B..................................
Detection risk refers to the auditor's processes and can be altered at the auditor's discretion, whereas inherent risk and control risk exist independently of the audit of financial statements. The relationship between detection risk and inherent and control risk should be inverse. The more the detection risk that may be accepted, the less inherent and control risk the auditor thinks to be present. In contrast, the auditor considers that the detection risk can be tolerated less as inherent and control risk increases.
Inherent risk: What is it?
- Human Involvement.
- Business connections and regular meetings.
- Assumption/Judgment Based Accounting is number three.
- Organizational structure complexity.
- Transactions that are not routine.
Cybersecurity risks, integrity and moral risks, fraud risk, subpar business system designs, etc. are a few examples of control risks. A crucial duty for the accounting department of a firm is control risk monitoring.
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Answer:
Scenario 1.
Explanation:
According to the scenario, computation of the given data are as follow:-
Patent:- Patent is a intellectual property that gives the right to its owner to making, using and selling the invention and transfer that right to others too. Patent has their legal life.
Research and development cost:- Research and development cost is an intangible assets which incurred by company.
1st Scenario:- Manufacturer spends $450,000 on research and development cost. It is an expenses. It will not the cost of oven.
2nd Scenario:- Because patent purchased by the third party so no research & development cost incurred on the patent.
According to the analysis when we compared scenario 1 and scenario 2, company will report high research and development expenses in Scenario 1.
Answer:
$78.35
Explanation:
Given:
Future value = $750
Maturity time = 5 years
Annual rate = 5%
Now,
Future value = P × ( 1 + r )ⁿ
Where, P is the present value of the bonds
r is the rate of interest
n is number of periods
on substituting the values, we get
$100 = P × ( 1 + 5% )⁵
or
$100 = P × ( 1.05 )⁵
or
P = $78.35
Hence, the state should sell its bond at a price of $78.35
In the context of management skills, Conceptual skills serves as one that gives the manager the capability to grasp a big-picture view of the overall organization.
Conceptual skills can be regarded as one that gives the leader, manager the abilities so that they can have better understand complex scenarios as well as develop creative solutions.
This gives the capability to know the relationship between its various parts.
Therefore, In the context of management skills, Conceptual skills helps the manager to have big picture as regards the organization.
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