1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Alecsey [184]
3 years ago
7

Which of the following is a correct statement regarding the standard unmodified opinion audit report? Group of answer choices Th

e auditor's responsibility paragraph includes a statement that the auditors are responsible for selecting the appropriate accounting principles. The format of the audit report for public and nonpublic entities are identical. The audit report includes the name of the lead partner on the audit. The auditor's responsibilities paragraph includes a statement that the auditor considers internal controls when designing the audit procedures performed.
Business
1 answer:
Ostrovityanka [42]3 years ago
7 0

Answer:

The auditor's responsibilities paragraph includes a statement that the auditor considers internal controls when designing the audit procedures performed.

Explanation:

Standard-Unmodified Opinion Audit Report

This form of Standard is simply known as the uniform wording ofte used in audit reports while Unmodified opinion simply means that the auditor's opinion about the financial statements contains no material exceptions or qualifications. Standard Unmodified Opinion Audit Report is virtually needed by private Company.

Auditor's Responsibility

The responsibility of an auditor is to express an opinion on financial statements based on audits made. Audits conducted in accordance with auditing standards is generally accepted in the United States of America. Those standards require that auditor plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.

The conditions for Standard Unmodified Opinion Audit Report includes;

1. All financial statements inclusive

2. Sufficient appropriate evidence accumulated

3. Financial statements are presented fairly in accordance with GAAP or other framework etc.

You might be interested in
What would be the best time for a person to buy a franchise?
VashaNatasha [74]
When your financially comfortable
3 0
2 years ago
Read 2 more answers
As a new investment adviser (IA) firm, your company wants to obtain more clients. In an attempt to do so, one of the employees s
IRISSAK [1]

Answer:

D) is not acceptable because such a guarantee would cause a conflict of interest pertaining to the IA's fiduciary duty to each client

Explanation:

The members of the North American Securities Administrators Association (NASAA) must follow their Model Rule which prohibits investment adviser firms from guaranteeing investment results, in other words they cannot guarantee a minimum profit.

In this case the employee suggested that if their clients didn't earn a minimum 12% profit, then they would refund any fees collected. But the IA firm is not allowed to guarantee the 12% value increase or profit.

8 0
3 years ago
Decorte Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor-ho
Airida [17]

Answer:

$94.10 per unit

Explanation:

Total direct labor-hours 10,000

Total fixed manufacturing overhead cost $33,000

Variable manufacturing overhead per direct labor-hour $2.50

Job K332:

Number of units in the job 70

Total direct labor-hours 140

Direct materials $455

Direct labor cost $5,320

total variable overhead = $2.50 x 140 = $350

prorated fixed overhead = (total fixed overhead / total direct labor hours) x direct labor hours used = ($33,000 / 10,000) x 140 = $462

total product cost = direct labor + direct materials + variable overhead + prorated fixed overhead = $5,320 + $455 + $350 + $462 = $6,587

product cost per unit = $6,587 / 70 units = $94.10 per unit

3 0
2 years ago
For which of the following products is its manufacturer most likely to use intensive distribution? Multiple Choice Waterford cry
Sidana [21]

Answer: The correct answer is "Hershey chocolate bars".

Explanation: For Hershey chocolate bars its manufacturer most likely to use intensive distribution due to the characteristics of the product, which are of the edible type, of consumption and of the type of market in which it is competing, to maintain its competitiveness in the market it is necessary to use an intensive distribution.

5 0
3 years ago
Read 2 more answers
The Green Fiddle has current liabilities of $28,000, sales of $156,900, and cost of goods sold of $62,400. The current ratio is
olya-2409 [2.1K]

Answer: 83.53 days.

Explanation:

We would need to calculate the Current Assets as well as the Quick Assets.

Calculating the Current Assets we can use the Current ratio and Current Liabilities as follows,

Current Assets = Current Ratio * Current Liabilities

= 1.22 * 28,000

= $34,160

Then we calculate the Quick Assets which are essentially the most liquid assets being Cash and Cash Equivalents,

= Quick Ratio * Current Liabilities

= 0.71 * 28,000

= $19,880

Inventory will be Current Assets minus Quick Assets because Current Assets include all Current Assets whereas Quick Assets are Cash And Cash Equivalents Current Assets

= 34,160 - 19,880

= $14,280

We can then calculate the Inventory Turnover as,

= Cost of Goods sold / Inventory

= 62,400/14,280

= 4.36974789916 times.

Now we can finally calculate the days of Inventory by dividing the days in a year by the Turnover ratio. We will assume a 365 year.

= 365/4.36974789916

= 83.53 days.

It takes 83.53 days on average does it take to sell the inventory.

5 0
3 years ago
Other questions:
  • Zingerman's deli operates seven retail stores throughout the city. It plans to develop a new marketing plan to extend its number
    10·1 answer
  • City mission is a not-for-profit organization that provides hot meals, living quarters, and showers for homeless people. based o
    10·1 answer
  • What is the benefit of using a graph? Select all that apply.
    7·2 answers
  • "A customer has purchased 1,000 shares of ABC stock at $44 per share, paying a commission of $1.00 per share for the transaction
    6·1 answer
  • Assume the probability of a pessimistic, most likely and optimistic state of nature is .25, .45 and .30, and the returns associa
    14·1 answer
  • Carter Containers sold marketable securities, land, and common stock for $30 million, $15 million, and $40 million, respectively
    9·1 answer
  • One perspective describes ________ as an integrative management field that combines analysis, formulation, and implementation in
    7·1 answer
  • Marquis Company estimates that annual manufacturing overhead costs will be $900,000. Estimated annual operating activity bases a
    10·1 answer
  • You and several classmates are studying for the next accounting examination. They ask you to answer the following questions: (Ro
    7·2 answers
  • A(n) ________ change involves introducing a practice that is new to the industry, such as using drones (rather than delivery tru
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!