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(C) The requirement is to give the financial statement assertion that is most likely to be the focus of an auditor in his procedures when considering accounts payable. The simple net profit equation is revenue minus expense equals profit. Expenses are created when accounts payable are booked. If management wants to keep profit high they can either report higher sales or lower expense. Choice (C), completeness, is the one assertion that applies most to accounts payable because if accounts payable owed are omitted, net income is too high (i.e. overstated). Choice (A) is false because the existence assertion deals with whether recorded accounts payable are overstated, understating net income, something management is unlikely to let happen. Choice (B) is mistaken because payables have few onerous disclosures. Choice (D) is not the case because there is usually no valuation questions regarding payables - they are valued at the cost of the related acquisition unless there is a chance of non-payment or reduced payments. See ISA 500 for more information on management's financial statement assertions.
Find the four-firm concentration ratios for the following industries: fluid milk (311511), women's and girl's cut & sew dresses (315233), envelopes (322232), electronic computers (334111).
If a corporation operates in a highly competitive industry and competes against many other companies. In the last some years, many new companies have entered the industry and firm now earns a return on investment very close to prevailing interest rat..
Demand P (q)=100-2q Total Costs C(q)=10+20q . Calculate marginal cost for a firm in this industry. The marginal cost is graphed below, what is special or interesting about this marginal cost function. Verify the monopolist equilibrium is (Q=20,P=6..
As an alternative, the company offers a 24-month lease with a single up-font payment of $ 12,780 plus a $500 refundable security deposit. The security deposit will be refunded at the end of 24-month lease.
The market price is currently $1 per poster. She has fixed cost of $250. Her variable cost are $1000 for the first thousand posters, $800 for te second thousand, and then $750 for each additionl thousand posters.
an apple farmer can only produce in quantities of 1 100 200 300 400 or 500 bushels and has the following costsbushels
Newton exports all their products outside the city and Garfield only sells their products within the city. Newton experiences growth, so it hires 100 more workers, all of whom come to reside in city A. Because of this, Garfield - at the first stag..
1. How do you know that the firm represented in the graph above is a purely competitive firm 2. To maximize profits, this firm will produce at what output level (one letter) 3. Explain why this MR=MC position is the profit-maximizing position for any..
it also gives each economy's average annual growth rate over this period. for example, real GDP per persion in senegal was $1,776 in 1960 and actually declined to $1,571 by 2000. Senegal's average annual growth rate during this period was -0.31%
In order to have money available for replacing their family vehicle, a couple planned to have $220,000 available in 10 years by investing. If they plan to increase their savings by 10% each year, how much must they invest in year 1 if they expect ..
Suppose a firm operates as a price taker in a perfectly competitive industry. The firm's Total Cost function is given by TC = a + bQ +cQ2. Therefore the firm's marginal cost is given by b +2cQ. Find an expression for the Breakeven Price.
Suppose the total benefit derived from a given decision, Q, is B(Q) = 25Q - Q^2 and the corresponding total cost is C(Q) = 5 + Q^2, so that MB(Q) = 25 -2Q and MC(Q) = 2Q. What level of Q maximizes net benefits
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