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user100 [1]
2 years ago
13

Auditors who are searching for evidence that assets, liabilities, and equity items have been recorded at appropriate amounts and

allocated to the correct general ledger accounts consider ________. a. valuation and allocation b. rights and obligations c. existence d. classification
Business
1 answer:
trasher [3.6K]2 years ago
6 0

Answer:

a. valuation and allocation.

Explanation:

Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP) and financial accounting standards board (FASB).

Internal controls can be defined as the policies, set of rules, and procedures implemented or put in place by an organization to protect its assets, boost efficiency, enhance financial accountability, enforce adherence to company policies and prevent fraudulent behaviors among the employees.

The main purpose of internal controls is to guarantee that loss is eliminated by ensuring that there is an accurate and reliable accounting system.

An internal control involves the timely use of both internal and external sources of auditing or financial reporting and as such enhance the maintenance of accurate and proper financial records which would also improve their operational efficiency.

An auditor refers to an authorized individual who review, examine and verify the authenticity and accuracy of business financial records or transactions.

Auditors make use of accuracy, valuation and allocation to search for evidence that assets, liabilities, and equity items have all been recorded at appropriate amounts and allocated to the correct general ledger accounts of a business firm.

The main purpose of a general ledger is to list all accounts used in recording an organization's transactions and as such it contains a list of transactions affecting each account and the account's balance. Also, the page number of the account debited or credited in the journal is written in a posting reference of a ledger and it usually serves as a link to cross-reference or juxtapose the transaction from one record to another in a business firm.

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Equipment with a book value of $84,000 and an original cost of $167,000 was sold at a loss of $34,000. Paid $109,000 cash for a
adoni [48]

Answer:

$443,400

Explanation:

The computation of cash flows from investing activities is shown below:-

For computing the cash flows from investing activities we need to find out first the Sale of equipment

= $84,000 - $34,000

= $50,000

Net cash paid by investing activities = Sale of equipment - Purchase of new truck + Sale of land + Sale of Long-term investments

= $50,000 - $109,000 + $410,000 + $94,200

= $443,400

3 0
3 years ago
Kirov, Inc. reports credit sales of $200,000 for the year ending December 31, 2015. The year- end unadjusted balance of its Allo
Korvikt [17]

Answer:

D. $12,000

Explanation:

Allowance for Doubtful accounts = Credit sales * Rate

Allowance for Doubtful accounts = $200,000 * 6%

Allowance for Doubtful accounts = $12,000

                       Allowance for doubtful account

Particulars                                            Particulars

Balance brought forward  $9,000     Bad debts       $12,000

Balance carried forward    $3,000  

Total                                    $12,000    Total               $12,000

Therefore, the amount to be debited to Bad debts and credited to Allowance for Doubtful accounts is $12,000.

4 0
2 years ago
Navistar Electric issued 1000 debenture bonds 2 years ago with a face value of $5,000 each and a bond interest rate of 15% per y
Natasha2012 [34]

Answer:

$7,081.25

Explanation:

Face value = 5000

Coupon = 15% paid annually. Semi annual payment = 750/2 = 375

Time to maturity = 18 years

Interest rate = 10% compounded semi-annually

P = 375(P|A, 5%, 36) + 5000(P|F, 5%, 36)

P = 375(16.58131488) + 5000(0.17265193)

P = 6217.99308 + 863.25965

P = 7081.25273

P = $7,081.25

So, the present worth of one bond today is  $7,081.25

4 0
2 years ago
Klamath+corporation+has+asset+turnover+of+3.5,+a+profit+margin+of+5.2%,+and+a+current+ratio+of+0.5.+what+is+klamath+corporation'
NARA [144]

Klamath corporation has insufficient information to find ROE.

Return on equity (ROE) is the degree to of an agency's internet earnings are divided by using its shareholders' equity. ROE is a gauge of a corporation's profitability and how successfully it generates one's income. The better the ROE, the higher an employer is at changing its fairness financing into income.

ROE is used while evaluating the monetary performance of agencies within the identical enterprise. it's far a measure of the capability of management to generate earnings from the equity available to it. A go-back of between 15-20% is considered good.

The return on equity is a degree of the profitability of an enterprise with regard to fairness. Because shareholder's equity may be calculated with the aid of taking all belongings and subtracting all liabilities, ROE also can be the idea of a return on belongings minus liabilities.

ROE=Profit margin*Total asset turnover*Equity multiplier

Hence since Equity multiplier data is not given.

Learn more about ROE here: brainly.com/question/26849182

#SPJ4

4 0
1 year ago
Which of the following is the best advice for written communication that is highly important?
Elodia [21]

Answer:

"D" is the correct answer!

Explanation:

Written communication is the use of a printed message, such as letters, training manuals, memos, proposals and emails. Emails. memos etc are all technology channels or apps.

4 0
2 years ago
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