Answer:
(a) 2 and 9
(b) 5, 6 and 7
(c) 1, 4 and 8
(d) 3
Explanation:
(a) financial statement audits,
2. Determine whether an advertising agency’s financial statements are fairly presented in conformity with GAAP. ( independent (external) auditors )
9. Report on the need for the states to consider reporting requirements for chemical use data. d governmental auditors Render a public report on the assumptions and compilation of a revenue forecast by a sports stadium/racetrack complex. ( independent (external) auditors )
(b) compliance audits,
5. Investigate financing terms of tax shelter partnerships. ( governmental auditors (IRS) )
6. Study a private aircraft manufacture’s test pilot performance in reporting on the results of text fights ( internal auditors )
7. Conduct periodic examinations by the U.S. Comptroller of Currency of a national bank for solvency. ( governmental auditors )
(c) economy and efficiency audits, and
1. Analyze proprietary schools’spending to train students for low-demand occupations ( governmental auditors )
4. Compare costs of municipal garbage pickup services to comparable services subcontract to a private business. ( internal auditors )
8. Evaluate the promptness of materials inspection in a manufacture’s receiving department. ( internal auditors )
(d) program results audits.
3. Study the effectiveness of the Department of Defense’s expendable launch vehicle program. ( governmental auditors )
Answer:
Baltimore Inc.
a. Total taxable income = $47,200
b. Income tax payable = $11,800
c. Income tax expense = $11,250
d. Net income = $33,750
Explanation:
a) Data and Calculations:
GAAP determined pretax income = $45,000
Add nondeductible fines 5,000
Less exempt municipal interest revenue 2,800
Total taxable income $47,200
Income tax (25%) 11,800
Income tax expense:
GAAP determined pretax income = $45,000
Income tax (25%) 11,250
Net income $33,750
b) The differences between the GAAP determined pretax income and the tax determined taxable income are due to permanent differences (not temporary). This implies that there are no deferred tax assets and liabilities and no recoveries from deferred taxes. However, in reporting its financial performance for the year, Baltimore Inc. still has to comply with the GAAP rules and not the tax rules.
Answer:
Net working capital is the only expenditure where at least a partial recovery can be made at the end of a project.
Explanation:
Net working capital is the difference between current assets and current liabilities. Net working capital measures a company's liquidity.
In project analysis, net working capital is part of the cost. It is usually subtracted from cash inflows.
Net working capital is a cash outflow.
Net working capital is the only expenditure where at least a partial recovery can be made at the end of a project.
The liability faced by the credit agency for its incorrect reporting of your credit history is that your actual damages, plus an additional amount not to exceed $1,000, plus attorney’s fees.
<h3><u>
What is liability?</u></h3>
- A liability is a debt that a person or business has, typically in the form of money. Through the transmission of economic benefits like money, products, or services, liabilities are eventually satisfied.
- Liabilities are items that are listed on the balance sheet's right side and consist of debts including loans, accounts payable, mortgages, deferred income, bonds, warranties, and accumulated expenses.
- Assets and liabilities can be compared. Assets are items you own or owe money to; liabilities are things you owe money to or have borrowed.
- A liability, in general, is an obligation between two parties that hasn't been fulfilled or paid for.
- A financial liability is an obligation in the realm of accounting, but it is more specifically characterized by prior business transactions, events, sales, exchanges of assets, or services.
Under the Fair Credit Reporting Act, your damages are not $5,000 only. It is also not actual damages plus or $3,000 plus the attorney's fees.
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