Answer: a. Option A
Explanation:
The Public Company Accounting Oversight Board (PCAOB) was formed by the Sarbanes-Oxley Act in the aftermath of the disastrous accounting policies of companies like WorldCom and Enron in the early 2000s to protect investors from such happening again.
The PCAOB monitors companies to ensure that they are complying by the provisions of the Sarbanes-Oxley Act and do so by coming up with both attestation and independence standards that these companies are to adhere to.
Answer: Joint Venture
Explanation:
Joint Venture is a form of business whereby two parties will have to come together and utilize their resources and put their skills together as well in order to achieve a common goal.
Zen Corp, an Australian company, and Pluto Inc, an American company, entered into a one-time contract to build an elevated expressway in Florida. The contract was for a period of five years and both companies were equally liable under their agreement. This is a form of joint venture.
Answer:
a. $50,000
b. 2.25 times
c. 0.75 times
Explanation:
a. The formula to compute the working capital is shown below:
Working capital = Current assets - current liabilities
where,
Current assets = Cash + accounts receivable + merchandise inventory
= $16,000 + $44,000 + $60,000
= $90,000
And, the current liabilities would be
= Wages payable + accounts payable
= $10,000 + $30,000
= $40,000
Now put these values to the above formula
So, the value would be equal to
= $90,000 - $40,000
= $50,000
b. Current ratio = Total Current assets ÷ total current liabilities
= $90,000 ÷ $40,000
= 2.25 times
c. Acid-test ratio = Total Current assets - merchandise inventory ÷ total current liabilities
= $90,000 - $60,000 ÷ $40,000
= 0.75 times
A(n) Enterprise System is central to individuals and organizations of all sizes and ensures that information can be shared across all business functions and all levels of management to support the running and managing of a business.
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Explanation:</u></h3>
The important process that are used by the business can be easily integrated and coordinated with the help of an ERP or an enterprise system. The main purpose of using an ERP system is for the planning of the resources that are used by an organisation. This helps an organisation to integrate different range of applications and also managing the supply chains.
There are different Enterprise system that business can use for its effective working. They include resources planning (ERP) systems,
customer relationship management software and enterprise planning systems. An Enterprise System acts as a hub in center for the organisations of varying size and serves it for ensuring information flow along the management levels and business functions for its effective operation.
Answer: 2
Explanation: The LIFO is known as last in and first out. It is when the last purchased inventory is sold first.
The LIFO allowance account is derived by subtracting LIFO inventory carrying amount from what the inventory would have been under THE FIFO inventory system.
Therefore, LIFO reserves + LIFO inventory = FIFO inventory system.
FIFO is known as the first in, first out inventory system. It is when the inventory purchased first is disposed of first.
The LIFO allowance account is required to be disclosed by the US GAAP. It is recorded either in the balance sheet or in the notes to the financial statement.
I hope my answer helps.
Goodluck
