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Leviafan [203]
3 years ago
8

An auditor ordinarily sends a standard confirmation request to all banks with which the entity has done business during the year

under audit, regardless of the year-end balance. One purpose of this procedure is to:
A. seek information about loans from the banks.
B. detect kiting activities that may otherwise not be discovered.
C. request that a cutoff bank statement and related checks be sent to the auditor.
D. provide the data necessary to prepare a proof of cash.
Business
1 answer:
Virty [35]3 years ago
3 0

Answer:

A. seek information about loans from the banks.

Explanation:

A loan can be defined as an amount of money that is being borrowed from a lender and it is expected to be paid back at an agreed date with interest.

Generally, the financial institution such as a bank lending out the sum of money usually requires that borrower provides a collateral which would be taken over in the event that the borrower defaults (fails) in the repayment of the loan.

An auditor refers to an authorized individual who review, examine and verify the authenticity and accuracy of business financial records or transactions.

An auditor ordinarily sends a standard confirmation request to all banks with which the entity it is auditing has done business during the year under audit, regardless of the year-end balance. One purpose of this procedure is to seek information about loans from the banks so as to examine and verify the amount that was loaned by the bank to the business entity, as well as comparing the figures (values) to that on the balance sheet.

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Susan Zupan, a lawyer, accepts a legal engagement in March, performs the work in April, and is paid in May. If Zupan's law firm
UkoKoshka [18]

Answer:

The month of April

Explanation:

Susan Zupan, a lawyer, accepts a legal engagement in March, performs the work in April, and is paid in May. If Zupan's law firm prepares monthly financial statements, the law firm should recognize the revenue in April because according to revenue recognition principle, revenue should be recognized in the accounting period in which services are performed, and Susan zupan performed the work in April so therefore the firm should recognize the revenue in April.

4 0
3 years ago
First​ Class, Inc., expects to sell 26 comma 000 pool cues for $ 13.00 each. Direct materials costs are $ 2.00​, direct manufact
Nastasia [14]

Answer:

$231,140

Explanation:

The computation of the amount reported in the cost of goods sold is shown  below:

= Number of pool cues sold × total manufacturing cost per pool cue

where,

Number of pool cues sold would be 26,000 pool cues

And, the total manufacturing cost per pool cue would be

= Direct Materials per cue + Direct manufacturing Labor per cue + Manufacturing Overhead per cue

= $2 + $6 + $0.89

= $8.89

Now put these values to the above formula

So, the value would be equal to

= 26,000 cues × 8.89

= $231,140

6 0
3 years ago
The previous value of a portfolio that must be regained before a hedge fund can charge their investors performance fees is known
Margarita [4]

Answer:

high watermark

Explanation:

A high watermark refers to the mark at which the investment could be reached at a high peak. It to be calculated on that date when the performance fees are charged and it could be charged only on that case when there is a rise in the value of the portfolio

Moreover,  in the high watermarks there is no need to pay the performance based fee when there is a poor performance

Therefore the given situation represent the high watermark

4 0
3 years ago
The leader-member exchange model (LMX)a. is based on subordinate contributions and leader inducements.b. clarifies the role of c
Reika [66]

Answer: Option C

 

Explanation: As per the leader- member exchange model,  the relationship between the senior and subordinate is based on the honesty and truth and extends beyond the employment relations.

This model is often used by the organisations that gives high importance to the employees and tries to maintain healthy relationships and positive environment within the workplace.

Hence from the above we can conclude that the correct option is C .

3 0
3 years ago
All of the following assets will be included as intangible assets on the balance sheet exceptA. patents.B. copyrights.C. investm
Damm [24]

Answer:

investments.

Explanation:

Intangible assets are assets that cannot be physically seen. Example of intangible assets are parents, copyrights, goodwill, trademark etc

I hope my answer helps you

4 0
3 years ago
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