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State about the Detection risk
This is the risk that auditors 'substantive procedures don't detect a material misstatement in an account balance or class of transactions. It is mainly the consequence of the fact that auditors don't, and can't, examine all available evidence.
Having assessed inherent risk and control risk, detection risk is then balancing figure set to achieve an acceptable total audit risk.
CLASSIFICATION OF BUDGETS Budgets can be categorized on the basis of several bases. There are three important bases for classifying budgets. They are - functions, time, and
What is the difference between pro forma financial statements and a cash budget? Explain why pro forma financial statements are not used to forecast cash needs. Pro forma
What is working capital? Working capital comprise of the current assets of the firm.
(a).At the end of three years, how much is an initial deposit of $100 worth, assuming a compound annual interest rate of (i) 100 percent? (ii) 10 percent? (iii) 0 percent? (b).b. A
Write the format to place the order. What are the risks involved in the delivery of products. Format of the order: ? Purchase order ? Acknowledgement form ? Material requisitio
What is the role of a broker in security transactions? How are brokers compensated? Brokers manage orders to sell or buy securities. Brokers are agents who deal on behalf of an
Question 1: (i) Critically explain and analyse the Lewis model of economic development. (ii) Compare and contrast the neoclassical growth model and the new growth theory.
Q. What do you mean by Average Cost and Marginal cost? Average Cost and Marginal cost: the average cost is the combined cost as explain above, but for the difference in the for
Discuss and compare hedging transaction exposure by using the forward contract vs. money market instruments. While do the alternative hedging approaches generate similar result?
Residual Income This is used for external reporting purposes. This term refers to the net income which is available for distribution to the firm's common stock holders. In mana
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