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DedPeter [7]
3 years ago
11

A. identify the phase of the audit in which each activity occurs.

Business
1 answer:
Goshia [24]3 years ago
4 0

What’s the question?

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HELP ASAP!! GIVING BRAINLIEST TO CORRECT ANSWER!!
umka21 [38]

Answer:

true

Explanation:

3 0
3 years ago
Read 2 more answers
Nominal gross domestic product is a poor measure of economic growth because
Softa [21]
The value will also change when there are changes in price, which do not only reflect the change in quantities
8 0
3 years ago
Acc 450 the auditors' primary means of obtaining corroboration of management's information concerning litigation is a?
VARVARA [1.3K]

Answer: Acc 450 the auditors' primary means of obtaining corroboration of management's information concerning litigation is a Letter of audit inquiry to the client's lawyer.

Explanation: A secondary audit process that auditors use to acquire pertinent data is an audit inquiry. The data comes from sources both inside the organisation, such managers, and outside the organisation, like debtors, creditors, investors, or other businesses-related legal entities.

An independent auditor can verify the legal information provided by management with the aid of a letter of inquiry. It is a method through which the auditors confirm or acquire a full explanation of the topics they wish to confirm from legal counsel or attorneys general.

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7 0
1 year ago
abc has a $5 million liability at december 31, 2018, of which $1 million is payable in each of the next five years. abc reports
lisabon 2012 [21]

abc  should reports the liability on the balance sheet as a: $1 million current liability and a $4 million long-term liability.

<h3>Liability</h3>

The liability will appear in the balance sheet as:

Current liability (Payable)= $1 million

Long term liability=$5 million-$1 million

Long term liability=$4 million

Therefore abc  should reports the liability on the balance sheet as a: $1 million current liability and a $4 million long-term liability.

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8 0
2 years ago
Fes Company is making adjusting journal entries for the year ended December 31, 2018. In developing information for the adjustin
anyanavicka [17]

Answer:

Fes Company

1. Amount to report on the 2018 income statement as Insurance Expense

= $3,400

b. Amount to report on the December 31, 2018 balance sheet as Prepaid Insurance

= $3,400

2. Amount to report on the income statement as Supplies Expense

= $72,600

b. Amount to report on the balance sheet as Supplies = $8,400

3. The accounting equation effects of the adjustment for:

a) Insurance

Assets (Prepaid Insurance -$3,400) = Liabilities + Equity (Retained Earnings -$3,400 as Insurance Expense)

b) Supplies

Assets (Supplies - $4,600) = Liabilities + Equity (Retained Earnings -$4,600 in addition to Supplies Expense)

Explanation:

Adjusting Journal Entries:

a.

Debit Insurance Expense $3,400

Credit Prepaid Insurance $3,400

To adjust for expense for the year.

b.

Debit Supplies Expense $4,600

Credit Supplies $4,600

To adjust for used supplies.

Workings:

Supplies

Dec. 31, 2018 Balance   $13,000

Supplies on hand              8,400

Supplies used                 $4,600

Dec. 31 Supplies Expense Balance   $68,000

Supplies used                                       $4,600

Total supplies expense = $72,600

4 0
3 years ago
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