Answer:
This is a red flag for predatory lending AND mortgage fraud.
Explanation:
Considering the situation above, the statement that BEST describes the situation above is that "This is a red flag for predatory lending AND mortgage fraud."
This is because the act of cheating or fraudulent pursuits of some lenders during the loan process is known as predatory lending, in which lying during loan application is part of it.
Also, fraudulent activities such as misstatement, misrepresentation, or omission about a mortgage loan process are considered a mortgage fraud
Answer:
<u>Market-based cost.</u>
Explanation:
Market-based cost can be defined as a strategy to set prices according to the prices practiced by markets similar to the market in which your company operates.
Therefore, the organization will evaluate how pricing will be carried out, which will depend on whether the product will have more or less resources than similar products on the market, and then will be able to price the product as more expensive or cheaper than competing products.
Answer and Explanation:
The journal entries are as follows;
a. On Jan 1
No journal entry is required
b. On Feb 5
Contra asset Dr $1,320
To Sales revenue $1,320
(being sales revenue is recorded)
Cost of goods sold Dr $670
To Inventory $670
(being cost of goods sold is recorded)
c. On Feb 25
Cash $3,300
Contra asset Dr $1,320
To Sales revenue $1,980
(being sales revenue is recorded)
Cost of goods sold Dr $300
To Inventory $300
(being cost of goods sold is recorded)
Answer:
The correct option is that any disputes over significant accounting issues have been settled to auditor's satisfaction
Explanation:
The auditor does not certify that the company has operated efficiently,rather the auditor's report provides an assurance that the financial statement in material respect have been prepared in accordance with generally acceptable accounting standard such as the International Financial Reporting Standards(IFRS) , The U.S GAAP e.t.c
As a result of the above,it is undoubtedly clear that the auditor's report does not certify in its entirety that financial statements are accurate.
For the auditor's report to be unmodified , there has to be some high level of satisfaction in terms of significant accounting issues.