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Lerok [7]
3 years ago
6

Independent auditing can best be described as:________. A. A regulatory function that prevents the issuance of improper financia

l information. B. A branch of accounting. C. A discipline that enhances the degree of confidence that users can place in financial statements. D. A professional activity that measures and communicates financial and business data.
Business
1 answer:
Elden [556K]3 years ago
8 0

Answer:

C. A discipline that enhances the degree of confidence that users can place in financial statements.

Explanation:

Independent auditing includes the process of auditing by an independent auditor. It involves the process of analyzing and examining the financial transactions and records. The company's accounts, the business records, the transactions are all monitored and audited so as to avoid any unprecedented act. It do not indulge any means of profit in the whole process. Independent auditing is adopted by the shareholders in order to protect from any sort of frauds or unacceptable claims made in terms of financial records.  

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Pine Street Inc. makes unfinished bookcases that it sells for $58. Production costs are $38 variable and $10 fixed. Because it h
mars1129 [50]

Answer:

See explanation below

Explanation:

Option of selling unfinished bookcase

Sales

$58

Less Variable cost

$38

Contribution

$20

Less fixed cost

$10

Net profit

$10

Option of selling finished bookcases

Sales

$73

Less variable cost

$7

Contribution

$66

Less fixed cost

$10

Net profit

$56

With regards to the above analysis, it is recommended that Pine street inc. Should go with the option of selling finished bookcases because it would yield the company the highest profit.

7 0
3 years ago
Paid $7,000 of accrued taxes at the time the plant site was acquired. choose an account title 2. Paid $200 insurance to cover a
xenn [34]

Answer: Please refer to Explanation

Explanation:

Hello. Your question was not complete as it lacked certain options.

I have attached it to this answer.

1.Paid $7,000 of accrued taxes at the time the plant site was acquired. LAND because it was an expense that was needed to acquire the land so it is capitalized

2. Paid $200 insurance to cover a possible accident loss on new factory machinery while the machinery was in transit. EQUIPMENT

3. Paid $850 sales taxes on a new delivery truck. EQUIPMENT.

4. Paid $21,000 for parking lots and driveways on the new plant site. choose an account title. LAND IMPROVEMENTS.

5. Paid $250 to have the company name and slogan painted on the new delivery truck. choose an account title. EQUIPMENT

6. Paid $8,000 for installation of new factory machinery. choose an account title. EQUIPMENT

7. Paid $900 for a 2-year accident insurance policy on the new delivery truck. choose an account title. PREPAID INSURANCE

8. Paid $75 motor vehicle license fee on the new truck. LICENSE EXPENSE.

4 0
3 years ago
Do you believe initiative is an important quality? Defend your answer.
Olegator [25]

Initiative is an important quality because it proves that you want to do your job or task successfully and independently. Lack of initiative shows laziness and/or low confidence in one's skills.

3 0
3 years ago
Read 2 more answers
Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credi
borishaifa [10]

Answer:

Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2021 with a refund liability of $330,000. During 2021, Halifax sold merchandise on account for $11,800,000. Halifax's merchandise costs is 70% of merchandise selling price. Also during the year, customers returned $345,000 in sales for credit, with $191,000 of those being returns of merchandise sold prior to 2021, and the rest being merchandise sold during 2021. Sales returns, estimated to be 3% of sales, are recorded as an adjusting entry at the end of the year.

Explanation:

Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2021 with a refund liability of $330,000. During 2021, Halifax sold merchandise on account for $11,800,000. Halifax's merchandise costs is 70% of merchandise selling price. Also during the year, customers returned $345,000 in sales for credit, with $191,000 of those being returns of merchandise sold prior to 2021, and the rest being merchandise sold during 2021. Sales returns, estimated to be 3% of sales, are recorded as an adjusting entry at the end of the year.

6 0
3 years ago
Within a PPF framework, explain each of the following:_______.
ra1l [238]

<u>Explanation:</u>

a. <em>Remember</em>, the PPF (Production Possibility Frontier) framework allows for the selection of a preferred choice as regards budget spending. Hence, in such a situation, it calls for a choice to be made.

b. According to the PPF framework, where there is an increase in the population, it is expected that such change would result in an increase in the labor force capacity; and ultimately leading to an upward shift in the PPF curve. Thereby, increasing the overall production of the economy.

c. Within the PPF framework, a technological change that makes resources less specialized will result also result in an upward shift in the PPF curve.

3 0
2 years ago
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