Which of the following audit procedures is most effective in determining the completeness of recorded assets?
Assessing overall asset audit risk.
Tracing from source documents to entries in the accounting records.
Performing cyclical procedures.
Vouching transactions.
Answers
The correct answer is: Tracing from source documents to entries in the accounting records.
Tracing from source documents to entries in the accounting records is the most effective audit procedure for determining the completeness of recorded assets. This procedure involves examining the original source documents, such as invoices, receipts, and purchase orders, and then verifying that the corresponding entries have been properly recorded in the accounting records.
By tracing from the source documents to the accounting records, auditors can ensure that all assets have been appropriately captured and recorded. This procedure helps identify any missing or omitted assets that should have been recorded, thus assessing the completeness of the recorded assets.
Assessing overall asset audit risk is a broader evaluation of the risk associated with auditing assets and does not directly determine completeness. Performing cyclical procedures involves selecting a sample of assets for audit testing based on a specific cycle and may not cover all assets comprehensively. Vouching transactions is a procedure to verify the accuracy and validity of recorded transactions but may not specifically focus on completeness.
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Related Questions
When banks offer borrowers smaller loans than they have requested, banks are said to?
Answers
Banks offer Borrower's ability to repay the loan, a lack of collateral to secure the loan, or a shortage of funds available for lending.
How bank offers Borrower's ability?When banks offer borrowers smaller loans than they have requested, it is said to be a loan "rationing" or "credit rationing" situation.
Credit rationing occurs when lenders limit the amount of credit available to borrowers, either by offering lower loan amounts than requested or by setting strict criteria for loan approval that some borrowers cannot meet. This may happen for several reasons, such as the lender's concerns about the borrower's ability to repay the loan, a lack of collateral to secure the loan, or a shortage of funds available for lending.
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what are the five elements in the management process?
Answers
Management process is a group of activities that aid the organization to achieve its goals and objectives. It comprises five elements which are as follows:1. Planning 2. Organizing 3. Staffing 4. Directing 5. Controlling Elements of the Management Process are explained below:
1. Planning: Planning is the foremost element of the management process that includes setting objectives and goals, developing strategies to achieve the targets, and preparing plans to coordinate activities.
2. Organizing: It involves grouping, arranging, and structuring the resources to attain the organizational goals. It encompasses assigning duties, responsibilities, and authority, forming an organization hierarchy, and building a departmental structure.
3. Staffing: Staffing refers to the recruitment, selection, and placement of qualified personnel. This process involves identifying and assessing workforce requirements, attracting qualified candidates, and placing them in the right positions.
4. Directing: It involves influencing, supervising, guiding, and coordinating the efforts of the subordinates to achieve the organizational objectives. It includes the process of communication, motivation, leadership, and decision-making.
5. Controlling: Controlling is the final step in the management process that comprises measuring, analyzing, and correcting the performance of the organization. This element of management deals with the setting of standards, performance evaluation, and corrective action.
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Which of the following statements is true about mortgages?
A. The adjustable mortgage has an adjustable term of years but
fixed interest rate.
B. The adjustable mortgage has adjustable rates over a set amount
of time.
C. The fixed mortgage has a fixed term of years but adjustable
interest rate.
D. The fixed mortgage has an adjustable interest rate over a set time.
Answers
The statement true about mortgage is B. adjustable mortgage has adjustable rates over a set amount of time.
A mortgage is basically a pact or agreement between the person who is providing a loan in the form of money and the person taking the loan in the form of money. It includes that if you fail to return the amount the lender has all the rights by which they can take away your property that you have submitted as a security deposit in form of property papers.
There are two types of mortgages on the basis of interest rates first is adjustable mortgages which has adjustable rates of interest through a fixed period of time. On the other hand is fixed mortgages which means there is a fixed rate of interest for a fixed period of time.
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For the qfd problem 4 matrix, compute the customer requirements absolute weight. technical requirements absolute weight and factor. technical requirements relative weight and factor. which design and technical factors should be emphasized? why?
Answers
The following characteristics of a vehicle windshield are essential: glass type, perfect window tinting, window size, and windshield pitch.
What exactly does the word "client" mean?
Customer definition A client is a person or business that buys goods or services from another business. Customers are crucial since they generate revenue. Without them, businesses would not continue to operate.
What do a client and an example mean?
A buyer of products and services is referred to as a customer. Once a customer consumes the products or services, they are considered consumers. There are several types of potential clients, including purchasers, users, administrators, and distributors.
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Unlike a printed product, online service information
can be instantaneously ___ by the provider.
Answers
Answer: bolt
Explanation:
Which of the following describes a food retailer?
uses products from farmers and ranchers, commodity processors, and food manufacturers to offer food to their customers
supports the farmers and ranchers with feed and seed
transports the farmers’ and ranchers’ products and the processed and manufactured food products throughout the system
buys the processors’ products to make prepared food
Answers
Answer:
transports the farmers and ranchers
Answer:
B
Explanation:
make a list of your resources
Answers
Answer:
water, air, wood, fire. is that what ur looking for
Explanation:
An S corporation had the following income and expenses: Sales $240,000 Rent expense 25,000 Business meals 5,000 Interest income 1,500 Contributions to qualifying charities 600 IRC Section 179 expense 3,000 Depreciation expense 1,800 What would be reported as ordinary income on the corporation's income tax return
Answers
The amount that should be reported as the ordinary income on the income tax return of the corporation is $210,700.
Sales $240,000
Less: Rent expense ($25,000)
Less: 50% Entertainment expense ($2,500)
Depreciation ($1,800)
Ordinary income $210,700
Ordinary income involved the sales amount, rent expense, 50% of entertainment expense, and the depreciation expense
Therefore, we can conclude that the amount that should be reported as the ordinary income on the income tax return of the corporation is $210,700.
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If a stadium sells 40,000 seats sold at $20, $22.50, and $25 and $28 equally distributed in four sections, how much can be made if the stadium sells out?
Answers
section B = 14,900 seats
section C = 7,600 seats
Amount of stadium sells out is $955,000
Given:
Number of stadium sells = 40,000
Four section cost = $20 , $22.5 , $25 , $28
Find:
Amount of stadium sells out
Computation:
Average price = [20 + 22.5 + 25 + 28] / 4
Average price = [20 + 22.5 + 25 + 28] / 4
Average price = 95.5 / 4
Average price = $23.875
Amount of stadium sells out = Number of stadium sells × Average price
Amount of stadium sells out = 40,000 × $23.875
Amount of stadium sells out = $955,000
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The body is hard wired to tell the ____
Answers
Kristina works at a coffee shop. She can produce 200 coffee drinks in four hours. What is her productivity for one hour?
Answers
Answer: She can produce 50 drinks in 1 hour, 200/4 = 50
Answer:
50
Explanation:
divide 200 by 4
hope this helps dont 4get to like and star
-mercury
With the help of online research, write a short report on “glocalization.”
Answers
The phenomena of Glocalization, which is best described as Thinking Globally, Acting Locally, is created when the two terms of globalisation and localization are combined.
To put it more properly, we may say that although if a single brand is produced, sold, and distributed globally, it is nevertheless personalised and customised to suit the tastes and preferences of customers in the many global marketplaces.
It is carried out since each region of the world has its own unique culture, linguistic preferences, demands, and desires.
By adjusting their offerings and products to meet the needs of that specific market, businesses may effectively position and place their items, resulting in high revenues and devoted customers.
The following are all global brands, although they cater to the demands of their customers in various parts of the world while selling items.
Chips by Lays (They sell different flavours in different parts of the world, according to the taste preference and eating habits of that country).
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Suppose that professor johnson is negotiating a new contract with the university of wisconsin-madison. If she would like the purchasing power of her income to increase by 2 percent in the coming year, and she expects the inflation rate to be 1. 8 percent over the same period, by how much should she request her income to be increased?.
Answers
She requests a 3.94% wage rise.
What do you mean By inflation?The gradual rise in prices over an extended period of time is referred to as inflation. In general, prices have increased or a country's cost of living has increased. These are some general examples of inflation measurements.
How is the inflation rate calculated?To calculated the monthly rate of inflation, the quarterly rate, the yearly rate, or both, statisticians compare the index's value over one time period to its value over another period, such as from month to month, quarter to quarter, or year to year.
What are the three main types of inflation?The three types of inflation that can occasionally be separated are built-in, cost-push, and demand-pull. The Consumer Price Index and the Wholesale Price Index are the two most commonly used inflation indicators.
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Her request for an increase in income is 3.94%. Inflation is defined as an increase in the price of goods and services purchased by households.
What is inflation rate?Inflation is defined as an increase in the price of goods and services purchased by households. The rate of change in those prices is used to calculate it. Prices typically rise over time, but they can also fall (a situation called deflation). Inflation rate in the United States in August 2022. According to the 12-month percentage change in the consumer price index, or the monthly inflation rate for goods and services in the United States, prices increased by 8.3 percent in August 2022 compared to August 2021. Consumer prices rose 9.1 percent in the fiscal year ending June 2022, the highest increase in 40 years: U.S. Bureau of Labor Statistics: The Economics DailyTo learn more about inflation rate, refer to:
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Which of these can you invest in without assuming any risk?
(1 point)
bonds
property
stocks
none
Answers
Answer:
none
Explanation:
correct
How should the entries to a schedule of accounts payable be ordered?
OA. by date received
B. alphabetically by vendor name
C. by amount due from most to least
OD. by date due
Answers
Answer:
D. by date due
Explanation:
The entries to a schedule of accounts payable should be ordered by "date due" (Option D). This means that the accounts payable should be listed in the order of the due dates, with the earliest due date appearing first and the latest due date appearing last. This makes it easier for the person responsible for paying the bills to prioritize which bills to pay first and to ensure that bills are not missed or paid late due to disorganization.
Answer: by date received!
in about 100 words explain who owns, controls and is responsible for any debt, in a sloe proprietorship and in a partnership.
Answers
Legally, sole proprietors bear unlimited responsibility for all business debts. Their assets, both personal and business, are at risk.
Who is the sole proprietor of a business?A sole proprietor is a person who owns an unincorporated business on their own. However, if you treat a domestic limited liability company (LLC) as a corporation, you will not be treated as a sole proprietor even if you are the LLC's sole member.
The term "limitless obligation" refers to the full legal liability that business partners and entrepreneurs anticipate for all business obligations. This chance isn't covered, and responsibilities can be paid through the seizure and proposition of owners' own special assets, which isn't equivalent to the renowned confined liability business structure.
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Have you ever bought something you thought would make you happy, but in the end it didn't?
Answers
Answer:
ummmmmmmmmm yea, but it's all cool now hbu
ford motor co. has separate work units for individual car owners, for businesses, and for agriculture. ford’s organizational structure is based upon
Answers
Ford motor co. has separate work units for individual car owners, businesses, and agriculture. ford’s organizational structure is based upon customer divisions.
Customer divisions simply refer to when activities are grouped based on the customers or clients. In this case, there are different work units for the customers.
The reason for this is to enhance customer relationships and ensure that customers are attended to. It also helps to improve the revenue of the company since there are happier customers.
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lycan, inc., has 7.3 percent coupon bonds on the market that have 7 years left to maturity. the bonds make annual payments. required: if the ytm on these bonds is 9.3 percent, what is the current bond price? (do not round intermediate calculations. round your answer to 2 decimal places (e.g., 32.16).)
Answers
The current bond price is approximately $962.36.To calculate the current bond price, we need to use the present value of the bond's future cash flows. The cash flows consist of the annual coupon payments and the final principal payment at maturity.
Step 1: Calculate the annual coupon payment
The annual coupon payment is given by multiplying the coupon rate (7.3%) by the face value of the bond. Since the face value is not mentioned in the question, we'll assume it's $1,000 for simplicity.
Annual coupon payment = Coupon rate * Face value
Annual coupon payment = 7.3% * $1,000 = $73 Step 2: Determine the number of periods
The bond has 7 years left to maturity, and it makes annual payments. Therefore, the number of periods is 7.
Step 3: Calculate the present value of the coupon payments
Using the yield to maturity (YTM) of 9.3%, we can discount each coupon payment to its present value.
To calculate the present value of an annuity, we can use the formula:
PV = C * [1 - (1 / (1 + r)^n)] / r
where PV is the present value, C is the annual coupon payment, r is the discount rate (YTM), and n is the number of periods.
Present value of the coupon payments = $73 * [1 - (1 / (1 + 0.093)^7)] / 0.093
Present value of the coupon payments ≈ $73 * [1 - (1 / 1.093)^7] / 0.093
Present value of the coupon payments ≈ $73 * [1 - 0.512752] / 0.093
Present value of the coupon payments ≈ $73 * 0.487248 / 0.093
Present value of the coupon payments ≈ $380.76
Step 4: Calculate the present value of the principal payment
At maturity, the bondholder will receive the face value of the bond, which is $1,000. To calculate the present value of the principal payment, we can use the formula:
PV = F / (1 + r)^n
where PV is the present value, F is the face value, r is the discount rate (YTM), and n is the number of periods.
Present value of the principal payment = $1,000 / (1 + 0.093)^7
Present value of the principal payment ≈ $1,000 / 1.093^7
Present value of the principal payment ≈ $1,000 / 1.718735
Present value of the principal payment ≈ $581.60
Step 5: Calculate the current bond price
The current bond price is the sum of the present value of the coupon payments and the present value of the principal payment.
Current bond price ≈ Present value of the coupon payments + Present value of the principal payment
Current bond price ≈ $380.76 + $581.60
Current bond price ≈ $962.36
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How much life insurance do you need? Calculating needs - Part1 Larry and Ginny Stewart are 38 years old and have one daughter, age 9. Larry is the primary eamer, making $140,000 per year. Ginny does not currently work. The Stewarts have decided to use the needs analysis method to calculate the value of alife insurance policy that would provide for Ginny and their daughter in the event or Larry's death. Larry'and Ginny estimate that while their daughter is still living at home, monthly fiving expenses for Ginny and their child will be about s4,000 (in current dollars). After their daughter leaves for college in 9 years, Ginny will need a monthly income of $3,300 until she retires at age 65 . The 5 stewarts estimate Ginny's living expenses after 65 wil only be $2,900 a month. The life expectancy of a woman Ginny's age is 87 years, so the Stewart family calculatos that Ginny will spend about 22 years in retirement. Using this information, complete the first portion of the needs analysis worksheet to estimate their total ining expenses. Life Insurance Needs Analysis Worksheet Life Insurance Needs Analysis Worksheet In addition to these monthly expenses, other future outlays must be accounted for, Before they had a child, Ginny worked as a financial consultant, but her knowledge and skils are now somewhat outdated. Therefore, they include $40,000 for Ginny to go back to school. Additionally, Larry and Ginny want to create a college fund of $60,000 to fund their child's college education. They estimate that final expenses (funeral costs and estate taxes) will amount to $18,000. Finally, they have taken out a loan for a business venture of $32,200 and a credit card balance of $1,200, Because the Stewsirts are renters, they have no outstanding mortgage. Using this information, complete the next portion of Step i to determine the total financial resources neededi: The second half of the needs analysis worksheet is not shown on this page. To complete the worksheet and determine the value of the life insurance policy the Stewarts should purchase, they need to factor in additional Information. True on False: Larry's future salary (if he does not die) should be accounted for in the remaining portion of the form. True False
Answers
1. Calculate monthly expenses for each stage: $432,000, $712,800,$763,200.
2. Add up future outlays: $40,000 + $60,000 + $18,000 + $33,400 = $151,400
3. Calculate total financial resources needed: $432,000 + $712,800 + $763,200 + $151,400 = $2,059,400
4. Larry's future salary should not be included, as it is not a financial resource if he dies.
- Daughter at home: $4,000 x 12 months x 9 years = $432,000
- Until Ginny retires: $3,300 x 12 months x (65-47) years = $712,800
- 22 years of retirement: $2,900 x 12 months x 22 years = $763,200
To calculate how much life insurance Larry and Ginny Stewart need, they should consider their living expenses, future outlays, and financial resources.
Their total living expenses are $4,000 per month while their daughter is at home, $3,300 per month until Ginny retires at 65, and $2,900 per month for 22 years of retirement.
Other future outlays include $40,000 for Ginny's education, $60,000 for their daughter's college fund, $18,000 for final expenses, and a total debt of $33,400. Larry's future salary should not be accounted for in this calculation.
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you can blank/what your tax liability through proper financial planning
Answers
Answer:
Hsdinabdkeakabeeisbsbdjhsuq
What is Manny Khoshbins net worth?
Answers
Answer:
What is Manny Khoshbins net worth ?
Explanation:
Manny Khoshbin Net Worth is $200 million.
Iranian-born author and serial entrepreneur Manny Khoshbin is well-known for the real estate empire. The estimated net worth of Manny Khoshbin is $100 million.
Explain about the Manny Khoshbins and his net worth?Khoshbin Company is just the president and CEO of one of the top businesses in Orange County, California.
He leapt at the chance to buy a petrol station for a little less than 10% monthly payments when it was presented to him. But the transaction ended up being a fraud, and he forfeited everything. He attempted to obtain a permit the next year despite the fact that he was now in need of money, which led to his working as a loans office for such a mortgage company. In six months, he became able to make investments in distressed bank-owned buildings with the aid of his individual real estate business. Through his Khoshbin Company, he has a complex of 2.2 millions square feet in commercial real estate spread over six states.So, the estimated net worth of Manny Khoshbin is $100 million.
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Hi!
1) What is contrct of partnership deed ?
Answers
Answer:
Partnership Deed
Explanation:
A Partnership Agreement is a contract between two or more business partners. The partners use the agreement to outline their rights responsibilities, and profit and loss distribution. The agreement also sets the general partnership rules, like withdrawals, capital contributions, and financial reporting.
consider the cost function c(y) = 4y 2 16 (1) what is the average cost function? (2) what is the marginal cost function?
Answers
(1) The average cost function can be calculated by dividing the total cost by the quantity produced. In this case, the total cost function is c(y) = 4y^2 + 16. Thus, the average cost function is given by: AC(y) = c(y)/ = (4y^2 + 16)/y = 4y + 16/y
(2) The marginal cost function represents the change in total cost when one additional unit of output is produced. It can be found by taking the derivative of the cost function with respect to y. In this case, the derivative of c(y) = 4y^2 + 16 is:
MC(y) = d/dy (4y^2 + 16)
= 8y
To find the average cost function, we need to divide the total cost function by the quantity produced. Therefore, we divide c(y) = 4y^2 + 16 by y to get AC(y) = (4y^2 + 16)/y, which simplifies to 4y + 16/y.
To find the marginal cost function, we take the derivative of the cost function with respect to y. The derivative of 4y^2 + 16 is 8y, which gives us the marginal cost function MC(y) = 8y.
(1) The average cost function is A(y) = (4y^2 + 16)/y.
The average cost function is calculated by dividing the total cost function (C(y)) by the quantity of output (y). In this case, C(y) = 4y^2 + 16. To find the average cost function (A(y)), we simply divide C(y) by y:
A(y) = (4y^2 + 16) / y
(2) The marginal cost function is MC(y) = 8y.
The marginal cost function is the derivative of the total cost function (C(y)) with respect to the quantity of output (y). In this case, C(y) = 4y^2 + 16. To find the marginal cost function (MC(y)), we take the derivative of C(y) with respect to y:
MC(y) = d(4y^2 + 16) / dy = 8y.
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growbig is searching for a top-level executive. growbig has marketed its products only to u.s. farmers and agribusinesses in the past. now, the company plans to expand operations to mexico and central america in the next two years. to maximize the chances of success, it is critical that the new executive:
Answers
To maximize the chances of success, it is critical that the new executive has international experience.
To increase the likelihood of success in GrowBig's growth in Mexico and Central America, the next executive must have international experience. The executive's knowledge of international markets, including various economic conditions, customer preferences, and competitive landscapes, is a result of their international experience.
This knowledge is essential for creating winning market entrance strategies and successfully marketing GrowBig's products in Mexico and Central America. The CEO probably has a network of contacts and relationships in the agricultural industry spanning numerous nations thanks to their worldwide experience.
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What are the 4 levels of economic activity examples?
Answers
Resource management, the production of goods and services, the distribution of goods and services, and the consumption of goods and services are the four essential economic activities.
Give an example of each type of economic activity.
Principal Tasks: All activities related to the extraction and production of natural resources are considered primary. Examples: fishing, agriculture, and mining ii) Secondary Tasks: Secondary activities are those that have to do with how natural resources are processed.
Give examples of the secondary level of economic activity.
Secondary economic activity includes building construction, automobile manufacturing, and the production of utilities like electricity. Any activity that involves the physical creation of something of higher value falls under the secondary sector.
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Explain to the management of SSSMM the impact of the following socio-
economic issues on their business.
a.Inflation
b.Dumping
Answers
Answer:
inflation
Explanation:
this a process by which prices of a particular goods are high
the party who holds title to real estate placed in a living trust is
A. the grantor.
B. the grantee.
C. the beneficiary.
D. the trustee.
Answers
The party who holds title to real estate placed in a living trust is D. the trustee. When real estate is placed in a living trust, the trustee holds the legal title to the property, which allows them to manage and control it.
The party who holds title to real estate placed in a living trust is the trustee. When a person places real estate in a living trust, they transfer legal ownership of the property to the trust, with the trustee holding title on behalf of the trust. The grantor is the person who created the trust and transferred ownership of the property to the trust. The beneficiaries are the individuals or entities who are designated to receive the assets of the trust, including any real estate, according to the terms of the trust document. The living trust is an estate planning tool that can help individuals avoid probate and ensure that their assets are distributed according to their wishes after they pass away. Overall, it is important to consult with an experienced estate planning attorney to ensure that all aspects of a living trust and real estate ownership are properly established and executed. The trustee is the individual or entity responsible for managing the assets in the trust, including the real estate, on behalf of the beneficiary. The beneficiary is the person or entity who will receive the benefits from the trust, such as income generated from real estate or the use of the property.
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A nurse, police office, and teacher would all have _____ interests. a. scientific b. social c. office operations d. craft Please select the best answer from the choices provided A B C D
Answers
Answer:
B
Explanation:
They all have to talk to their fellow co-workers. Therefore B is the best answer
Answer:
B) social
Explanation:
Just took the test
You purchased 100 shares of ABC common stock on margin at $70 per share. Assume the initial margin is 50% and the maintenance margin is 30%. Below what stock price level would you get a margin call
Answers
A margin call would be issued if the stock price fell below $42.86.
Given initial margin 50% and maintenance margin 30%.
To find the stock price level to get a margin call.
When the value of assets in a brokerage account falls below a specific amount, known as the maintenance margin, the account holder is required to deposit extra cash or securities to fulfil the margin obligations. A margin call is a demand from a brokerage firm to boost the account's equity.
The formula to compute the margin call price is given below:
Margin call =1-Initial margin/ 1-Maintenance margin * purchase price
=1-.50/1-.30*60
=.50/.70*60
=42.86
Therefore, the answer is $42.86.
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