Answer:
a. $135,845.77
b. $79,154.23
Explanation:
The computation of the basis is shown below:
a. For Land
= Total value of the property × land appraised value ÷ Total appraisal value
= $215,000 × $158,750 ÷ $251,250
= $135,845.77
b. For warehouse
= Total value of the property × warehouse appraised value ÷ Total appraisal value
= $215,000 × $92,500 ÷ $251,250
= $79,154.23
The total appraisal value is
= $92,500 + $158,750
= $251,250
Answer: The correct answer is "D. It begins when the engagement letter is signed and continues until the report for the third year is issued unless the relationship is terminated sooner.".
Explanation: The statement "It begins when the engagement letter is signed and continues until the report for the third year is issued unless the relationship is terminated sooner." best describes the period of the professional engagement as it applies to a three-year engagement to audit client's financial statements since this type of professional commitment begins with the signing of the document that formalizes the commitment and is in force until the issuance of the last report unless the relationship is resolved beforehand by another circumstance.
Answer:
1. Trade off
2. Opportunity cost
3. Cost-benefit analysis
4. Diminishing marginal utility
Explanation:
1. Giving up one benefit or advantage to gain another regarded as more favorable is called trade-off. Every economic decision involves some trade-off.
2. Opportunity cost is the second-best alternative or value of the alternative, that must be given up when making a choice. Because of scarce resources with alternative uses allocation of resources involves some opportunity cost.
3. Cost-benefit analysis can be defined as the process of examining the benefits and costs of each available alternative in arriving at a decision. Resources are allocated efficiently if the cost incurred and benefit earned is equal.
4. As we go on increasing the quantity consumed of a product, the marginal utility or satisfaction earned from its consumption goes on decreasing. This is called diminishing marginal utility.
<u>It serves the interests of client management rather than the public.</u>
The special function performed by the external auditing profession is the attestation to the fairness of the financial statements of clients.
"The special function helps ensure the reliability and integrity of the financial reporting system. The auditing profession exists to serve the users of an organization's financial statements. Auditors need to remember that they are serving the public interest and not necessarily the interests of client management."
"The special function is a testament that the financial statements of their client are fair. This function serves all users of the financial statement, to ensure they all will be receiving reliable financial information."
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Answer:
Explanation:
As the complete question is not given thus the complete question is found online and is attached herewith.
As per the complete question, the goals of the two foundations are required which are as follows:
American Federation of Labor:
American Federation of Labor made efforts for
- <em>Cooperation among corporate and political leaders to achieve goals of the working community</em>
- <em>Settlement of hundreds of industrial disputes </em>
- <em>Encouraged improvements in safety environment at the factory </em>
- <em> Establishment of pensions for long-term workers</em>
Industrial Workers of the World
Industrial Workers of the World advocated and worked for:
- The one big union
- The rejection of capitalism
- The inclusion of unskilled and foreign born workers.
