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ValentinkaMS [17]
3 years ago
12

an audit manager) has been assigned to the audit of Tandem Electric, Inc. Dorothy is concerned that Joanne, a friend from her co

llege days, is on the internal audit staff of Tandem Electric. Dorothy believes she could provide services to this client in an objective manner. Which statement best describes how Dorothy should apply the AICPA conceptual framework approach in this situation?
Business
2 answers:
zhannawk [14.2K]3 years ago
6 0
I thought it would be B. Because if she is doing audit and knows someone in the company that is helping with the audit, she is NOT legally able to do the audit! That is what I learned in accounting anyway. I am not sure though just an input.I would pick B.
Vinvika [58]3 years ago
3 0

She should not participate in the audit of Tandem Electric before obtaining a written waivrom her firm’s general counsel.

Further Explanation:  

A review supervisor) has been doled out to the review of Tandem Electric, Inc Dorothy is worried that Joanne, a companion from her school days, is on the inner review staff of Tandem Electric. Dorothy accepts she could give administrations to this customer in a goal way.  

AICPA calculated system:  

A noteworthy change to the substance in the updated AICPA Code of Conduct is the joining of two calculated structures, one for individuals in open practice  

Explanations best portrays the AICPA morals guidelines identifying with a part's disappointment:  

The accompanying articulations best portrays the AICPA morals standards identifying with a part's inability to record his or her own assessment form in an opportune way  

1. The part is unequivocally urged to document his or her own expense forms in a convenient way.  

2. The inability to record an individual assessment form in an auspicious way should be uncovered to all customer sand potential customers.  

3. The inability to document an individual government form in an opportune way is generally viewed as a demonstration discreditable to the calling.  

Subject: business

Level: college

Keywords: AICPA calculated system, explanations best portrays the AICPA morals guidelines identifying with a part's disappointment.

Related links:  

Learn more about evolution on

https://brainerbro.com/business/an-audit-manager-has-been-assigned-6869732

https://brainerbro.co.uk/business/question9689397

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Prior to being banned in 2002 by the McCain-Feingold Act, unlimited monetary contributions that were earmarked for party-buildin
nordsb [41]

Answer:

B.

Explanation:

Soft money can be defined as a money raised by party or committees that's not been regulated by the federal campaign finance. Such campaign contributions are not made within the federal law and thus are illegal to raise. These monetary contributions are used for party building activities such as electoral registration programmes. The origin of soft money dates back to the Watergate reforms.

<u>In the given case, the monetary contributions were used for party-building expenses or generic party advertising. Thus this monetary contribution is known as soft money.</u>

So, the correct answer is option B.

7 0
3 years ago
A company is struggling to finish the required accounting work for its financial year-end. The employees are unwilling to stay l
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6 0
3 years ago
Read 2 more answers
What was not a result of the economic policies of the irish government in the late 1990s?
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In the early 1990's, Ireland was a poor country. There was a high case of poverty, unemployment, and inflation. Free education was offered in the mid 1990s which produced entrepreneurs. The economic policies of the Irish Government in the late 1990s resulted in the rapid growth of the economy.
3 0
3 years ago
On April 1, Sangvikar Company had the following balances in its inventory accounts:
astra-53 [7]

Answer:

<h3>Sangvikar Company</h3>

a. Journal Entries for The April transactions:

Debit Raw materials $30,000

Credit Accounts Payable $30,000

To record the purchase of raw materials.

Debit WIP:

Job 114, $16,500

Job 115, $12,000

Job 116, $5,000

Credit Raw materials $33,500

To record the transfer of raw materials to production.

Debit WIP:

Job 114 $2,100

Job 115 $3,950

Job 116 $1,440

Credit Direct labor costs $7,490

To record the direct labor costs to WIP.

Debit WIP:

Job 114 $1,348

Job 115 $2,535

Job 116 $934

Credit Overhead $4,807

To record the overhead applied to WIP.

Debit Finished Goods Inventory $23,699

Credit WIP: Job 115 $23,699

To record the transfer of Job 115 to Finished Goods.

Debit Cost of Goods Sold $23,699

Credit Finished Goods Inventory $23,699

To record the cost of goods sold.

Debit Accounts Receivable $29,624

Credit Sales Revenue $29,624

To record the sale of Job 115 on credit.

b. Ending balances of Inventory Accounts:

Raw materials = $9,230

WIP:

Job 114 = $25,329

Job 116 =    $18,119

Total =     $43,448

Finished Goods = $8,700

c. T-Accounts:

Materials Inventory

Account Titles            Debit    Credit

Beginning balance $12,730

Accounts Payable   30,000

WIP:

Job 114                                  $16,500

Job 115                                    12,000

Job 116                                     5,000

Balance                                 $9,230

Accounts Payable

Account Titles            Debit    Credit

Raw materials                       $30,000

Work-in-Process Inventory - Job 114

Account Titles            Debit    Credit

Beginning balance  $5,381

Raw materials         16,500

Direct labor cost       2,100

Overhead applied     1,348

Balance                                $25,329

Work-in-Process Inventory - Job 115

Account Titles            Debit    Credit

Beginning balance     $5,214

Raw materials            12,000

Direct labor cost         3,950

Overhead applied      2,535

Finished Goods Inventory    $23,699

Work-in-Process Inventory - Job 116

Account Titles            Debit    Credit

Beginning balance  $10,745

Raw materials             5,000

Direct labor cost          1,440

Overhead applied         934

Balance                                   $18,119

Direct Labor Cost

Account Titles           Debit       Credit

WIP:

Job 114                                      $2,100

Job 115                                       3,950

Job 116                                        1,440

Overhead

Account Titles           Debit       Credit

WIP:

Job 114                                       $1,348

Job 115                                        2,535

Job 116                                           934

Finished Goods Inventory

Account Titles            Debit    Credit

Beginning balance  $8,700

WiP: Job 115          $23,699

Cost of Goods Sold              $23,699

Cost of Goods Sold

Account Titles         Debit      Credit

Finished Goods   $23,699

Sales Revenue

Account Titles        Debit     Credit

Accounts Receivable        $29,624

Accounts Receivable

Account Titles        Debit     Credit

Sales Revenue $29,624

Explanation:

a) Data and Calculations:

Beginning balances:

Materials Inventory $12,730

Work-in-Process Inventory 21,340

Finished Goods Inventory 8,700

Work-in-Process Inventory costs:

                              Job 114      Job 115     Job 116

Direct materials       $2,411     $2,640     $3,650

Direct labor               1,800        1,560        4,300

Applied overhead      1,170         1,014        2,795

Total                        $5,381      $5,214    $10,745

Analysis of April Transactions:

Raw materials $30,000 Accounts Payable $30,000

WIP: Job 114, $16,500; Job 115, $12,000; and Job 116, $5,000 and Raw materials $33,500

WIP: Job 114 $2,100 Job 115 $3,950, Job 116 $1,440 Direct labor costs $7,490

WIP: Job 114 $1,348 Job 115 $2,535 Job 116 $934 Overhead $4,807

Job tickets were collected and summarized (Direct labor costs):

Jobs      DLH                           DLH Costs  Overhead applied

Job 114, 150 hours at $14/hour = $2,100   $1,348  ($2,100/$7,490 *$4,807)

Job 115, 220 hours at $18/hour = $3,950  2,535 ($3,950/$7,490 *$4,807)

Job 116, 80 hours at $18/hour = $1,440         924 ($1,440/$7,490 *$4,807)

Total = 450 hours                      $7,490    $4,807

Actual Overhead = $4,807

Total direct labor costs = $7,490

Overhead rate = $0.64

Sales Revenue = $29,624 ($23,699 * 125%)

4 0
3 years ago
Awanda buys a $1000 par value 11-year bond with 8% semiannual coupons. The redemption value is equal to the par value. Awanda bo
Morgarella [4.7K]

Answer:

interest portion (17th payment) = $22.24 ≈ $22

premium amortization portion (17th payment) = $17.76 ≈ $18

Explanation:

the market price of the bond:

PV of face value = $1,000 / (1 + 2%)²² = $646.84

PV of coupon payments = $40 x 17.658 (PV annuity factor, 2%, 22 periods) = $706.32

market price = $1,353.16

the journal entry to record the investment in bonds:

Dr Bonds receivable 1,000

Dr Premium on bonds receivable 353.16

    Cr Cash 1,353.16

I prepared an amortization schedule using excel to determine the interest portion of the 17th payment and the premium amortization portion.

interest portion (17th payment) = $22.24 ≈ $22

premium amortization portion (17th payment) = $17.76 ≈ $18

Download pdf
5 0
3 years ago
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