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Kryger [21]
2 years ago
6

Management assertions about classes of transactions are a. Occurrence. b. Completeness. c. Authorization. d. Accuracy. e. Cutoff

. f. Classification. g. Presentation. For each management assertion, indicate an example of a misstatement that could occur for revenue transactions.
Business
1 answer:
DaniilM [7]2 years ago
5 0

Answer:

Misstatement is referred to as errors in the presentation of financial information that could lead to wrong decision by the users

Explanation:

Occurrence : Issuing of dummy invoices for sales that did not occur            

Completeness:  Sales invoice were not fully recorded due to omission or misplacement

Authorization: Sales are not approved by the responsible manager. No authorized signature

Accuracy : Casting of sales figure on the register is not correct.

Cutoff : Sales are not recorded in the proper accounting period. January sales being recorded in the previous year account.

Classification : Grants being wrongly recorded as revenue

Presentation : Exaggerated revenue.

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seth is thinking of a number between 20 and 30. the number is prime and not more than 2 away from a perfect square. what is the
elena-s [515]
23 is the answer because perfect square is between 20 and 30 is 25 and since the number is prime is has to be 23.
8 0
3 years ago
You are the manager of an off-site airport auto rental office. An employee has informed you that the shuttle bus driver, who is
Dafna11 [192]

The ethical dilemma is whether u wanna look at the safety at staff or customers or wanna remove the driver from the job bc he could get drunk

Customers and staff- primary stakeholders

staff union and future shareholders of the company bc the image of the bus company will get harmed- secondary stakeholders

i only know the answer to the first 2 hope this helps x!!

8 0
3 years ago
The following inventory information was taken from the records of Kleinfeld Inc.: Historical cost $12,000 Replacement cost $7,00
irga5000 [103]

Answer:

the inventory should be recorded at $8,500

Explanation:

As we know that according to GAAP, the inventory should be recorded at a cost or net realizable value whichever is lower

So as per the question

Historical cost is $12,000

And, the net realizable value is

= Expected selling price - expected selling cost

= $9,000 - $500

= $8,500

So, the lower cost is $8,500

Hence, the inventory should be recorded at $8,500

5 0
3 years ago
For the most recent year, Triad Company had fixed costs of $190,000 and variable costs of 75% of total sales revenue, earned $58
poizon [28]

Answer:

The computations are as follows

Explanation:

a)  Before tax income  is

 = After Tax Income ÷ (1 - Tax Rate)

= $58,500 ÷ (1 - 0.35)

= $90,000

b) Total Contribution Margin

Contribution Margin = Fixed Costs + Before Tax Income

= $190,000 + $90,000

= $280,000

c) Calculation of Total Sales

Variable Cost is 75% of Sales

SO, Contribution Margin 25% of Sales

Contribution Margin = $280,000

25% of Sales = $280,000

Sales = $280,000 ÷ 25%

         = $1,120,000

d) Break Even Point in dollars

Break Even Point in dollar = Total Fixed Costs ÷ Contribution Margin percentage

= $190,000 ÷ 25%  

= $760,000

We simply applied the above formula

8 0
3 years ago
Tierra Co, incurs $240,000 overhead costs each year in its three main departments, setup ($15,000), machining ($165,000), and pa
bazaltina [42]

Answer:

Explanation:

Given:

Product B1

#of setups 20

machining hours 4000

Orders packed 350

#of products manufactured 400

Setup dep overhead = 15,000

Machining dep overhead = 165,000

packing department overhead = 60,000

Overhead assigned to B1:

20/40 *15,000 = 7,500

4000/5000 *165,000 = 132,000

350/500 *60,000 = 42,000

Total = 181,500

8 0
3 years ago
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