So one can make sure that a creditor of the insured isn't paid more than the exquisite mortgage at the time of declaration, the coverage proprietor should: Convertible insurance
A creditor is an entity, a business enterprise, or someone of a felony nature that has provided items, offerings, or a financial loan to a debtor. as soon as a creditor has given a loan, the fee is expected at a later date, generally agreed upon in advance.
A creditor is a man or woman or institution that extends credit to any other celebration to borrow cash normally by way of a mortgage agreement or contract. lenders including banks can repossess collateral like homes and automobiles on secured loans, and take borrowers to the courtroom over unsecured money owed.
For instance, a debtor/creditor relationship is if you take out a mortgage to shop for your house. then you as the property owner are a debtor, while the bank that holds your loan is the creditor. In trendy, if someone or entity has loaned cash then they are a creditor.
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Answer:
A person who works in a company belonging to another country is called an expatriate. These high-ranking personnel are generally sent to other countries, mainly to promote the organizational culture of the company and for corporate purposes to be fulfilled.
It can also be used to train staff in the new country where there are expansion plans.
For example: An operations manager who is moved to another country to manage a new plant of a group, this will be responsible for promoting knowledge and align the ideas of the parent company with the company of the other country.
Answers and explanations:
1) A modification problem takes places when creating a database two different type of information is entered in the same chart row generating inaccuracy. The only form to solve this issue is creating a new row so each piece of information will be stored in one row particularly.
2) There are three (3) types of modification problems: the deletion problem (<em>the single row containing information from different themes can be deleted losing data</em>), the update problem (<em>new information entered could lead to more inconsistency</em>), and the insertion problem (<em>similar to deletion, a new row can be inserted instead of the row causing problem but information will be missing</em>).
In order to preserve independence, Michael must "Remove himself from the engagement as he considers the offer." (Option B). It is to be noted that this is an internal control problem.
<h3>
What is Independence in this case?</h3>
The absence of situations that jeopardize the internal audit activity's capacity to carry out internal audit tasks objectively is called Independence.
Practically, independence is achieved by ensuring that the internal audit activity has no management control for any of the organization's non-audit functions that are subject to internal audit assessments, and by distancing the internal audit activity's management from the functional oversight of the organization's senior management.
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Full Question:
Michael was on the ABC Accounting Firm's audit team for the Rasmussen Corporation audit. Rasmussen's officers were so impressed with Michael that they offered him a job as Director of Internal Audit at Rasmussen. What should Michael do in order to preserve independence?
A) Tell his superiors as soon as he has decided whether or not to accept the offer.
B) Remove himself from the engagement as he considers the offer.
C) Pray for divine guidance.
D) If he decides to reject the offer, remove himself permanently from the engagement.
Answer:
Explanation:
Depreciation cost :
2016: <u> expected useful life</u>
Cost - salvage value X usage
= <u>140,000</u>
24,300-700
=5.93*28,000 = $166,101.69
2017: <u>expected useful life</u>
Cost - salvage value X usage
= <u>140,000</u>
24,300-700
=5.93*33,000 = $195,762.71
Depreciation Expense:
2016:<u> (cost-salvage value)*actual activity performed</u>
total estimated useful life
= <u>(24,300-700)*28,000</u>
140,000
=$4,720
2017: <u>(cost-salvage value)*actual activity performed</u>
total estimated useful life
= <u>(24,300-700)*33,000</u>
140,000
=$5,562.86
