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3 years ago

Which of the following is the essential purpose of the external audit function?

Business

1 answer:

DIA [1.3K]3 years ago

3 0

Answer:

a) Determination of whether the client's financial statement assertions are fairly stated in accordance with GAAP.

Explanation:

The essential purpose of the external audit function is that the financial statement of the client does not contain any mislead statements, give true and fair value of assurance to the external auditor, follow accounting principles called GAAP.

It checks that client business run in a smooth manner or not which represents legal compliance, industry compliance, etc. Moreover, it also detects the error or fraud, if any.

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Time shifting occurs when _______.

damaskus [11]

Time Shifting is a recording of programming to be viewed or listened to after the live broadcasting.

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3 years ago

Roe's Renovations utilizes the direct write-off method of accounting for uncollectible receivables. On September 15 the company

Nady [450]

Answer:

The correct options are C and A

Explanation:

Under the method of direct write off of the accounting for uncollectible receivables, the journal entry should be recorded in the books is as follows:

On September 15

Bad debt expense A/c.................................... Dr $675

Accounts receivable- Jacob Marley A/c........Cr $675

When the company is notified of the bankruptcy of the Jacob Marley, then the above following entry is to be recorded as the bad debt expense, got increases and any increase is debited. Therefore, the account of bad debt expense is debited. And the balance of the accounts receivable of Jacob Marley has been reduced because the amount is unrecoverable so any decrease is credited. Therefore, the account of accounts receivable of Jacob Marley is credited.

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3 years ago

How is the federal income tax a progressive tax?

natima [27]

It is because you always have to pay it. The federal income tax is what the govt charge to take care of United States. It will never go away, you will always have to pay it. That is why it is called a progressive tax.

6 0

3 years ago

A local bookstand believes that the demand for the Olympic edition of a sports magazine is normally distributed with a mean of 1

atroni [7]

Answer:

1,304 copies

Explanation:

Overage cost (Co) means like cost of over ordering

Co = Cost price - Salvage value

Co = $1.50 - $0 (No salvage value)

Co = $1.50

Underage cost (Cu) means like cost of under ordering

Cu = Selling price - Cost price

Cu = $5.00 - $1.50

Cu = $3.50

Service level = Cu / (Cu + Co)

Service level = $3.50 / ($3.50 + $1.50)

Service level = $3.50 / $5.00

Service level = 0.7

Z-value = NORMSINV (Service level), Using Ms Excel

Z-value = NORMSINV (0.7)

Z-value = 0.52

Optimal Order Quantity (Q) = Mean Demand + (Z-value*Standard deviation)

Optimal Order Quantity Q = 1,200 + (0.52*200)

Optimal Order Quantity Q = 1,200 + 104

Optimal Order Quantity Q = 1,304 copies

7 0

3 years ago

Suppose an American worker can make 20 pairs of shoes or grow 100 apples per day. On the other hand, a Canadian worker can produ

geniusboy [140]

Answer:

The opportunity cost of one pair of shoes for the United States is, while the opportunity cost of one pair of shoes for Canada is B. 5 apples; 2 apples

Explanation:

An American worker can make 20 pairs of shoes or grow 100 apples per day. The opportunity cost of 20 pairs of shoes for the United States are 100 apples. The opportunity cost of one pair of shoes for the United States = 100 apples/20 = 5 apples

A Canadian worker can produce 10 pairs of shoes or grow 20 apples per day.

The opportunity cost of 10 pairs of shoes for Canada are 20 apples.

The opportunity cost of one pair of shoes for Canada = 20 apples/10 = 2 apples

3 0

3 years ago