Answer: (B) An assignment
Explanation:
According to the question, Kendra is transferring her legal right for the payment to the county bank under contract and this transfer is known as an assignment.
An assignment is basically known as the legal document and it contain all the transaction record information from one entity to the other entity. Assignment is one of the legal term that are used in the law of the contract and the property.
Therefore, Option (B) is correct.
Answer:
d.Impress on management its ultimate responsibility for the financial statements and disclosures
Explanation:
A written representation is written statement by management provided to the auditor to confirm certain matters or to support other audit evidence. It does not include financial statements, assertions, or supporting books and records.
The written representation are normally provided by management for purpose that it has fulfilled its responsibilities in respect of the financial statements and the audit.
Option a. is incorrect since the ultimate purpose of written representation is that management confirms its responsibilities in respect of financial statements.
Option b. is also incorrect because management representation can only be used to support the substantive procedures that we have performed during the source of our audit. They can never be alternative to substantive procedures.
Option c. is also incorrect because the management representation does not include any kind of assertion about any financial statement item.
Option D. is correct since the ultimate objective of the written representation is that management accepts its responsibility for the preparation of financial statements.
So the answer is d.Impress on management its ultimate responsibility for the financial statements and disclosures
Answer:
reported as a current asset on the balance sheet.
Explanation:
According to US GAAP, inventory must be reported at lower of cost or market value. ⇒ Therefore, "generally valued at the price for which the goods can be sold." is wrong.
Inventory is included under current assets since it is considered relatively liquid. ⇒ Therefore, "reported under the classification of Property, Plant, and Equipment on the balance sheet." is wrong.
Inventory is not an expense, cost of goods sold is an expense account. ⇒ Therefore, "reported as a miscellaneous expense on the income statement." is wrong.
Annual rate of return uses a simpler calculation that does not require the use of annuity tables.
What is annuity tables?
A tool for calculating the present value of an annuity or other structured sequence of payments is an annuity table. In order to calculate how much money would be owed to an annuity buyer or annuitant, such a tool, used by accountants, actuaries, and other insurance experts, considers how much money has been invested in an annuity and how long it has been there.
A financial calculator or the software designed for this purpose can also be used to calculate the present value of any future annuity amount.
A tool for figuring out an annuity's present value is an annuity table.
Learn more about annuity tables with the help of given link:-
brainly.com/question/15138110
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Explanation:
The adjusting journal entry is presented below:
On September 30
Unearned ticket revenue A/c Dr $75,000
To Ticket revenue A/c $75,000
(Being the unearned ticked revenue is recorded)
The computation is shown below:
= Season tickets sale value × number of games ÷ given number of gains
= $200,000 × 3 games ÷ 8 games
= $75,000