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Sauron [17]
3 years ago
7

Unfortunately, auditing is not necessary for effective financial reporting. Do you agree with this statement? In 300 words, defe

nd your position.
Business
1 answer:
lozanna [386]3 years ago
7 0

Answer: I do not agree with that statement.

Explanation: Auditing is a term used to describe the various processes and activities put in place to review, examine and verify the financial reports and statements of an organisation. When effectively implemented, it has the advantage of ensuring the following.

I. Improved quality of financial statements

II. Reduced chances for fraudulent activities.

III. Proper documentation and reporting of daily Transactions.

IV. Improved monitoring and evaluation of the financial activities of an organisation.

V. It is a statutory requirements and obligation for Business Organisations.

VI. It will help to make the financial records of an organisation to be more accessible and transparent.

Many organisations have continued to Implement periodic audits and make it part of their processes, system and policy as it has benefited them and helped them to comply with statutory regulations and obligations.

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Alton, a mid-level manager for knockaround clothing in charge of monthly inventory, often participates in quarterly meetings of
vivado [14]

Alton's supervisors' allowing him flex time to attend these meetings embraces Alton's<u> "ethnicity".</u>


Ethnicity alludes to the identification of a group in view of an apparent social uniqueness that makes the gathering into a "people." This distinctiveness is accepted to be communicated in dialect, music, values, craftsmanship, styles, writing, family life, religion, custom, nourishment, naming, open life, and material culture. This social exhaustiveness—a one of a kind arrangement of social attributes apparent as conveying everything that needs to be conveyed in usually extraordinary routes over the sociocultural existence of a populace—portrays the idea of ethnicity. It rotates around not only a "populace," a numerical entity, but rather a "people," an exhaustively one of a kind social element.  

4 0
3 years ago
In 2005, Skype, a company for making internet phone calls, was purchased by eBay for $2.6B. This is an example of a(n):_______
Lorico [155]

Answer:

d. acquisition

Explanation:

Acquisition can be defined as the process in which a company or business firm purchases all of another company so as to build on its weaknesses or strengths.

This ultimately implies that, after the acquisition of a company's shares or all of the company, the acquiring (purchasing) company gains a total control of the acquired company and as a result it is saddled with the responsibility of controlling, maintaining, managing and financing of the company.

In 2005, Skype, a company for making internet phone calls, was purchased by eBay for $2.6B. This is an example of an acquisition.

4 0
3 years ago
Caroline pays 15% taxes on dividends and capital gains and 35% taxes on ordinary income. Three years ago, she purchased 100 shar
Lilit [14]

Answer:

The answer is: B) $175

Explanation:

Caroline made an income of $500 from this transaction and it should be taxed at ordinary income rate (35%).

Caroline´s taxes = $500 x 35% = $175

In order for Caroline to be taxed at 15% (capital gains rate) she should have sold a capital asset that she had owned for more than one year, but in this case she didn´t sell any stock.

8 0
3 years ago
Newspaper advertisements. . . . . . . . . . . . . . . . . . . . $5,100
katrin [286]

Answer:

Total production cost is $43,900.

Explanation:

Total production cost refers to the addition of the direct materials, labor costs, and manufacturing overhead costs that are directly related to the production of a good.

From the question, total production cost can be calculated as follows:

Total production cost = Purchases of merchandise + Freight-in = $40,000 + $3,900 = $43,900

Therefore, total production cost is $43,900.

5 0
3 years ago
A bond par value is $1,000 and the coupon rate is 4.3 percent. The bond price was $945.46 at the beginning of the year and $976.
Snezhnost [94]

Answer:

The bond's real return for the year was 5.49%

Explanation:

In order to calculate the bond's real return for the year we would have to calculate the following formula:

bond's real return for the year=(1+Nominal rate of return)/(1+Inflation) -1

According to the given data Inflation=2.2 percent

To calculate the Nominal rate of return we would have to calculate the following:

Nominal rate of return=(Selling price + Interest coupon - Purchase price)/Purchase price

According to the given data:

Selling price=$976.26

Interest coupon=$43

Purchase price=$945.46

Therefore, Nominal rate of return=($976.26 + $43 - $945.46)/ $945.46

Nominal rate of return=7.81%

Therefore, bond's real return for the year= (1+7.81%)/(1+2.2%) -1

bond's real return for the year=5.49%

The bond's real return for the year was 5.49%

6 0
3 years ago
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