Answer:
Audit is an independent examination of records,financial statements or process in order to give report to the party that has commissioned the audit
Explanation:
Audit can be of the three types highlighted in the question.
Audit of financial statements involves an external auditor examining the financial statements of clients i.e the income statement,statement of financial position.the cash flow statement as well statement of changes in equity e.t.c with a view to expressing an opinion on whether the financial statements show a true and fair view of the performance of the organisation audited and sometimes whether they were prepared in line with generally accepted accounting standards such as US GAAP.
Compliance audit is simply to find out whether the person audited has conformed with certain laid down policies and procedures such as the policies to follow in granting credit facilities to bank customers.
Process audit is about examining a process to see if the steps taken by the person carrying the tasks are logical and to find out areas for improvement in order to cut down time and resources used.
Answer:
Dos Amugus company
Partial Statement of Comprehensive Income
Particulars Amount
Income from continuing operations $621,000
Discontinued operations. Gain on discontinued $42,000
segment net of tax (60,000 * 30% of 60,000) <u> </u>
Net income $663,000
Other comprehensive income ($84,000)
Unrealized holding loss, on available for sale
securities net of income tax (120,000-30%*120,000) <u> </u>
Comprehensive income <u>$579,000</u>
Answer:
"Layoff"
Explanation:
According to my research on business terminology, I can say that based on the information provided within the question the word that Peter could best use when speaking with his employees would be "Layoff". This is a business term defined as a temporary suspension or permanent termination of employment of an employee, and is usually done for various employees at a time.
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Government Protection is a benefit of the American Free Enterprise System as best represented by the statement above in regards to serious illness or injury.