The audit expectation gap is caused by unrealistic user expectations. The auditors provides reasonable gap examples that would not be included in unrealistic user expectations.
NASBA believes the expectancy gap relating to fraud and going problems in a financial statement audit may be caused by a few factors: lack of knowledge by way of the general public as to what an audit is and what auditors do; inconsistent audit execution in these regions by some auditors due to lack of expertise.
The expectation hole exists while auditors and the public keep distinct beliefs about the auditors' obligations and obligations and the messages conveyed by way of audit reports. apparently, there's an opening between what the public expects and what it virtually receives.
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Begin with a greeting. Always open your email with a greeting, such as “Dear Lillian”. ...
Thank the recipient. If you are replying to a client's inquiry, you should begin with a line of thanks. ...
State your purpose. ...
Add your closing remarks. ...
End with a closing.
Answer:
False
Explanation:
As per the chapter of power and politics, all tactics exercised depends on the audience on which it is exercised, and how responsive the audience reacts to such tactics, but it is said to apply the softer tactics as would be easy to apply for the individual and it might result favorable on audience.
If such soft tactics fail then harder tactics shall be practice. As this will minimal the efforts of individual and will impact highly on the power to attain goals.
Thus, the above stated statement is False.
Answer:
c. $ 95,000 $ 0
Explanation:
<u>Calculation of cost of land acquired</u>
For the purpose of recording of land acquired in the books of accounts, the accounting values of consideration paid shall be considered as per the generally accepted accounting principles as well as as per International accounting standard (IAS) - 16 'Property, plant and equipment'. Hence the land shall be recorded as per the following amounts:
Consideration paid in cash (A) = $ 5,000
Consideration in kind (land) (B) = $ 90,000 (Refer Note 1)
Total cost of new land (A+B) = $ 95,000
<em>Note 1</em>
Fair value is irrelevant for the purpose of capitalization of asset (IAS-16)
<u>Calculation of Gain/loss on disposal of land</u>
No gain/loss needs to be recorded as the new asset shall be recorded in terms of the book value of old asset (i.e. net impact is already taken into account during the exchange transaction)
Answer:
The correct answer is (a)
Explanation:
According to the federal laws earnings from awards or prizes, earning from commission and income form bonus or tips are not exempted from the federal income tax. Likewise, interest earned from state bonds is exempted from federal income tax. IRS the internal revenue service interest in government or federal obligations are not considered for deduction of federal income tax.
