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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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In a given market, the market equilibrium price and quantity are $120 and 5 million units, respectively. At a price of $100, 4.8
Aliun [14]

In this market, it can be concluded that at a price level of $100 per unit, there is <em>C. a shortage of 0.4 million units.</em>

  • This market shortage occurs because 0.4 million units of the goods were not supplied.  There is excess demand and shortage in supply.  
  • The market demand increased from the equilibrium quantity of 5 million units to 5.2 million while the market supply reduced from the equilibrium quantity of 5 million units to 4.8 million.

  • The shortage of 0.4 million units results from the difference between the quantity demanded (5.2 million) and the quantity supplied (4.8 million) as a result of reduced price.

Thus, the market shortage shows the reduced willingness of suppliers to supply goods at the new price of $100 per unit instead of at the acceptable equilibrium price of $120 per unit.

Read more about market surplus and shortage at brainly.com/question/24385458

8 0
2 years ago
Read 2 more answers
Lamp Light Limited (LLL) manufactures lampshades. It applies variable overhead on the basis of direct labor hours. Information f
dmitriy555 [2]
The answer is a , make sure you pick that oneb
7 0
3 years ago
Your supervisor has come to you with the following list of expenditures for the year and is asking you whether they should be ca
ivanzaharov [21]

Answer:

1. Repainted the office building: This should be capitalized.

2. Added a new wing onto the office building: This should be capitalized.

3. Took their fleet of cars in for servicing (changing the oil, etc.).: This should be expensed.

5. Had an engine rebuilt in one of their fleet cars: This should be capitalized.

4. Added newer electronic locks on the doors in the production building: This should be expensed.

Explanation:

1. Repainted the office building: This should be capitalized. This is because repainting is a repair that will restore the physical structure of the office building and significantly improve it. Since it is a capital improvement cost, it should be capitalized and depreciated like other fixed assets.

2. Added a new wing onto the office building: This should be capitalized and depreciated like other fixed assets since it is a capital expenditure that significantly added to the structure of the office building.

3. Took their fleet of cars in for servicing (changing the oil, etc.).: This falls under repair and should be expensed.

4. Added newer electronic locks on the doors in the production building: This should be expensed. Cost of locks and keys are ordinary expenses that do not improve the physical structure of the production building.  

5. Had an engine rebuilt in one of their fleet cars: This should be capitalized. It is a tangible improvement to the fleets of cars and this kind of costs fall under capital expenditures.

8 0
3 years ago
Read 2 more answers
If sales are $540,000, expenses are $440,000 and dividends are $50,000, what is the balance of income Summary prior to closing?
alexandr402 [8]

Answer:

d. It will have a credit balance of $100,000.

Explanation:

In the income statement, the total revenues and the total expenses are recorded.  

If the total revenues are more than the total expenditure then the company earns net income

And, If the total revenues are less than the total expenditure then the company have a net loss

This net income or net loss would reflect in the statement of the retained earning account.

So, the balance of income summary equals to

= Sales - expenses

= $540,000 - $440,000

= $100,000

The dividend should be deducted from the retained earning account. Hence, it will not be consider here

7 0
3 years ago
When goods are produced at the lowest possible cost, an economy is said to have achieved:?
kondor19780726 [428]
When goods are produced at the lowest possible cost an economy is said to have achieved?
Answer: production efficiency
4 0
3 years ago
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