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alex41 [277]
3 years ago
14

hich of the following is not a change in the audit report as a result of the new reporting standard (AS 3101)? a. Specific menti

on of comprehensive income and notes to the financial statements. b. A disclosure of the year the auditor began serving consecutively as the company's auditor. c. An affirmative statement that the audit firm is registered with the Public Company Accounting Oversight Board (PCAOB). d. A statement that the financial statements are the responsibility of the client's management.
Business
1 answer:
Alex3 years ago
5 0

Answer: d. A statement that the financial statements are the responsibility of the client's management

Explanation:

The new reporting standard (AS 3101) requires auditor's opinion on the financial statements to be moved to the first paragraph of the Audit report, Requires the Auditor to use section titles to identify and highlight important information, Requires an Auditor to provide a clear clarification that the audit scope includes notes to the financial statement, and also the Auditor is required to disclose the year they began serving consecutively as the company's auditors.

A statement that the financial statements are the responsibility of the client's management is NOT part of changes brought by AS 3101

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If jjones withdraws 50000 from her personal account and deposits cash into a business account how to know 2hich accts to put in
Lina20 [59]

Answer:

The actions to write in the ledger are two.

Explanation:

When Jones withdraws from his personal account he is making a debit action, which indicates that this asset is decreasing and when that money is deposited to a commercial account he is making a credit action, which indicates that this asset is growing.

3 0
3 years ago
Some sellers of used cars provide warranties to buyers, with the aim of reassuring buyers that the car is of good quality. These
NISA [10]

Answer:  

Adverse selection

                         

Explanation:

Adverse selection typically refers to such a circumstance when sellers possess knowledge that customers just don't have, about some type of quality of products — in other terms, it is a method of leveraging asymmetric data.

In other words, Asymmetric information, often referred to as intelligence loss, occurs when any group has better knowledge of data than any of the other group.

Thus, we can conclude that the warranty is given to ensure customers that nothing has been hidden from them.

5 0
3 years ago
Ramon has been appointed the manager of a retail store. He wants to bring the store into the modern era and direct its future by
nika2105 [10]

Answer:

C.  install mannequin robots to display clothes

Explanation:

Among the offered answers, a truly avantgarde, modern approach is <u>to implement robot mannequins in the store.</u> With this tactic, customers would be incentivized to approach this innovative customer journey. Through pioneering this technique, Ramon's company would get a competitive advantage through visual merchandising.

6 0
3 years ago
A pharmaceutical company with headquarters in India sells fluconazole, the generic version of Pfizer's anti-fungal drug Diflucan
amid [387]

Answer:

Pricing strategy to stay competitive

Explanation:

Pricing strategy is the process by which a company sets prices of goods and services offered to a consumer.

In setting up a price strategy the management.of a business need to put into consideration the competitive reaction, pricing position, pricing segment, and pricing capability.

The generic drugs companies in the US are selling fluconazole for a higher price than pharmaceutical company with headquarters in India in the international market.

In order for them to stay competitive they will need to review their price downward or customers will switch to the cheaper option

5 0
3 years ago
Priscella pursued a hobby of making bedspreads in her spare time. Her AGI before considering the hobby is $40,000. During 2019 s
daser333 [38]

Answer:

  • Income = $10,000
  • Adjusted Gross Income (AGI) Deduction = $0
  • Claim $10,000 as itemized deduction due to expenses

Explanation:

The activity being a hubby does not exempt it from tax so the $10,000 will be included as income for tax purposes and there will be no deduction for this from the AGI.

She can however, claim her expenses as itemized deductions. There is no tax on interest payment so expenses deducted are:

= 4,000 + 6,500 - 500

= $10,000

7 0
3 years ago
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