The term globalization describes the increasing connectedness of societies and their economies as a result of developments in transportation and communication.
<h3>What is Globalization?</h3>
This refers to the connectedness between different societies which brings them closer in terms of development and communication.
Hence, we can see that as a result of globalization, we can see that the world is now a global village and communication is fast and instant even across great distances.
Read more about globalization here:
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Answer:
d.Impress on management its ultimate responsibility for the financial statements and disclosures
Explanation:
A written representation is written statement by management provided to the auditor to confirm certain matters or to support other audit evidence. It does not include financial statements, assertions, or supporting books and records.
The written representation are normally provided by management for purpose that it has fulfilled its responsibilities in respect of the financial statements and the audit.
Option a. is incorrect since the ultimate purpose of written representation is that management confirms its responsibilities in respect of financial statements.
Option b. is also incorrect because management representation can only be used to support the substantive procedures that we have performed during the source of our audit. They can never be alternative to substantive procedures.
Option c. is also incorrect because the management representation does not include any kind of assertion about any financial statement item.
Option D. is correct since the ultimate objective of the written representation is that management accepts its responsibility for the preparation of financial statements.
So the answer is d.Impress on management its ultimate responsibility for the financial statements and disclosures
i belive it is (D) bond so if it is not i sorry
Answer:
Explanation:
Bank Reconciliation: The bank reconciliation deals with the bank statement balance and the cash statement balance. The motive is to compare these two statements so that the organization can run in the smoothly manner.
There are various transactions due to which the bank statement balance and the cash statement balance do not match. To match these statements, we adjust the transactions accordingly.
The outstanding deposits is computed below:
= Company cash receipts - bank deposited
= $74,640 - $71,375
= $3,265
And, the outstanding checks is computed below:
= Company written checks - Processed by bank
= $72,515 - $71,270
= $1,245
The preparation of the bank reconciliation statement on October 31, 2015 for Damon Company's is presented in the spreadsheet. Kindly find the attachment below: