1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Anna007 [38]
3 years ago
8

The statement made by Lynn Turner, former SEC chief accountant, "Are the auditors going to serve management, or are they going t

o serve the best interests of the investing public?", refers to concerns about:
a. Low-balling audit bids
b. Conflict between professionalism and commercialism
c. Fraud in financial statements
d. Opinion shopping
Business
1 answer:
OleMash [197]3 years ago
4 0

Answer:

B. Conflict between professionalism and commercialism

Explanation:

The conflict between professionalism and commercialism speaks to the debate on satisfying the management of an organisation as an auditor in order to meet economic situations and the need to be professionally independent of management in order to make a true and fair statement of the state of the organisation available to the shareholders as well as potential investors and the general public.

Because the management of an organisation runs the day to day affairs of that organisation, the Auditor in performing his duty interacts more with management and as such, the security of his future engagements may depend on favourable opinions of the management. This is commercialism

However, professionalism dictates that ethically, irrespective of the position of the management of an organisation, an auditor should always report the true and fair state of the business.

This represents the conflict expressed by Lynn Turner.

You might be interested in
Question 1 of 10
photoshop1234 [79]
B. Products featured in a producer’s ad campaign.
7 0
2 years ago
A truck that cost $72,000 and on which $60,000 of accumulated depreciation has been recorded was disposed of for $18,000 cash. T
Mekhanik [1.2K]

Answer:

Gain of $6,000.

Explanation:

Calculation to determine what The entry to record this event would include

Using this formula

Gain=(Accumulated depreciation+Cash)-Cost

Let plug in the formula

Gain=($60,000+$18,000)-$72,000

Gain=$78,000-$72,000

Gain=$6,000

Therefore The entry to record this event would include a gain of $6,000

4 0
3 years ago
Which of the following transactions adds to U.S. GDP for 2006?
larisa86 [58]

Explanation:

Remember that the GDP measures the market value of all goods and services produced in an economy (country or region) in a specific period of time

a. This does not add to the U.S GDP for 2006 because windows were produced in 2010.

b. This does not add to the U.S GDP for 2006 because the Irish marketing consultant earns in 2010.

c. This does not add to the U.S GDP for 2006 because Tim and Tina got married in 2010.

d. Transactions that add in 2010 GDP do not count in 2006 GDP.

4 0
3 years ago
When projecting the balance sheet, what happens when the initial balance sheet yields estimated total assets greater than the su
Furkat [3]

Answer:

The correct answer is E

Explanation:

Assets is the one, which is any kind of resourced owned by the business and could be used in future for the benefit of the business. So, in this case, the balance sheet, states that the estimated total assets are more than the total equity and the liabilities, which represent that the company or the business is in good state that the liabilities of the company are paid off and the equity is also balanced, the company is still in good situations as have the total assets.

3 0
3 years ago
If an account receivable balance previously written off using the direct write-off method is later collected in full, the entry
chubhunter [2.5K]

The entry to record the payment of an account receivable balance with direct write-off method must include a credit bad debt expense .

<h3>What is bad debt expense ?</h3>

A bad debt expense  can be regarded as the expenses that us recorded when receivable is no longer collectible .

This is because a customer is unable to pay an outstanding debt  as a result of different reasons such as bankruptcy or other financial problems.

Learn more about bad debt expense at;

brainly.com/question/25654164

4 0
2 years ago
Other questions:
  • Oriole Company incurred the following costs for 62000 units:
    12·1 answer
  • Currently, a monopolist’s profit-maximizing output is 200 units per week and it sells its output at a price of $70 per unit. The
    11·1 answer
  • One study found that _____ of the individuals 65 to 69 years of age considered themselves middle-aged.
    13·1 answer
  • Bhascar was recently named general manager of a newly created business unit of a multidivisional company. his first order of bus
    10·1 answer
  • Warwick's Co., a women's clothing store, purchased $22,000 of merchandise from a supplier on account, terms FOB destination, 1/1
    5·1 answer
  • Retired utility workers are suing their former employer for knowingly exposing them to asbestos without warning them of the heal
    5·1 answer
  • Website : https://www.yelp.com/biz/park-tudor-school-indianapolis
    13·1 answer
  • Roger's car battery dies while he is on his way to an important meeting. which step is roger at in the consumer buying process
    11·1 answer
  • Liz just completed a Client Needs Assessment and her client
    7·1 answer
  • 3. Cash and credit sales, with returned merchandise. (a) Merchandise is sold for $340 cash. (b) $30 of merchandise sold for $340
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!