The document that details the specific audit procedures for each type of test is the audit program.
The procedures that auditors follow in order to gather enough relevant audit evidence to make a professional judgment about the efficacy of an organization's internal controls.
To determine if transactions were appropriately categorized in the accounting records, audit techniques are utilized. For instance, it is possible to check purchase records for fixed assets to determine whether they were properly categorized into the appropriate fixed asset account.
To check if transactions have been recorded during the appropriate reporting period, audit processes are utilized. For instance, the shipping log can be examined to determine whether shipments to clients on the final day of the month were properly documented.
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Answer:
The main difference between accounting and economic Profit is that accounting profit refers to monetary revenue minus monetary costs which includes any type of cost in the organization in the form of rents, salaries, material costs etc. Economic profit refers to the monetary revenue minus total cost.
Explanation:
Answer:
Dr. Cash $20,500
Dr. Accumulated Depreciation $5,700
Dr. Loss on disposal $2.300
Cr. Cost $28,500
Explanation:
The assets is sold for $20,500, which have cost of $28,500 and accumulated depreciation of $5,700. At the time of disposal $20,500 cash is received which is debited in the cash account. Accumulated Depreciation and cost is adjusted against it. The loss of $2,300 is incurred on the disposal of equipment.
Answer:
$332.64
Explanation:
Well, $415.80 is the 100% price.
If we want 20% off of this price, we would need the 80% value of $415.80
80% of 415.80 = 332.64
Answer:
D. are incurred even if nothing is produced.
Explanation:
There are primarily two types of costs, i.e. the variable cost and the fixed cost. The variable cost is the cost that varies when the level of production changes, while the fixed cost is the cost that remains unchanged whether the level of production changes or not
So, by the above explanation, we can conclude that the fixed cost can be incurred if there is nothing to be produced.
