Answer:
10.29 %
Explanation:
The interest rate that is required by the bank by the law to report to potential borrowers can be calculated by the following expression.
Interest rate to be reported = ![[(1+EAR)^{1/n}-1]*n](https://tex.z-dn.net/?f=%5B%281%2BEAR%29%5E%7B1%2Fn%7D-1%5D%2An)
where
EAR = effective annual return rate = 11% = 0.11
n = number of days in a year = 365 days
replacing our values into the above equation; we have:
⇒ ![[(1+0.11)^{1/365}-1]*365](https://tex.z-dn.net/?f=%5B%281%2B0.11%29%5E%7B1%2F365%7D-1%5D%2A365)
= ![[1.11^{(0.0027)}-1]*365](https://tex.z-dn.net/?f=%5B1.11%5E%7B%280.0027%29%7D-1%5D%2A365)
= ![[1.00028182-1]*365](https://tex.z-dn.net/?f=%5B1.00028182-1%5D%2A365)
= 
= 0.1029
= 10.29 %
Thus, the interest rate the bank is required by law to report to potential borrowers = 10.29%
B. Be called in for an interview because that's the first thing they see and it gives the general details
The most useful way of standardizing financial statements is to choose a _<u>base year</u>,_ and then express each item in the period under review relative to the _amounts____ in the base year.
<h3>What are comparative financial statements?</h3>
Comparative financial statements compare a particular financial statement with previous statements. Previous financial statements are presented in side-by-side columns with the latest figures. With this, investors are able to track a company's progress over some periods and compare the company's financial results and performance with its industry competitors.
Thus, financial statements can be compared using financial ratios, which express the relationships between the various items within a financial statement, or using a base year.
Learn more about comparative financial statements and financial ratios here: brainly.com/question/9091091
Answer:
Explanation:
Step 1:
the auditor is required to provide reasonable assurance for the financial statement audited.To provide such reasonable assurance,appropriate evidence must be obtained to confirm that no material misstatement material is present in the financial statement
Step 2:
For each statement select true or false in the following manner
a. A recent improvement in computer hardware is the ability to automatically produce error listings. Previously, this was possible only when provisions for such a report were included in the program.
FALSE
b. The control of input and output to and from the information systems department should be performed by an independent data control group.
TRUE
c. An internal-audit computer program that continuously monitors IT processing is a feasible approach for improving internal control in OLRT systems.
TRUE
d. An internal label is one of the controls built into magnetic tape drive hardware by the hardware manufacturers.
FALSE
e. A limit test in a computer program is comparable to a decision that an individual makes in a manual system to judge a transaction's reasonableness.
TRUE
f. A principal advantage of using magnetic tape files is that data need not be recorded sequentially.
FALSE
g. A major advantage of disk files is the ability to gain random access to data on the disk.
TRUE
h. The term grandfather-father-son refers to a method of protecting computer records rather than to generations in the evolution of computer hardware.
TRUE
i. When they are not in use, tape and disk files should be stored apart from the computer room under the control of a librarian.
TRUE
I think it's freelance but I could be completely wrong
