Supplier alliances are occurring more frequently, and suppliers and customers are getting to know one another better.
Fraud Collusion Dangers.
The standard acknowledges the dangers of collusion as well as the increased risk for the auditor in expressing an incorrect opinion, or "audit failure."
The issues with asset misappropriation and financial statement misstatement are brought up by the amended standard for auditors to consider.
Employees, suppliers, customers, and other parties must enlist the help of their co-conspirators in the first type of fraud, or at the very least work together to plan it. This is not a simple task, as it will be discussed below; in an asset theft scheme, coordination and recruitment demand a certain level of risk from the participants.
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Answer:
Income increased by $315,000
Explanation:
Since there is spare capacity available, we assume there are no incremental fixed costs and as such we only analyze relevant variable costs that vary with the order to identify the possible income effect.
Profit per unit = Order Selling price - Direct + Variable costs
Profit = 100 - 12 - 18 = $70
Total profit from the order = 70*4500 = $315,000
We do not include fixed costs as these will have to be paid regardless of the order. These fixed overheads are probably already absorbed fully given the current production level of 84000 units.
Hope that helps.
Answer:
1.
d. $19610 debit
Option D is the correct answer.
2.
Cash 1480 Debit
Service Revenue 1480 Credit
Explanation:
1.
The balance in the accounts receivable account can be calculated as follows,
Closing Balance = Opening balance + Credit sales - Cash Received from Accounts Receivable
Closing Balance of Accounts receivable at 31 December 2022 will be,
Closing Balance = 12770 + 34200 - 27360
Closing Balance = $19610 debit
The balance is debit because accounts receivables is an asset and the normal balance for asset account is debit.
2.
The entry to record the transaction is made in the answer part.
Answer:
cash flow statement
Explanation:
because it determines the inflows and outflows of the business
