Answer:
1. When searching for unrecorded liabilities, the auditors consider transactions recorded <u>after</u> year end.
<em>Auditors consider transactions recorded after year end to determine if it was supposed to be recorded in the current period. </em>
2. Accounts payable <u>confirmation</u> can be mailed to vendors from whom substantial purchases have been made.
<em>As a way to keep a document trail, creditors from whom substantial goods were bought from can be mailed a confirmation. </em>
3. To gain overall assurance as to the reasonableness of accounts payable, the auditor may consider <u>ratios</u>.
<em>Ratios such as the Payables turnover can be used to evaluate the reasonableness of Accounts payable. </em>
4. When auditors find unrecorded liabilities, before adjusting they must consider <u>materiality</u>.
<em>
They must consider if the adjustment is material or significant enough to record. </em>
5 Auditiors need to consider <u>shipping terms</u> terms for determining ownership and whether a liability should be recorded.
<em>Shipping terms need to be considered because they can tell who owns goods in transit and therefore if a liability is needed for them. Shipping terms such as FOB Shipping point mean that the business incurs the liability as soon as the seller ships the goods. </em>
Answer:
Total Production for the month of November shall be = 26,800 units
Explanation:
Sales for the month shall be as follows:
October = 28,000
November = 25,000
December = 31,000
It is provided that inventory of finished goods at month end = 30% of next month's sales.
Thus Opening Inventory of November = 30% of sales
= 25,000 30% = 7,500 units
Total Production for the month shall be = Sales for the month - Opening Inventory + Closing inventory to be maintained.
Sales for the month = 25,000
Opening Inventory = 7,500
Closing Inventory to be maintained = 31,000 30% = 9,300
Thus, Total Production for the month of November shall be = 25,000 - 7,500 + 9,300 = 26,800 units
You get charged more for due and there's a chance they can take it out of your account
Answer:
Successful innovation allows you to add value to your business so that you can increase your profits—if you don't innovate well, your business will plateau. Innovation helps you stay ahead of the competition. With globalization and a rapidly changing market, there are more competing businesses than ever before.
<h2><u>
Hope This Helped!</u></h2>
Because in the future you will need to learn that especially if you want to have your own business