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s344n2d4d5 [400]
2 years ago
9

Write the relationship between audit and finance?

Business
1 answer:
OLga [1]2 years ago
6 0

Answer:

Financial management makes decisions about managing finances: managing cash, using credit, paying bills, minimizing tax bills and borrowing costs, ensuring money for the firm’s current plan, and reporting the status of the finances. They are one part of the broader management team, and have a direct role in planning and can actually contribute profits or losses to the bottom line via their decisions.

Auditors are more like investigators or quality control: they don’t make business decisions, they make sure the financials being reported actually match the reality of what the company is doing. They usually are independent of management: they report to the board of the company, not the management they are auditing; they often have the mandate to look at anything they choose; they sometimes have a forensics function: collecting and analyzing evidence of serious wrongdoing if things are really out of control.

1.audit refers to the systematic process of examining verify of data related to the financial activities of an organization.

2.auditor is a professional inside audit

Financial management

1.Financial management refers to managing the fund of an organization.

2.finance manager is a professional inside finance management.

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A simple index of three stocks have opening values on day 1 and day 8 as shown in the table below. What is the rate of change of
Novosadov [1.4K]
It's -11.4, I just took the quiz
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3 years ago
Cavern Company's output for the current period results in a $6,400 unfavorable direct material price variance. The actual price
Nitella [24]

Answer:

3,200 unit

Explanation:

Direct materials price variance = Quantity used * (Standard price - Actual price)

-$6,400 = Quantity used * ($60.00 - $62.00)

-$6,400 = Quantity used * -$2.00

Quantity used = -$6,400/-$2.00

Quantity used = 3,200 unit

So, the quantity of pounds of material used in the current period is 3,200 unit

6 0
2 years ago
The average of a company's cost of equity, cost of preferred, and aftertax cost of debt that is weighted based on the company's
kotykmax [81]

Answer: Option D

                                         

Explanation: In simple words, weighted average cost of capital refers to the   amount of return that the investors of a company are expecting. It includes all the security holders of the company and calculates the rate as per the weights that are applicable in the target capital structure.

   Weighted average cost of capital is of high importance as it helps an organisation to clearly evaluate and analyze its current financial situation and if they need to change their existing capital structure.

A high WACC calls for higher profits as company has to make sure that security holders gets their returns and vice versa.  

3 0
3 years ago
Each Cutco knife goes through 30 steps to ensure that it meets the firm's standards and provides a good value for a premium prod
Yuki888 [10]

Answer 1: Consistency in quality

Explanation: Consistency in quality means that an organization tends to brings about a an overall consistency among the employees and the goals of the company. This leads to the outcome of quality consistent product by defining developmental steps and processes.

In above scenario, the 30 steps of knife making make sure that each knife is consistent with defined quality goals of the organization and its reputation.

Answer 2: Product differentiation

Explanation: Product differentiation is a concept in which a company tends to present its products to the market in a way that it establishes a specific place in the market and in ts own product line.

The product development consists of high quality materials and the final product stands out in the market. The market of such products is very niche. The Knife Cutco is promoting, is going through the product differentiation phase.

Answer 3: Product positioning

Explanation: Product positioning is a phenomenon in which a company positions their products in the minds of the consumer. They build an imagery of their product which is thought on every mention of that product.

When Cutco decided to make a donation with every pink handled knife sold, it was creating a perception of Goodwill attached to this product. It automatically attracts the donaters and do good people in the market.

Answer 4: Promotion

Explanation: Promotion is one of the biggest reasons why a product move ahead in the priority list of the customers. It enhances the positives and hides the negatives and creates a perception in the minds of the customers.

Cutco promotes its products on the basis of its products' value, premium quality, exceptional service, and the fact it is "made in the USA." This segregates them from the rest of the market and pushes it in the front row, by creating trust and reputation.

Therefore, this represents Cutcos' promoting strategies and efforts.

8 0
2 years ago
What is the Porter's 5 forces model?
neonofarm [45]

Answer:

Created by a Professor Michael E. Porter, from Harvard, this model explains the various forces applied to a business.

Competition in the industry : Are there competitors in the industry?  If so, are they numerous and weak or is the industry dominated by a few major players?

Potential of new entrants into the industry : What's the risk of having new competition?  If you are selling a product, can you protect it with a patent for example?

Power of suppliers : Can the suppliers of what you need easily affect the prices?  It's basically asking if there is competition in your suppliers' market.

Power of customers : That related to your customer base.  If your customer base is large, chances are no individual will be able to force your price down.  But if you are dealing with a limited number of customers, one of them might force you to lower your prices.

Threat of substitute products: Is there any comparable product/service offered at a lower cost that might bring your prices down?

4 0
2 years ago
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