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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.
The owner of a local store represents his short run production below. Labor is (L) and represents the amount of workers hired, Q is the number of bagels produced per day. The current wage is $100 per day and the firm has $200 per day in fixed cost..
The marginal tax rate is defined as the extra taxes paid on additional income divided by the increase in income. Calculate the marginal tax rate for the proportional tax system as income rises from $50,000 to $100,000.
Online Tutors offers monthly access to students for either or both math or science tutors. A market study found that the served by Online Tutors can be divided into two types of students: students needing help with math
Consumer 1 has expenditure function e1(p1; p2; u1) = u1sqrt(p1p2) and consumer 2 has utility function v(x1; x2) =x1x2^(alpha) What are Marshallian (market) demand functions for each of the goods by each of the consumers
Real GDP was $4,179 billion in year 1 and $4,848 billion in year 2. IN contrast, real GDP per capita in Year 1 was $19,261, but in year two it was only $19,162. Why did one measure increase while the other measure decreased
A girl with a current wealth of Rs 50,000 who faces the prospect of a 25% chance of losing her Rs 26,000 jewellary.suppose her Von newmann-Morgensterm utility index is U(W)= ln(W).
Do you think these phenomena are related? Could higher wages and better job opportunities lead to a more capital-intensive way of performing household chores? Explain.
A monopolist faces a demand curve given by: P = 220 - 3Q, where P is the price of the good and Q is the quantity demanded. The marginal cost of production is constant and is equal to $40. There are no fixed costs of production. How much output sho..
1. suppose that currency in circulation is 600 billion the amount of checkable deposits is 900 billion excess reserves
australian bureau of statistics abs provides retail data for different groups and different states as well as the
Suppose the demand curve for a monopolist is Qd=500-P, and the marginal revenue function is MR=500-2Q. The monopolist has a constant marginal and average total cost of $50 per unit. a) Find the monopolist's profit-maximizing output and price.
What output, price, and profit levels would prevail following expiration of the company's monopoly franchise assuming that vigorous competition evolves between the local cable TV company, voIP firms, and Big Phone, Inc. Assume that a long-run perf..
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