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nasty-shy [4]
2 years ago
7

If a CPA who is a member of the AICPA fails to abide by the Principles section of the AICPA’s Code of Professional Conduct, but

otherwise acts in conformity with the Code, the CPA’s membership in the AICPA will potentially be:
a. Suspended for a period of up to 30 days
b. Suspended for a period of up to one year
c. Revoked, with the right to apply for reinstatement after one year
d. Not subject to any form of punishment regarding the license to practice accounting
Business
1 answer:
Alborosie2 years ago
7 0

Answer:

The correct answer is D. Not subject to any form of punishment regarding the license to practice accounting

Explanation:

The accounting professional should use their professional judgment to make their decisions, consult a guide such as the Code of Conduct, give some guidelines on what is the correct behavior, to apply the rules and reach correct conclusions.

However, when the professional acts fraudulently, he will be responsible to the competent authorities. When it does not follow the guidelines but still acts under the law, it cannot be sanctioned.

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Meester Corporation has an activity-based costing system with three activity cost pools--Machining, Order Filling, and Other. In
KIM [24]

Answer:

$26,110

Explanation:

See attached file

3 0
2 years ago
Select the correct answer from each drop-down menu.
LUCKY_DIMON [66]

Answer:

1. Technical improvements cause production costs to decline, which causes supply to increase and prices to decrease.

2. Decreased unemployment causes consumer incomes to increase which causes demand to increase and hence price to increase.

Explanation:

Demand refers to a consumer's desire to purchase a particular good or service at a given time for a specific price. Supply on the other hand, is the willingness of a producer to produce a particular good or service at a given time for specific price.

1. Production cost is a factor that influences supply. For example, cost of labor or raw material cost. When production costs fall, more products can be produced at a lesser cost. Hence'

  1. The supply curve shifts right from S1 to S2.
  2. This causes quantity supplied to increase from QS1 to QS2
  3. And price to fall from P2 to P1. Please refer Diagram 1 in attachment.

2. When unemployment decreases, it means that more people are working in the economy and hence their incomes are also higher. This means there is a higher purchasing power and also higher demand for products. Hence,

  1. The demand curve shifts from D1 to D2.
  2. This causes quantity demanded to increase from QD1 to QD2
  3. And price to increase from P1 to P2.  Please refer Diagram 2 in attachment.

7 0
3 years ago
The long-run supply curve for a product is horizontal with ATC = 200. Market demand is defined as P = 1,000 − 4 Q. The market is
ANTONII [103]

Answer:

65 firms will be in the industry at the new long run equilibrium

Explanation:

in the long run the P=ATC

quantity before the change is

200 = 1000-4Q

4Q = 800

Q= 200

each firm output = Q/number of firms = 200 / 50

q = 4

new quantity is

200 = 1240-4Q

4Q = 1040

Q = 260

number of firms=new Q/q

=260/4 = 65

the number of firms is 65 in the long run.

3 0
3 years ago
Following is the sales budget for Coore, Inc., for the first quarter of 2019.
gayaneshka [121]

Answer:

a. Sales for November = $192,666.67

b. Sales for December = $312,400,00

c. Total cash collections are as follows:

January = $200,580

February = $201,360

March = $191,750

Explanation:

a. Compute the sales for November.

Sales for November = (Accounts receivable balance at the end of the previous quarter - Uncollected sales from December) / Collection rate two months after the sale = ($107,000 - $78,100) / 15% = $192,666.67

b. Compute the sales for December.

Sales for December = Uncollected sales from December / (Collection rate one months after the sale + Collection rate two months after the sale) = $78,100 / (10% + 15%) = $312,400,00

c. Compute the cash collections from sales for each month from January through March.

Note: See the attached excel file for the schedule of cash collections from sales for each month from January through March.

From the attached excel file, total cash collections are as follows:

January = $200,580

February = $201,360

March = $191,750

Download xlsx
3 0
2 years ago
Research and development costs should be: A. Expensed in the period incurred. B. Expensed in the period they are determined to b
Vladimir79 [104]

Answer:

The correct answer is letter "A": Expensed in the period incurred.

Explanation:

Research and Development (R&D) costs are spent on the development of new products that could or could not end up being commercially offered. These kinds of costs are usually expensed at the same time they are incurred. According to the U.S. Statement of Financial Accounting Standards, the R&D costs cannot be capitalized.

6 0
2 years ago
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