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An auditor determines that management integrity if high, the risk of account misstatements is low, and the client's internal controls are effective. Which of the following conclusions can be reached regarding the need to perform direct tests of account balances?
A. Direct tests should be limited to material account balances, and the extent of testing should be sufficient to corroborate the auditor's assessment of low risk.
B. Direct tests of account balances are not needed.
C. Direct tests of account balances are necessary if the audit risk was set at a low level but are not necessary if audit rish was set at a high level.
D. Direct tests should be performed on all account balances to independently verify the correctness of the financial statements.
Shamrock Company had net income of $30,000. On January 1, the number of shares of common stock outstanding was 8,000. The company declared a $2,700 dividend on its noncumulative, nonparticipating preferred stock.
The company uses the straight-line method of depreciation with no mid-year convention. What is the accounting rate of return on original investment rounded to the nearest percent, assuming no taxes are paid.
You are a Branch Manager and your office saw 2,500 patients in January 2012. From historical data, you know each month you add exactly 160 new patients and this trend will continue indefinitely.
In its year 2 financial statements, Gregory's on Ormond would recognize compensation expense relative to the options of how much?
Stoker Corporation applies fixed overhead at the rate of $0.65 per unit. For May, budgeted fixed overhead was $524,745. The production volume variance amounted to $5,070 unfavorable, and the price variance was $11,100 unfavorable.
Page Company is contemplating the acquisition of a machine that costs $50,000 and promises to reduce annual cash operating costs by $11,000 over each of the next six years.
Ford county lieves for its general fund $2,000,000 in property taxes. In addition, the county is responsible for collecting $4,000,000 in property taxes for the consolidated school district and $1,000,000 in property taxes for a town within the co..
Unger Company uses the perpetual inventory method. Unger sold goods that cost $3,500 for $7,200. If the sale was made to a customer on account, the sale will:
What does the accounting model of business valuation focus on?
Charles River Company has just sold a bond issue with 10 warrants attached. The bonds have a 20-year maturity, an annual coupon rate of 12.0 percent, and they sold at their $1,000 par value.
What is the common stock, retained earnings, cost of goods sold and net income. I have 5000 cash, 10000 inventory,45000 building,5000accounts payable.total liabitities stockholders 60000,revenues 80000 and administrative expeneses 10000
On October 1, 2010, Mann Company places a new asset into service. The cost of the asset is $40,000 with an estimated 5-year life and $10,000 salvage value at the end of its useful life. What is the depreciation expense for 2010 if Mann Company use..
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