Answer: Neither A not B
Explanation:
When an accountant compiles the financial statements of a nonissuer in accordance with Statements on Standards for Accounting and Review Services (SSARS), the accountant's report should include a statement: that the accountant does not express an opinion on the financial statements.
When an independent CPA assists in preparing the financial statements of a publicly held entity but has not audited or reviewed them, the CPA should issue a disclaimer of opinion. In such situations, the CPA has no responsibility to apply any procedures beyond Documenting that internal control is not being relied on.
Answer:
C. current period costs less cost of beginning work-in-process inventory
Explanation:
While calculating the current period manufacturing under FIFO method the cost of beginning work in process will be deducted as was incurred in previous period, for the current period only the current period cost will be considered.
Though the FIFO method is based on first in first out principle where opening inventory will be sold first, but the cost incurred earlier in previous period will not be considered.
Correct statement is C
Answer:
The answer is A. Mutual mistake
Explanation:
A contract is an agreement ( whether written or verbal ) between two parties that is legally binding.
A mutual mistake occur in a contract when both parties to a contract are mistaken about a material fact. It is a situation where the parties to a contract have identical misconception about a material fact in the contract.
In the explanation given in the contract between Randolf and the Art gallery manager, it is obvious that the art painting that is to be bought and sold was not well clarified by both parties, and the art manager acted based on an invalid assumption.
Hence the correct answer to this question is A. Mutual mistake
Answer:
The East Asian Financial Crisis of the 1990s:
Was associated with moral hazard and fixed exchange rates.
Explanation:
The countries which suffered adverse distress from the financial crisis were Indonesia, South Korea, and Thailand. The financial meltdown followed the collapse of the hot money bubble, whereby high interest rates and fixed foreign exchange rates were pegged to the U.S. dollars by these mostly exporting countries. The practice largely favored these Asian exporters until the bubble burst, starting from July of 1997. And the consequences and lessons now remain Economics and History topics.
