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Nastasia [14]
2 years ago
5

Internal controls are crucial to companies that convert from U.S. GAAP to IFRS because of all of the following risks except: Mul

tiple Choice Possible misstatement of financial information. Controls are significantly different across the globe. Possible fraud. Ineffective communication of the change to investors, creditors, and others. Management's inability to certify the effectiveness of the controls.
Business
2 answers:
ella [17]2 years ago
7 0

Answer:

Controls are significantly different across the globe.

Explanation:

An internal control refers to the policy or procedure set up by the management of an organisation to foster accountability, protect assets, enhance efficiency, eradicate fraud, and ensure policies of the organisation are adhered with.

Put simply, internal control is put in place to with the aim of prohibiting the employees from stealing assets and perpetrating fraud.  

It is therefore important for companies that convert from U.S. GAAP to IFRS to put in place internal control due risks of misstatement of financial information, fraud, and lack of effective communication of the effect of the conversion to investors, creditors and other users of the financial information.

Therefore, the fact that controls are significantly different across the globe is not a risk associated with conversion from U.S. GAAP to IFRS.

11111nata11111 [884]2 years ago
6 0

Answer:

Controls are significantly different across the globe.

Explanation:

     Risk include misstatement of financial information, fraud, ineffective communication of the impact of this change for investors, creditors and others users of the financial information and management inability to certify the effectiveness of the control.

     Risk management can be defined as the process that allows individual risk event and overall risk to be understood and managed proactively, optimising success by minimising threats and maximising opportunities.

     Controls are significantly different across the globe does not impact to fact that an organisation are at risk, as risk has to be managed from the top corporate level. these threats or risk could stem from a wide variety of source.

This control is part of internal control which only focuses on the the procedure or policy put in place by management to safeguard assets, promote accountability, increase efficiency, and stop fraudulent behavior.

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Frederickson Office Supplies recently reported $10,000 of sales, $7,250 of operating costs other than depreciation, and $1,250 o
stich3 [128]

Answer:

c. $900

Explanation:

The computation of the earnings before taxes (EBT) is shown below:

= Sales - operating costs other than depreciation - depreciation expense - outstanding bonds × interest rate

= $10,000 - $7,250 - $1,250 - $8,000 × 7.5%

= $10,000 - $7,250 - $1,250 - $600

= $900

We ignored the state income tax rate of 25% and the rest of the items would be taken for the computation part

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2 years ago
No having enough money for the shoes you want means?
Mazyrski [523]

Answer:

That you can't get the shoes that you want because you don't have enough money or go to work to get some more money for your shoes that you want

8 0
2 years ago
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Your grandparents offer you $500 in one year. Assuming no inflation, if the interest rate is 10%, you areindifferent between the
LUCKY_DIMON [66]

Answer:

PV=454.54

Explanation:

This problem can be solved applying the concept of future value, the 500 represents money in the future an the 10% is how that money is valued over time

FV=PV*(1+i)^{n}

where FV is future value, PV is the present value, i is the periodic interest rate and n is the number of periods. So applying to this particular problem we have:

500=PV*(1+0.1)^{1}

solving for PV we have:

PV=454.54

5 0
3 years ago
On July 1, 2022, Cullumber Co. pays $ 22,400 to Pharoah Insurance Co. for a 4-year insurance contract. Both companies have fisca
Brrunno [24]

Journal Entries in the books of Pharoah Insurance Co are as follows:

Date              Account Titles and Explanation     Debit       Credit

July 1, 2022 Cash                                            $22,400

Unearned Service Revenue                                             $22,400

To record the receipt of payment for insurance contract for 4 years.

Date                          Account Titles and Explanation     Debit       Credit

December 31, 2022 Unearned Service Revenue         $2,800

Service Revenue                                                                            $2,800

To record the service revenue earned from July 1, 2022 to December 31, 2022.

Data Analysis:

July 1, 2022 Cash $22,400 Unearned Service Revenue $22,400

December 31, 2022 Unearned Service Revenue $2,800 Service Revenue $2,800 ($22,400 x 6/48)

Thus, only $2,800 is credited to the Service Revenue account for the year ended December 31, 2022.

Learn more on adjusting Unearned Service Revenue at brainly.com/question/14783594

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3 years ago
The relationship between the consumer's expectations and the product's ________ determines whether the buyer is satisfied or dis
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Answer:

Perceived performance

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Perceived perception is the customer's perception about a particular product based on the expectations they had before making purchase.

4 0
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