 cash proceeds - 19,513 amortization = 45,487 interest expense

6 0
3 years ago
The price of TSC stock will be either $42 or $46 at the end of the year. Currently, T-bills yield 4.1 percent and TSC sells for
const2013 [10]

Answer:

b. $.66

Explanation:

The computation of the per share value for the one year is

Given that

Current Price = $43

Possible Prices = $42 and $46

Now

u = [($46 - $43) ÷ $43] + 1

= 1.06977

And

d = 1 - [($42 - $43) ÷ $43]

= 0.9767

And,

Risk-Free Rate = T-Bill Rate = Rf = 4.1 %

Now the up move price probability is

= [(1 + Rf) - d] ÷ [u - d]

= [(1.041) - 0.9767] ÷ [1.06977 - 0.9767]

= 0.69088

And,  

Exercise Price = $ 45

Now

If the Price is $42, so Payoff = $0

And

if the Price is $46, so Payoff =is

= ($46 - $45)

= $1

Finally the call price is

= [0.69088 × 1 + (1 - 0.69088) × 0] ÷ 1.041

= $0.66367

= $0.66

6 0
2 years ago
Wilson Inc. developed a business strategy that uses stock options as a major compensation incentive for its top executives. On J
jasenka [17]

Answer:

Wilson Inc. developed a business strategy that uses stock options as a major compensation incentive for its top executives. On January 1, 2021, 20 million options were granted, each giving the executive owning them the right to acquire five $1 par common shares. The exercise price is the market price on the grant date—$10 per share. Options vest on January 1, 2025. They cannot be exercised before that date and will expire on December 31, 2027. The fair value of the 20 million options, estimated by an appropriate option pricing model, is $40 per option. Ignore income tax.

Assume that all compensation expense from the stock options granted by Wilson already has been recorded. Further assume that 200,000 options expire in 2014 without being exercised. The journal entry to record this would include

5 0
2 years ago
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