Answer:
The combination of performance materiality and the audit risk model factors determines planned audit evidence.
Explanation:
Answer:
A. Adjusting Journal Entries:
Dec. 31, 2019:
Debit Accounts Receivable $22,650
Credit Service Fee Revenue $22,650
To record fees earned, but not yet billed to clients.
B. No. If the cash basis rather than the accrual basis had been used, an adjusting entry would not have been necessary.
Explanation:
Adjusting entries are only required to align the cash-basis accounting records to the accrual basis. Adjustments are made for prepayments of expenses, unpaid expenses, deferred revenue, unearned earned and earned revenue, and depreciation charges. For an entity operating on a cash basis, adjusting entries are not required.
Adjusting entries ensure that accounting records comply with the accrual concept and matching principle of generally accepted account practises. The requirement under this concept with the matching principle is to accrue and match expenses and revenue to the related revenue and expenses and period.
<span>a reduction in variation and higher customer satisfaction should be it</span>
Answer:
Explanation:
The most important financial statement for the majority of users is likely to be the income statement, since it reveals the ability of a business to generate a profit. The financial statements are used by investors, market analysts, and creditors to evaluate a company's financial health and earnings potential. The three major financial statement reports are the balance sheet, income statement, and statement of cash flows.
A bond that pays no annual interest (or coupons) and has a face value at maturity will fetch a price today that is equal to the present value of its face value.
What is face value?
The nominal value of a security is referred to as Face Value in the stock market. When referring to stocks, the term "Face Value" is jargon for the stock's initial purchase price, which is indicated on the certificate. One of the core ideas of the stock market is the face value of stocks and bonds.
What is annual interest?
The interest rate that is applied throughout a year is referred to as the annual interest rate. Interest rates may be imposed monthly, quarterly, or biannually, among other time frames. However, interest rates are typically annualized.
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