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Slav-nsk [51]
3 years ago
12

The standard unmodified audit report A. is sometimes called a clean opinion. B. can be issued only with an explanatory paragraph

. C. can be issued if only a balance sheet and income statement are included in the financial statements. D. is sometimes called a disclaimer report.
Business
1 answer:
TEA [102]3 years ago
4 0

Answer:

A. is sometimes called a clean opinion.

Explanation:

The standard unmodified audit report is the report where the auditors said the financial statement of the company are prepared by keeping all material aspects and it is complied with the accounting standards

It is also known as a clean opinion

Therefore as per the given situation, the option A is correct

hence, the same is to be considered

You might be interested in
In your own words define the term accounting and its usage.
Drupady [299]

Answer:

<h3>Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company's operations, financial position and cash flows. </h3><h3 />
3 0
3 years ago
Shareholders in Frontier Communications were not pleased to learn that the company's market share had changed from 40 to 21 perc
Alja [10]

Answer:

47.5\%

Explanation:

Given: The company's market share had changed from 40 to 21 percentage points.

To find: percent change in market share

Solution:

Change in percentage of company's market share =40-21=19

Percent change in market share = (Change in percentage of company's market share ÷ 40) × 100

=\frac{19}{40}(100)=47.5\%

6 0
3 years ago
Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sol
Levart [38]

Answer:

Ending inventory is $424,045

Cost of goods sold is $889,955

Explanation:

Retail Inventory method is used to estimate the value of inventory using retail price of the unit of inventory.

As per given data

                                                   Cost           Retail

Beginning inventory               $370,000   $515,000

Net purchases                        $890,000   $ 1,280,000

Freight-in                                $54,000

Net markups                                                $55,000

Net markdowns                                           $25,000

Net sales                                                      $1,235,000

Cost of Purchase = 890,000 + 54,000 = $944,000

Retail Price of Purchases = Net Purchases Retail + ( Net Markup ) = $1280,000 + ( 55,000 - 25,000 ) = 1,310,000

Cost to retail Percentage = ( $944,000 / $1,310,000 ) x 100 = 72.06%

Closing Inventory = Purchases + Net Markup - Sales = $1,280,000 + ( $944,000 / $1,310,000 ) - $1,235,000 = $75,000

                                      Retail           Cost

Beginning inventory  $515,000   $370,000

Net purchases           <u>$75,000</u>     <u> $54,045</u>  ( $75,000 x 72.06% )

Ending Inventory       <u>$590,000</u>   <u>$424,045</u>

Closing Inventory = Opening + Purchases - Closing = $370,000 + ( 890,000 + 54,000 ) - 424,045 = $889,955

7 0
3 years ago
Toan Inc. uses a job-order costing system in which any underapplied or overapplied overhead is closed to cost of goods sold at t
Lerok [7]

Answer:

$129,000

Explanation:

The computation of the unadjsuted cost of goods sold is shown below:

Before that we need to compute the total cost and cost per unit which are as follows

Total cost

= Beginning balance + Direct materials + Direct labor + Manufacturing overhead cost applied

= $66,700 + $494,500 + $158,700 + $269,100

= $989,000

And, Units completed is 23,000 units

So, the cost per unit is

= Total cost ÷ Number of units completed

= $989,000 ÷ 23,000 units

= $43

And, the number of units sold is 3,000 units

So, the cost of good sold unadjusted is

= Number of units sold × cost per unit

= 3,000 units × $43

= $129,000

5 0
3 years ago
Suppose that an issuing bank pays on documents that are conforming to the requirements of the letter of credit, but the seller h
AleksAgata [21]

Answer:

a) As long as the documents strictly comply with the letter of credit requirements, the bank will not have to reimburse the buyer

Explanation:

A letter of credit refers to the letter in which the bank is made a guarantee to pay the amount to a particular person by compiling the specific conditions during the exporting of goods

Since in the question, it is given that the seller has shipped the goods that are worthless i.e of no use for the buyer so in this case,  the bank would not reimburse the buyer.

Therefore the correct option is A.

6 0
3 years ago
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