Answer:
Objectively assess a company's IT and/or business processes.
Assess the company's risks and the efficacy of its risk management efforts.
Ensure that the organization is complying with relevant laws and statutes.
Evaluate internal control and make recommendations on how to improve.
Answer:
d. Calculate total revenue minus total expenses
Explanation:
Profit is Calculated as Total revenue minus Total expenses. Therefore, consider all Incomes generated by the Business whether Primary or Secondary. Also consider all Expenses incurred by the business including Non - Operating expenses.
Answer:
retained earnings 40,000 debit
common stock 8,000 credit
additional paid-in Common Stock 32,000 credit
Explanation:
shares issued:
800,000 shares x 5% = 4,000 new shares
face value of the shares
4,000 x $2 = 8,000
market value 4,000 x $10 = 40,000
additional paid-in 40,000 - 8,000 = 32,000
we decrease retained earnings and increase the euqity account to balance.
<h2>
Answer:</h2>
x = (log₅7) - 8
<h2>
Explanation:</h2>
<em>Given;</em>
= 7
<em>Take log of both sides;</em>
log₁₀() = log₁₀7 -------------(ii)
<em>From the laws of logarithm remember that;</em>
logₐ xⁿ = n logₐ x
<em>Equation (ii) can then be written as;</em>
(x + 8)log₁₀5 = log₁₀7
<em>Divide both sides by log₁₀5</em>
(x + 8) = 
-----------(iii)
<em>From the laws of logarithm, remember that;</em>
<em>Equation (iii) can thus be written as;</em>
(x + 8) = log₅7
x + 8 = log₅7
<em>Make x subject of the formula;</em>
x = (log₅7) - 8
Answer:
a. The property is sold on credit.
<em>The amount realized is the cash received at the date of sale and the cash that will be received in future when the credit is settled. </em>
b. A mortgage on the property is assumed by the buyer.
<em><u>The amount realized increases</u></em><em> because the seller will see their debt reduced and still receive cash from the buyer for the purchase of the property. </em>
c. A mortgage on the property is assumed by the seller.
<em><u>The amount realized decreases</u></em><em> because the realized amount will have to be net of the mortgage that the seller now has to pay. </em>
d. The buyer acquires the property subject to a mortgage of the seller.
<em><u>Amount realized increases </u></em><em>as the buyer will become the one making mortgage payments instead of the seller which effectively means that the seller gets the realized value net of debt. </em>
e. Stock that has a basis to the purchaser of $6,000 and a fair market value of $10,000 is received by the seller as part of the consideration.
<em><u>Realized value increases to $10,000</u></em><em> because that is the fair value of the stock when exchange for the property. </em>
