3. What would be the extend of your testing for a financial statement-only audit where we are seeking a moderate level of assurance from controls, based on the facts below? • Control Description: Finance reviews the Outstanding invoice report for each blocked invoice • Frequency of control: Daily Type of audit financial statement-only audit a. 10 b. 20 c. 30 d. 40
Answers
In a financial statement-only audit seeking a moderate level of assurance from controls, the extent of testing would be 20.
When conducting a financial statement-only audit to acquire moderate assurance from controls, an auditor would investigate and evaluate the efficiency of the internal control structure, such as the segregation of duties, the performance of accounting calculations, and the financial reporting and bookkeeping process.
An auditor may reduce the testing of controls if the auditor intends to achieve the overall audit objective by relying on substantive procedures only. It may be more effective for the auditor to conduct tests of the controls' operating efficiency if the auditor intends to rely on internal control to lower the amount of other substantive testing required to obtain assurance on the financial statements.For the daily frequency of control, Finance reviews the Outstanding invoice report for each blocked invoice.
To achieve moderate assurance in this scenario, the auditor will examine the efficiency of controls by reviewing their consistency in detecting and preventing unauthorized purchases, as well as their effectiveness in keeping accounts payable reports correct. As a result, the extent of testing for a financial statement-only audit seeking a moderate level of assurance from controls is 20.
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Related Questions
Write about the ways to maintain a positive body
image.
What I Should Do to Maintain a Positive Body Image
Answers
Answer:
Eat Healthy
Maintain a good diet
Meditate
Practice self confidence
Work out
Stay positive
Have a healthy mental state
What is the difference between a debit/ATM card and a credit card?
Answers
Answer:
Debit/ATM cards are linked directly to your bank account and use money that you already have. Credit cards allow you to borrow money from the credit card company and you must pay it back with interest.
Answer:
Debit cards allow you to spend money by drawing on funds you have deposited at the bank. Credit cards allow you to borrow money from the card issuer up to a certain limit to purchase items or withdraw cash.
During 2020, Seth Britain Lab supplied hospitals with a comprehensive diagnostic kit for $150. At a volume of 70,000 kits, Seth had fixed costs of $1,100,000 and a profit before income taxes of $160,000. Due to an adverse legal decision, Seth's 2021 liability insurance increased by $1,260,000 over 2020. Assuming the volume and other costs are unchanged, what should the 2021 price be if Seth is to make the same $160,000 profit before income taxes?
Answers
The price for the comprehensive diagnostic kit to make the same $160,000 profit before income taxes in 2021 should be $165.
To calculate the price for the diagnostic kit in 2021, we need to consider the increased liability insurance cost and the desired profit before income taxes.
In 2020:
Revenue (at a volume of 70,000 kits) = Price per kit * Volume
= $150 * 70,000 = $10,500,000
Total costs (including fixed costs and other costs) = Fixed costs
= $1,100,000
Profit before income taxes = $160,000
To maintain the same profit before income taxes in 2021, we need to consider the increased liability insurance cost. The increased insurance cost is $1,260,000. We deduct this cost from the desired profit to find the target total costs for 2021.
Target total costs for 2021 = Fixed costs + Increased insurance cost + Desired profit = $1,100,000 + $1,260,000 + $160,000
= $2,520,000
To calculate the required price per kit in 2021, we divide the target total costs by the volume of kits.
Price per kit in 2021 = Target total costs / Volume = $2,520,000 / 70,000 = $36
However, we need to add the original price per kit from 2020 to this calculated price.
2021 price per kit = 2020 price per kit + Price per kit in 2021
= $150 + $36 = $186
To maintain the same $160,000 profit before income taxes in 2021, the price for the comprehensive diagnostic kit should be set at $165. This reflects the increased liability insurance cost and ensures that Seth Britain Lab covers its costs and achieves the desired profit at the given volume of kits.
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Austin Company reported a net loss of $6,000 for the year ended December 31, 2014. During the year, accounts receivable increased by $15,000, merchandise inventory decreased by $12,000, accounts payable decreased by $20,000, and depreciation expense of $12,000
was recorded. During 2014, operating activities ____ net cash
Answers
The net cash provided by operating activities for Austin Company during 2014 would be $9,000.
To calculate the net cash provided by operating activities, we start with the net loss of $6,000. We then make adjustments for changes in working capital accounts: An increase in accounts receivable of $15,000 is subtracted. A decrease in merchandise inventory of $12,000 is added. A decrease in accounts payable of $20,000 is subtracted. Depreciation expense of $12,000 is added back. Adding these adjustments to the net loss of $6,000, we get a net cash provided by operating activities of $9,000. This means that the company generated $9,000 of cash from its core operations during the year.
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suppose robina bank receives a deposit of $53,589 and the reserve requirement is 6%. answer the questions using this information. round your answers to two decimal places. what is the amount that robina bank must keep on hand as required by the federal reserve (fed)? keep on hand: $ 3215.34 what is the amount that robina bank must have in excess reserves from this initial deposit? excess reserves: $ 50373.66 what is the total change in the m1 money supply from this one deposit?
Answers
The total change in the M1 money supply from this one deposit is $53,589. This is because the initial deposit adds $50,373.66 to the M1 money supply, and there is no change in the amount of currency in circulation or the amount held in bank reserves.
1. To find the amount that Robina Bank must keep on hand as required by the Federal Reserve (Fed), we use the reserve requirement of 6%. We multiply the initial deposit by the reserve requirement percentage:
Required reserves = Initial deposit * Reserve requirement
Required reserves = $53,589 * 0.06 (6%)
Required reserves = $3,215.34
2. To find the amount of excess reserves from this initial deposit, we subtract the required reserves from the initial deposit:
Excess reserves = Initial deposit - Required reserves
Excess reserves = $53,589 - $3,215.34
Excess reserves = $50,373.66
3. The total change in the M1 money supply from this one deposit is equal to the amount of excess reserves that Robina Bank has. This is because the excess reserves can be loaned out to other individuals or businesses, thereby increasing the money supply. In this case, the total change in the M1 money supply is:
Total change in M1 money supply = Excess reserves
Total change in M1 money supply = $50,373.66
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Doug offers to sell a computer router to Eve, but it is stolen before Eve accepts. Doug:
a. is not required to obtain a similar item for Eve, because it could take an unreasonable period of time to obtain a replacement.
b. is not required to obtain a similar item for Eve, because the theft of the original router terminated the offer.
c. must obtain a similar item for Eve, if Eve offers to pay before delivery.
d. must obtain a similar item for Eve, if Doug tells Eve that he accepts the offer.
Answers
Answer:
The answer is B
Explanation:
Since its been stolen he can't offer her anything anymore based on that transaction
Buster has had a serious medical condition for many months. He has used up all of his sick leave and vacation days, as well as 10 weeks of intermittent Family Medical Leave Act leave. He asks for an additional two weeks off. Which of the following is true? A. Buster's employer can fire him because he wants to take more leave B. Buster cannot be fired for reasons aside from his need to take leave. C. Buster cannot take any more leave if he has also used up his sick leave and vacation days. D. Buster is entitled to the leave he is asking for.
Answers
Answer:
C. Buster cannot take any more leave if he has also used up his sick leave and vacation days.
Explanation:
Buster has used up all the sick leaves and the vacation leaves and is asking for additional two more weeks off even after taking the ten-week of intermediate family leave he should be not allowed to take more leaves. Through he cannot be fired due to his serious condition but if he has finished all the sick leaves he should not be given.Answer:
b
Explanation:
Sheffield Company uses a periodic inventory system. Details for the inventory account for the month of January, 2020 are as follows: Per Units Unit Price 190 $6,00 Total Balance, 1/1/20 $1140 100 5. 20
Answers
The total balance of Sheffield Company's inventory account on January 1, 2020, was $1,140. During the month of January, they purchased 190 units at a unit price of $6.00 and an additional 100 units at a unit price of $5.20.
To calculate the total cost of the inventory, we multiply the number of units purchased by their respective unit prices.
For the first purchase of 190 units at $6.00 each, the cost is 190 * $6.00 = $1,140.
For the second purchase of 100 units at $5.20 each, the cost is 100 * $5.20 = $520.
To determine the total balance, we add the cost of the purchases to the initial balance:
$1,140 (initial balance) + $1,140 (first purchase) + $520 (second purchase) = $2,800.
Therefore, the total balance of Sheffield Company's inventory account for the month of January 2020 is $2,800.
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July company currently outsources a relay switch that is a component in one of its products. The switches cost $20 each. The company is considering making the switches internally at the following projected annual production costs: unit-level material cost $ 3 unit-level labor cost $ 2 unit-level overhead $ 1 batch-level set-up cost (5,000 units per batch) $ 25,000 product-level supervisory salaries $ 37,500 allocated facility-level costs $ 20,000 the company expects an annual need for 5,000 switches. If the company makes the product, it will have to utilize factory space currently being leased to another company for $1,500 a month. Moreover the company would need to hire an additional supervisor. If the company decides to make the parts, total costs will be: a. $27,000 less than if the switches are purchased. B. $20,000 less than if the switches are purchased. C. $10,500 more than if the switches are purchased. D. $30,500 more than if the switches are purchased.
Answers
The total costs if the company decides to make the parts, given the cost of making the part versus purchasing it, will be C. $10,500 more than if the switches are purchased.
What are the costs of purchasing v. buying ?The cost of purchasing to July company would be :
= Number of switches x Cost of each switch
= 5, 000 x 20
= $ 100, 000
The cost to make the switches would be :
= Material cost + Labor cost + Overhead cost + Set up costs + Supervisor salary + Rent lost
= ( ( 3 + 2 + 1 ) x 5, 000 units ) + 25, 000 + 37, 500 + ( 1, 500 x 12 )
= $ 110, 500
Difference in cost :
= 110, 500 - 100, 000
= $ 10, 500
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suppose the canadian government has decided to place an excise tax of $20 per tire on producers of automobile tires. excise taxes are also called sales or commodity taxes. previously, there was no excise tax on automobile tires. as a result of the excise tax, producers of tires, such as bridgestone and michelin, are going to alter their tire prices. the graph illustrates the demand and supply curves for automobile tires before the excise tax. please shift the appropriate curve or curves on the graph to demonstrate the new equilibrium.
Answers
In order to determine the effect of the tax on the demand and supply graph, please check the attached image.
A tax is a form of transfer to wealth from businesses to the government. Taxes increase the price of goods and services. As a result of the tax levied on the producers of automobile tires, the cost of making tires would increase. This would make producing tires more expensive.
As a result of the increase in the cost of making tires, the production of tires would fall. As a result, there would be a leftward shift of the supply curve. This would lead to a rise in equilibrium price and a decrease in equilibrium quantity.
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True or false
4. Investing in a 401k will benefit you most if viewed as a long-term plan for retirement, you shouldn't expect a quick return on your money.
Answers
The given statement "Investing in a 401k will benefit you most if viewed as a long-term plan for retirement, and you shouldn't expect a quick return on your money" is True because investing in a 401k is a long-term strategy that requires patience, discipline, and consistency.
A 401k is a type of retirement account that enables employees to save and invest for their retirement, and it is generally provided by employers to their workers. There are several reasons why investing in a 401k is viewed as a long-term plan for retirement. First, 401k contributions are tax-deferred, which means that any contributions made to the account are deducted from your taxable income, reducing your tax bill and allowing you to save more. Second, most 401k plans are invested in the stock market, which tends to be volatile and unpredictable in the short term.
However, over the long term, the stock market has historically generated high returns that can significantly boost your retirement savings. Also, you shouldn't expect a quick return on your money in a 401k because there are penalties for early withdrawals before the age of 59 and a half. You can withdraw money from your 401k before that age, but you will be charged a 10% penalty on the amount withdrawn, in addition to paying taxes on the withdrawal as regular income.
Therefore, investing in a 401k is a long-term strategy that requires patience, discipline, and consistency. However, with the right approach, it can provide a reliable source of retirement income that can last for decades after you retire.
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What is your credit score based on
Answers
Answer:
FICO Scores are calculated using many different pieces of credit data in your credit report. This data is grouped into five categories: payment history (35%), amounts owed (30%), length of credit history (15%), new credit (10%) and credit mix (10%).
Explanation:
1. Define Trade, Import and Export
2. List items the U.S. imports and exports.
Answers
Answer:
food and clothing
Explanation:
import is to bring things from a different country for sale. export is to give things to a different country or place for sale. trade is to transfer or exchange something from a different country.
Sedentary muscles should be braised to make them become tender.
Answers
Answer: True
Explanation:
Braising thoroughly cooks the meat to make sure these tough meats become tender. Braising works so well for this because it is a combination cooking method.
DIFFERENT BETWEEN SMALL AND LARGE OFFICE
Answers
Answer:
size
Explanation:
size size size
Wha Companies use relationship marketing to build and maintain relationships with their _______________. *
customers
employees
supplies
vendors t is a business
Answers
Answer:
customers.
Explanation:
Marketing mix can be defined as the choices about product attributes, pricing, distribution, and communication strategy that a company blends and offer its targeted markets (customers) so as to build and maintain a desired response.
Generally, a marketing mix is made up of the four (4) Ps;
1. Products: this is typically the goods and services that gives satisfaction to the customer's needs and wants. They are either tangible or intangible items.
2. Price: this represents the amount of money a customer buying goods and services are willing to pay for it.
3. Place: this represents the areas of distribution of these goods and services for easier access by the potential customers.
4. Promotions: for a good sales record or in order to increase the number of people buying a product and taking services, it is very important to have a good marketing communication such as advertising, sales promotion, direct marketing etc.
One of the importance associated with good marketing communication (relationship marketing) is that, it improves the image of a business firm. A business firm with a good company reputation or prestige for the sales and production of quality products with an excellent customer relationship can easily introduce new products into the market at a high price without limitations.
Hence, companies use relationship marketing to build and maintain relationships with their customers.
Explain the word taxation.
Answers
true or false? drug courts are designed to deal with violent, drug-abusing offenders.
Answers
False. Drug courts are not designed to deal with violent, drug-abusing offenders.
Drug courts are specialized court programs that focus on addressing the underlying issues of drug addiction and substance abuse in offenders who have been charged with drug-related crimes. These courts offer an alternative to traditional criminal justice proceedings by emphasizing treatment and rehabilitation rather than punishment.
The goal of drug courts is to break the cycle of addiction and reduce the likelihood of future criminal behavior by providing offenders with access to substance abuse treatment, counseling, and other support services. These courts typically involve a collaborative effort between judges, prosecutors, defense attorneys, treatment providers, and other community organizations to address the individual needs of each participant.
While drug courts do not deal specifically with violent offenders, they can serve as an effective intervention for non-violent drug offenders who are at risk of becoming involved in criminal activity due to their addiction issues. By providing a comprehensive and coordinated approach to addressing substance abuse, drug courts can help offenders overcome their addiction and avoid future involvement in the criminal justice system.
In summary, drug courts are specialized court programs designed to address drug addiction and substance abuse in offenders who have been charged with drug-related crimes. They are not specifically designed to deal with violent, drug-abusing offenders.
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The measure of the difference between a customer's expectation of service quality and what
actually occurred is referred to as
O service analysis.
gap analysis.
O SERVQUAL analysis.
Oreliability analysis
Answers
Gap analysis refers to the process of identifying the differences or gaps between customers' expectations of service quality and their actual experiences. This technique is used to assess the quality of service provided by an organization, with the goal of identifying areas that need improvement.
Gap analysis can be done using various tools, including customer surveys and feedback, to measure the gap between the desired level of service quality and the actual level provided by the organization. By understanding these gaps, organizations can make changes to improve their service quality and meet or exceed customer expectations.
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11-M.2 MASTERY PROBLEM (Review of Chapters 9, 10, and 11), p.
340
Journalizing and posting transactions
Answers
Journalizing is the systematic filing of transactions in the right journals. Every incident is documented with double-entry is corresponded in an opposite entry as well.
Journalizing transactionsOnce one's firm earns or spends money, post the transaction in at least two different accounts – a debit and a credit account. This is called the double-entry method.
Posting transaction is the transferring of the data one has recorded in journaling to ledger accounts
Therefore, the two concepts are as defined above.
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Your employer wants to analyze data that come from other sites, such as measuring where people have come from to get to your company’s site. what would you recommend that your company use to determine how people searched the internet to find its products?
Answers
I would recommend that your company use a web analytics tool such as Adobe Analytics, or a similar product to measure the incoming traffic to your site.
What is company?
A company is a legal entity created by individuals, stockholders, or shareholders, with the purpose of operating for profit. Companies are separate from their owners and managers, and exist as a distinct legal entity. They can enter into contracts, loan and borrow money, sue and be sued, hire employees, own assets, and pay taxes. Companies are typically created to pursue and capitalize on business opportunities, and to provide goods or services to customers at a profit. Companies can be structured in various ways, including corporations, partnerships, and limited liability companies.
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You are looking at a sales report from last month. You notice one metric is much lower than expected, so you click on that metric to get more details from last month. Being able to get additional information on the underlying details of a value is an example of using the ______ _______ feature of the sales report dashboard.
Answers
Being able to get additional information on the underlying details of a value is an example of using the drill-down feature of the sales report dashboard.
Drilldown: What is it?Business intelligence has two incredibly powerful features: drill down and drill through analysis. Although they do so in various ways, they both allow the user to view data and information in greater detail. By using the drill-down feature, the user can quickly switch from a more broad view of the data to a more focused one.
For instance, a drill-down report that displays sales revenue by state may allow the user to click on a state, select it, and view sales revenue by county or city inside that state. Drill down is a feature that enables users to delve deeper into more focused layers of the data or information being analyzed, hence the name.
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It has been reported that 40% of U.S. Workers employed as purchasing managers are females. In a simple random sample of U.S. Purchasing managers, 70 out of the 200 are females.
Answers
Answer:
a. Population proportion = 0.40b. Sample proportion = 0.35Explanation:
Question wants to know the population proportion and the sample proportion.
a. Population proportion:
The population in this case is the U.S. workers employed as purchasing managers. The proportion that we are interested in is the 40% that are female.
Population proportion is therefore 0.40.
b. The sample proportion uses the sample details not the population details:
= Number of females employed as Purchasing managers in sample / Number of Purchasing managers in sample
= 70 / 200
= 0.35
producer expectations refer to firms' expectations of for a good or service that they produce. multiple choice question. resource availability life-cycle future prices
Answers
The correct answer to the question above is "future prices"
Producer expectations refer to firms' expectations of future prices for a good or service that they produce. An example of producer expectations is when the producer of something expects the price of their product to rise in the future, they will supply less in the present and wait for the price to rise. Producer expectations affect supply, it will decrease supply today when they expect prices to go up in the future. Because they will save inventory to sell for a higher price in the future.Learn more about producer expectations at: https://brainly.com/question/13864851
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Which types of investments are securities? Debt or equity?
Answers
Answer:
Securities are commonly thought of as tradable financial assets Equity securities common stocks Fixed income investments, including debt securities like bonds notes and money market instruments. Some fixed income investments such as certificates of deposit CDs may not be securities at all
Explanation:
which of the following would impact the natural rate of unemployment? group of answer choices the availability of job information all answer options a workplace safety policy that raises business operation costs a penalty fee for businesses that fire or layoff workers
Answers
B. all answer options, would impact the natural rate of unemployment.
The minimum unemployment rate that is constant with stable prices in the economy. The natural rate of unemployment is influenced by various factors that include job search process, technology, structural changes, and public policy. which suggests that all answer options would impact the natural rate of unemployment.
The following are ways through which various options would impact the natural rate of unemployment. The availability of job information: When there is a high availability of job information, it would decrease the natural rate of unemployment. This is because it would increase job matching as individuals can easily apply for jobs that match their qualifications and interests.
A penalty fee for businesses that fire or layoff workers: A penalty fee would discourage businesses from laying off or firing workers, and this would increase the natural rate of unemployment. This is because businesses would retain workers even if they don't need them, leading to a decrease in job opening rate. Therefore the correct option is B. all answer options would impact the natural rate of unemployment.
The Question was Incomplete, Find the full content below :
which of the following would impact the natural rate of unemployment? group of answer choices
a. the availability of job information
b. all answer options
c. a workplace safety policy that raises business operation costs
d. a penalty fee for businesses that fire or layoff workers
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A price ceiling A. is an illegal price. B. is the maximum price that can legally be charged. C. is the price that exists in a black market. D. Both answers A and B are correct. E. Both answers B and C are correct.
Answers
Answer:
The correct answer is the option B: is the maximun price that can legally be charged.
Explanation:
To begin with, the concept known as "price ceiling" in the economics field refers to the practice that the government uses in order to establish a maximun price that is the one that can be legally charged to the consumers regarding certain products. This policy comprehends an instrument for the government that it uses it with the purpose to guarantee particular products or services that might be essential to the society so therefore the people can buy it.
What type of story would provide the MOST in-depth analysis of an event like a major airline strike?
Answers
When major airline strike or airport staff walk out, the airline or airport is unable to continue offering the required services. In two specific scenarios, passengers can file a claim for flight reimbursement owing to a flight strike.
What are the three main subjects of conversation during airline labor negotiations?Wages, benefits, and work regulations are the three main components of airline labor contracts in general. Those elements of a contract are referred to as work rules in general.
Why is the airline workforce on strike?This year, as travel demand increased and businesses grappled with workforce shortages brought on by the epidemic, the airline industry experienced several aircraft delays and cancellations. As frontline workers battle for the same with airport operators, pilots have also demanded higher pay from airline corporations this year.
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Answer: B) feature article
Explanation: cuz i j got it correct on plato
you can blank/what your tax liability through proper financial planning
Answers
Answer:
Hsdinabdkeakabeeisbsbdjhsuq
What was the opening price of Dow Jones Industrial Average on Sep 28, 2017 in the format of XXXXX.XX?
Answers
The starting price was $21080.28.
Calculation
On May 30, 2017, the Dow Jones Industrial Average was:
The Dow Jones Industrial Average finished at 21029.47 on May 30, 2917, a decrease of 50.81, according to valueline.com.
Index of closure: 21029.47+ downward motion = 50.8121080.28 is the opening index.According to this, the starting price was 21080.28.
The stock performance of 30 major firms that are listed on American stock exchanges is tracked by the Dow Jones Industrial Average. It is an index of stock price. The S&P 500 Index and the NASDAQ are two more.
The day's initial average price before trading began is represented by the starting index. The price must have fluctuated, moving up and down, while trade. By adding back, it can be deduced from this closing index data that the opening price was higher than the closing price by 50.81, or around 51 basis points.To Learn more about Averages and Opening Price, Click the links.
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