Answer:
Implicit tax rate = 0.1778 or 17.78 %
Explanation:
given data
municipal bond = 1.48% = 0.0148
corporate bonds = 1.80% = 0.0180
solution
we get here Implicit tax rate that is express as
Implicit tax rate = ( corporate bonds - municipal bond ) ÷ corporate bonds ........................1
put here vale and we will get
Implicit tax rate =
solve it we get
Implicit tax rate = 0.1778 or 17.78 %
Answer:
Consider the following calculation
Explanation:
Under Veritical analysis of Income statement every line item is compared as a percentage of gross sales.
So, the cost of goods sold of the current year will be compared as a percentage of gross sales made.
Cost of goods sold in the current year = $ 417,720
Gross sales = $ 6,51,000
Cost of goods sold as a percentage = Cost of goods sold/ sales * 100
= 4,17,720 / 6,51,000 * 100
= 64%
The purpose of accounting for depreciation is to allocate the cost of a tangible or physical asset over its useful life.
<h3>What is depreciation?</h3>
It should be noted that depreciation simply means the wear and tear of a product based in usage. <em>Depreciation</em> shows how much of an asset has been used.
The scope of generally accepted accounting principles aims to improve the clarity and consistency if the communication of financial information. The five principles include:
Revenue recognition.
Cost principle.
Matching principle.
Objectivity principle.
Full disclosure.
The president’s proposal is within the scope of generally accepted accounting principles. It should be noted that depreciation doesn't guarantee funds.
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Answer:
The correct answer is b. The auditors’ actual state of mind and unbiased mental attitude.
Explanation:
Independence warns a mental attitude that allows to express a conclusion without influences that compromise professional judgment, allowing an auditor to act with integrity, objectivity and professional skepticism. In addition, it requires apparent independence, avoiding facts and circumstances that are so relevant that a third party with judgment and knowledgeable, appreciating all the specific facts and circumstances, will probably conclude that the integrity, objectivity or professional or skepticism of the team member Audit have been compromised.
The IFAC conceptual framework is applied in order to identify threats such as: self-interest, self-review, advocacy, familiarity and intimidation in relation to independence, assess the importance of the threats that have been identified and whether It is necessary to apply safeguards instituted by the profession or by legal provisions or safeguards in the work environment to eliminate or reduce them to an acceptable level, if it is not possible to minimize the origin of these threats, the professional can terminate the audit assignment.