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3 years ago

On receiving a client's bank cut-off statement, an auditor most likely would trace

Business

1 answer:

aleksandrvk [35]3 years ago

5 0

Answer:

B. Prior-year checks listed in the cut-off statement to the year-end outstanding checklist.

Explanation:

Bank cutoff statement can be regarded as bank statement that is produced as of a date which is seen as date that is subsequent to the date of the balance sheet. At a point in time, this date would be the one that will give permission for most of outstanding checks to clear the bank at the year-end. Cutoff bank statement is utilized in verifying reconciling items on the bank statement which been Mailed directly to the auditor. One of the purpose of cutoff bank statements is in verification of reconciling items on the year-end bank reconciliation of clients which comes with evidence that it can't be accessible to the client. It should be noted that On receiving a client's bank cut-off statement, an auditor most likely would trace Prior-year checks listed in the cut-off statement to the year-end outstanding checklist.

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After being caught, a criminal admits that he committed his crime was because corruption seemed commonplace in his organization

Debora [2.8K]

Answer:

Control environment

Explanation:

COSO model defines internal control as a process put in place by directors and management to ensure reasonable assurance of of strategic goals by aiming at effectiveness , efficiency and economic value of operations.

COSO's five components are control environment , risk assessment , control activities , information and communication and monitoring.

Of these components , control environment takes care of integrity and ethical values that addresses corruption practices in a business environment.

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3 years ago

Which person would most likely have a good credit report?

Elenna [48]

Answer:

The answer is A

Mark who is always paying his bills on time

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3 years ago

Which of the following is most likely to be the best indicator of successful start-ups? 1. Level of experience of the founders 2

kupik [55]

Answer:

Option A. Level of experience of the founders

Explanation:

The reason is that the person that possesses the experience of managing the operations of the company can better manage the startup than the person who possesses knowledge of the business. This means that the finance doesn't matter, the social background of the person doesn't matter, the education doesn't matter because many illiterate people are running a good business. So the only skill these illiterate people possess is experience of managing the business. So the right answer is option A.

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3 years ago

Read 2 more answers

Sundance Motor Lodge has 5600 bonds outstanding with a face value of $1,000 each and a coupon rate of 6.7 percent. The interest

Makovka662 [10]

Answer:

$1,792,000

Explanation:

The computation of the present value of the interest tax shield is shown below:

= Number of bonds outstanding × face value × tax rate

= 5,600 bonds × $1,000 × 32%

= $1,792,000

We simply multiply the number of bonds outstanding with the face value and the tax rate so that the correct amount can come.

All other information which is given is not relevant. Hence, ignored it

3 0

3 years ago

Diddle Corp. prepared the following reconciliation of income per books with income per tax return for the year ended December 31

Travka [436]

Answer:

The correct answer is b) $ 244,800.

Explanation:

Income tax is charged on taxable income. Book income is not relevant when calculating tax liability. However book income can be used as based when determining the tax liability. In other some deduction and addition as per relevant law in book income is require to be made in book income is order to arrive at taxable income.

However in question effective rate is given and book income is also there. Effective rate is rate is rate applied on book or accounting income in order to arrive at current income tax provision. For calculation please refer to below calculations.

Didde Corp. prepared the following reconciliation of income per books with income per tax return forthe year ended December 31, 2011:

Book income before income taxes $ 1,200,000

Add temporary difference

Construction contract revenue which

will reverse in 2012 $ 160,000

Deduct temporary difference depreciation

expense which will reverse in equal amounts

in each of the next four years $ (640,000)

Taxable income $ 720,000

Income tax Provision = (1,200,000 * 34) $ 408,000

7 0

4 years ago