To be more professional in a business sense. If I am the president of a bank I want to be classical and professional. I change with my title.
Answer:
The journal entries to record this transaction would include: E. a credit to Sales Revenue for $45,000.
Explanation:
When Morgan Manufacturing sold goods, the company should make two journal entry to record Cost of goods sold and Sales revenue.
The entries:
1. Debit Cost of goods sold $35,000
Credit Finished-Goods Inventory $35,000
2. Debit Cash $45,000
Credit Sales revenue $45,000
The journal entries to record this transaction would include: E. a credit to Sales Revenue for $45,000.
Answer:
a. Examination
b. Review
c. Agreed upon procedures
d. Examination
e. Reviews
f. None
g. Reviews
h. Agreed upon procedures
i. Examination
j. None
Explanation:
Examinations are meant to provide higher level of assurance in audits, in order to provide detailed view and opinion on the audit area.
Reviews are meant to provide the certificate of approval that financial reporting framework is followed or not, or whether their is no material change in the financial statements etc:
Under agreed upon procedures the CPA is to report on some specific areas agreed with the management to report upon rather than complete financial statements.
Remaining explanation:
In f. absolute assurance can never be provided as even in examination there are certain limitations which are inherent in the procedure.
In j the statement provides no independence which is not available condition in any engagement.
.B is correct I just took the test
