The direction of audit testing in determining whether transactions have been recorded should be from the original source documents to the general ledger balances. Therefore, the correct answer is options C and D.
The purpose of an audit is to provide an independent opinion on the financial statements of an entity, which includes ensuring that transactions have been accurately recorded. In order to do this, auditors typically perform a series of tests of controls and substantive tests of transactions.
Substantive testing involves testing individual transactions to determine whether they have been accurately recorded in the accounting records. The direction of substantive testing should be from the original source documents to the general ledger balances.
This means that auditors should start by examining the original source documents, such as invoices or receipts, to ensure that they have been properly authorized, recorded and classified.
Once the source documents have been verified, auditors can then move on to testing the journal entries, posting to the general ledger, and ultimately the financial statements. The adjusted trial balance is prepared after all adjusting entries have been made, and therefore would not be the starting point for substantive testing.
In summary, when determining whether transactions have been recorded, the direction of audit testing should be from the original source documents to the general ledger balances.
This ensures that auditors can verify the accuracy of individual transactions before moving on to higher-level controls and the preparation of financial statements. Therefore, the correct answer is options C and D.
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A borrower has applied for a loan from a mortgage company that intends to process the loan and then submit it to an investor for underwriting, closing, and funding. This borrower has applied with a
A borrower has applied for a loan from a mortgage company that intends to process the loan and then submit it to an investor for underwriting, closing, and funding. This borrower has applied with a "mortgage broker".
What is mortgage broker?On behalf of their clients, mortgage brokers conduct loan options research and deal with lenders. Additionally, a broker may arrange all loan paperwork, obtain the buyer's credit reports, confirm their income and expenses, and more.
The roles of a mortgage broker are-
To ensure that a borrower receives the best financing and the loan closes on schedule, a mortgage broker works with everyone involved in the lending process, including the real estate agent, underwriter, and closing agent.A broker may operate on their own or with a brokerage company. On behalf of their clients, mortgage brokers conduct loan options research and deal with lenders.A strong loan-pricing system that values a mortgage loan across multiple lenders at once is also available to many brokers, which speeds up and streamlines the process.To know more about Mortgage brokers, here
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The client may spend the latent phase of the first stage of labor at home unless which occurs?
The client may spend the latent phase of the first stage of labor at home unless the client experiences a rupture of membranes occurs.
The cell membrane is a biological membrane that separates the inside of all cells from the external environment and protects the cells from that environment.
The membrane is composed of lipids and proteins and acts as a barrier to cells and organelles. Membranes keep the outside "outside" and the inside "inside", allowing only specific molecules to intersect and relay messages through a series of molecular events.
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Banks in Ruritania have a required reserve ratio of 5%5% . Round all answers to one place after the decimal. What is the simple money multiplier
The simple money multiplier forb the banks is given as 20.
How to solve for the money multiplierThe increase in the supply of money is what is called the money multiplier. This is used to determine the supply of money in an economy because it is known to have an effect on the interest rate of the economy.
The formula for the simple money multiplier is given as;
1/R
Where R is the Required reserve ratio
In the question the given reserved ration is said to be 5%
Hence the calculation would be
1/5%
= 1/0.05
= 20
The simple money multiplier is given as 20
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Jimmy has completed the headline section of his text ad and is now writing the description section. What are three factors that Jimmy should include in the description section of his text ads? (Choose three.)
What Jimmy should include in the description section of his text ads are:
State the prices, and exclusive offers. Word of Encouragement for potential customers.State why his business is unique.What is the importance of text ads ?Text ads is been used by a company to promote their business, this usually include the description about their products and services.
In this case, Jimmy should include word of Encouragement for potential customers in the description section of his text ads
CHECK THE COMPLETE QUESTION BELOW;
Jimmy has completed the headline section of his text ad and is now writing the description section. What are three factors that Jimmy should include in the description section of his text ads? (Choose three.)
(A) A mention of prices, promotions, and exclusive offers
(B) Encouraging potential customers to take action
(C) More landing pages to visit
(D) A variety of emoji to catch the attention of potential customers
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A store gathers some demographic information from their customers. The following chart summarizes the age-related information they collected:
The probability that the customer is at least 30 but not older than 50 will be 71/238.
How to calculate the probability?The probability that the customer is at least 30 but not older than 50 will be:
= (78 + 64)/476
= 71/238
The probability that the customer is either older than 60 or younger than 40 will be:
= (77 + 83 + 78) + 74/476
= 78/119
The probability of at least 50 years will be:
= (100 + 74)/476
= 87/238
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Especially for projects with long lives, estimation of revenues (or benefits), costs, and cash flows is a difficult task principally because of:
Uncertainty about future events
Estimating revenues (or benefits), costs, and cash flows is a challenging endeavor, especially for projects with lengthy lifespans, in large part due to uncertainty about the future.
The variability level of cash flow is referred to as the uncertainty of cash flow. On the one hand, it stands for the consistency and predictability of cash flow, but on the other, it also symbolizes the potential for future growth and improved performance of the company.
Due to changes in the macro aspect, the integrated force of the macroscopic environment and microcosmic environment, which affects cash flow, is primarily represented in economic uncertainty factors.
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The feature that differentiates monopolistic competition from monopolies and oligopolies is that monopolistically competitive firms . Question 2 options: cannot influence market price by virtue of their size alone. are price takers. do not have price as a decision variable. benefit from barriers to entry.
Monopolistically competitive firms (A) cannot influence the market price by virtue of their size alone while monopolies and oligopolies can.
What is a monopoly?A monopoly occurs when there is a single seller in the market. The monopoly case is considered the polar opposite of perfect competition in conventional economic theory. The demand curve facing the monopolist is, by definition, the industry demand curve, which is downward sloping.What is oligopoly?Oligopolistic markets are characterized by a small number of suppliers. They can be found in all nations and in a wide range of industries. Some oligopoly markets are very competitive, whereas others are substantially less so, or appear to be.
Monopolistically competitive enterprises, unlike monopolies and oligopolies, cannot influence market prices only through their size.
Therefore, monopolistically competitive firms (A) cannot influence the market price by virtue of their size alone while monopolies and oligopolies can.
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Correct question:
The feature that differentiates monopolistic competition from monopolies and oligopolies is that monopolistically competitive firms.
(A) cannot influence the market price by virtue of their size alone.
(B) are price takers.
(C) do not have a price as a decision variable.
(D) benefit from barriers to entry.
The rate of osteoporosis is directly affected by the metabolism rate of vitamin ____.
The rate of osteoporosis is directly affected by the metabolism rate of vitamin D .
Osteoporosis causes bones to emerge as vulnerable and brittle — so brittle that a fall or maybe slight stresses such as bending over or coughing can reason a fracture. Osteoporosis-related fractures maximum commonly occur within the hip, wrist, or spine. Bone is dwelling tissue this is constantly being damaged down and changed.
There is no remedy for osteoporosis, however, the right treatment can assist defend and toughening your bones. those treatments can assist in gradual the breakdown of bone on your frame, and a few remedies can spur the boom of recent bone.
Further to causing permanent ache, osteoporosis causes some patients to lose their peak. While osteoporosis influences vertebrae or the bones of the backbone, it regularly leads to a stooped or hunched posture. Osteoporosis may also restrict mobility, which frequently results in emotions of isolation or melancholy.
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What advantage did the soviet union have in directing resources toward a total war economy?
It is advantageous when it comes to mobilizing resources and industrial workers for the war. Most countries struggled to adapt to a full war economy, but Russia's command economy was already so close to this concept that it was easier to require citizens and businesses to participate in the war.
Increased military spending during conflict creates employment, and additional economic activity and contributes to the development of new technologies that can penetrate other industries. These are some of the well-discussed positive benefits of increased government spending on military spending.
All-out wars like World War I and World War II mobilize all the resources of society (industry, finance, labor, etc.) to fight the war. It also extends the purpose of the war to include all civilian resources and infrastructure.
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David, a real estate broker representing the seller, received an offer on his client's property for $450,000, $50,000 below the asking price. However, the prospective buyer told David that he is capable and willing to offer up to $525,000. According to David's fiduciary duties to his client, what should he tell the client...
The client should be told that the potential buyer is prepared to pay $25,000 more than the asking price. This is further explained below.
What is a real estate broker?Generally, Real estate brokers are real estate agents who successfully complete additional schooling requirements and get a state real estate broker license.
In conclusion, Informing the customer that a buyer is willing to pay $25,000 more than the asking price is appropriate.
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write the answer in a income statement sheet
The income statement has net income of $4710.
Income statementIncome statement for the year ended November 30, 2020
Repair Revenue $9900
Installation fees $1600
Total revenue $11,500
Expenses:
Salaries expense $2600
Rent expense $2000
Advertising expense $850
Supplies expenses $185
Utilities expense $235
Insurance expense $150
Delivery expense $770
Total expenses $6790
Net income $4710
($11,500-$6790)
Therefore the income statement has net income of $4710.
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Writing the net income in an Income statement sheet for Riley Repair Shop for the year ended November 30, 2020, is as follows:
Riley Repair Shop
Income StatementFor the year ended November 30, 2020
Revenue:Repair Revenue $9,900
Installation fees 1,600
Total revenue $11,500
Expenses:Salaries $2,600
Rent 2,000
Advertising 850
Supplies 185
Utilities 235
Insurance 150
Delivery 770
Total expenses $6,790
Net income $4,710
What is an income statement?An income statement is a financial statement that summarizes an entity's revenue and expenses to determine the net income.
It is also called an income summary and determines the entity's financial performance for a financial period.
Thus, Riley Repair Shop's income statement shows that it earned a net income of $4,710 for the year ended November 30, 2020.
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The system of meaning and power created to determine who is related to whom and to define their mutual expectations, rights, and responsibilities is?
Answer:
kinship
Explanation:
If inflation rises unexpectedly by 5%, indicate for each of the following why the economic actor is helped, hurt, or unaffected: a) A union member with a COLA wage contract. b) Someone with a large stash of cash in a safe deposit box. c) A bank lending money at a fixed rate of interest. d) A person who is not due to receive a pay raise for another 11 months.
The person who is helped by the unexpected inflation is a person who is not due to receive a pay raise for another 11 months.
What is inflation?Inflation is when there is a rise in the general price levels of an economy. When inflation is not expected, it would not be factored into the prices in the economy. Thus, those who received fixed wages are hurt. Also lenders are hurt.
A person who is not due to receive a pay raise for another 11 months is helped because in 11 months, the inflation would already be factored into the wage increase.
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Many companies use referrals by current employees as a source for new hiring and even monetarily reward them because __________________.
Many companies use referrals by current employees as a source for new hiring and even monetarily reward them because it requires less stress and cost.
Why is referrals by current employees better?
Publishing advert for Job opening requires a cost and this could take a lot of process before the final candidate is selected.
Getting referral could reduce the number of days and the cost of making different advertisement.
Therefore, Many companies use referrals by current employees as a source for new hiring and even monetarily reward them because it requires less stress and cost.
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The concept that smaller sized companies are riskier and, therefore, should have a higher cost of equity is known as which of the following
The concept that smaller sized companies are riskier and, therefore, should have a higher cost of equity is known as the size premium.
What is Equity?Equity, also known as shareholders' equity or owners' equity for privately held businesses, is the sum of money that would remain in the hands of a company's shareholders in the event that all of its assets were sold off and its liabilities were fully settled. It is the worth of company sales less any obligations owing by the company that were not transferred with the sale in the case of an acquisition.One of the most frequently used pieces of information by analysts to evaluate a company's financial health is equity, which can be found on a company's balance sheet.
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When people have formed _____, each is an agent of the group so that the members of the joint enterprise share liability
When people have formed partnership, each is an agent of the group so that members of the joint enterprise share liability. A formal agreement between two or more parties to run a business and split profits is called a partnership. A partnership may have tax advantages over a corporation.
Partnership arrangements come in many different forms. One type of business where partners may have minimal liability is a partnership where all members share profits and liabilities equally. All partners in a general partnership corporation split the company's assets and debts equally. Lawyers and other professionals frequently create limited liability partnerships.
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Which of the following falls outside of the classification of business expenditures that fall into the category of variable costs?
a) costs that increase with the quantity produced
b) costs of research and development
c) costs related to labor expenditures
d) costs related to physical inputs
The option that falls outside of the classification of business expenditures that fall into the category of variable costs is option C. costs of research and development. Read below about costs of research and development.
What is a costs of research and development?These are costs taken to develop new products or processes that may or may not result in commercially viable items. The general rule is that research and development costs are to be expensed immediately when the costs are incurred.
Therefore, the correct answer is as given above.
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In a(n) ________ channel, the same member both produces and distributes a product or service to consumers.
In a direct channel, the same member both produces and distributes a product or service to consumers.
What are Distribution Channels ?Distribution channel (or supply chain) set of institutions that transfer the ownership of and move goods from the point of production to the point of consumption - consists of all the institutions and marketing activities in the marketing process.
There are two types of distribution:
Direct-occurs when the suppliers and the tourist deal directly with each other. A direct channel allows the consumer to make purchases from the manufacturer
Indirect- occurs when part or all of the functions are handled by an intermediary. A indirect channel allows the consumer to buy the goods from a wholesaler or retailer.
Therefore, we can conclude that the correct option is B.
Your question is incomplete, but most probably your full question was:
In a(n) ________ channel, the same member both produces and distributes a product or service to consumers.
a. tiered
b. direct
c. horizontal
d. vertical
e. exclusive
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In order to provide more complete information, u.s. gaap allows that any significant noncash investing and financing activities may be reported:____.
It is reported as foot notes in cashflow statement or in the notes of financial statements.
When an income statement is converted to cash flows from operational operations, noncash items like as depreciation and nonoperating profits and losses are not included. Non-cash investing and financing entails making an investment or purchase using financial instruments other than cash.
The Generally Accepted Accounting Principles (GAAP) are a collection of generally observed financial reporting accounting standards and regulations. The four main constraints of GAAP are objectivity, the materiality, the consistency, and the prudence.
Companies are required by both IFRS and US GAAP to declare any substantial non-cash investment and financing operations, either as a footnote at the bottom of the statement of the cash flows or in notes to the financial statements.
Therefore, the answer is the bottom of the statement of the cash flows or in the notes to financial statements.
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If the product price is $283 the per-unit economic profit at the profit-maximizing output is:________
The per-unit economic profit at the profit-maximizing output is $112 if the product price is $283.
How do we calculate profit-maximizing price?The rule for calculating a profit-maximizing perfectly competitive firm is to produce the level of output where Price equals the Marginal Revenues= Marginal cost.
Hence, the economic profit is calculated by Total Revenue - (Explicit Costs + Implicit Costs) because it entails the difference between the revenue received from the sale of an output and the costs of all inputs.
Therefore, the per-unit economic profit at the profit-maximizing output is $112 if the product price is $283.
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question is in the image below! please help!
Based on the discount offered by Next furniture, the discounted price of a sofa would be $669.33
What is the discounted price of the sofa?This can be found as:
= Original price x (1 - discount rate)
Solving gives:
= 999 x (1 - 33%)
= 999 x 0.67
= $669.33
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The distinction between the northern economy and southern economy declined with the disappearance of indentured servitude from the United States.
The given statement is False, The distinction between the northern economy and southern economy declined with the disappearance of indentured servitude from the United States.
The U.S. is a rustic of fifty states protecting a sizable swath of North us, with Alaska in the northwest and Hawaii extending the nation’s presence into the Pacific Ocean. The most important Atlantic Coast cities are new york an international finance and subculture center, and the capital Washington, DC. Midwestern town Chicago is thought for influential architecture and on the west coast, Los Angeles Hollywood is famed for filmmaking.
There are fifty (50) states and Washington D.C.The remaining states to sign up for the Union had been Alaska (49th) and Hawaii (fiftieth). both joined in 1959. Washington D.C. is a federal district under the authority of Congress. Local authorities are administered by using a mayor and 13-member city council.
Guam (officially the Territory of Guam) is an unincorporated and prepared territory of ours. Positioned in the western Pacific Ocean, Guam is considered one of five American territories with longtime civilian authorities.
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The question is incomplete. Please read below to find the missing content.
The distinction between the northern economy and southern economy declined with the disappearance of indentured servitude from the United States.True/False
Business cycles refer to the:____.
a. continued expansion in real gdp.
b. recurrent swings (up and down) in real gdp.
c. continued decline in real gdp.
d. period when real gdp grows at unusually high rates.
Business cycles refer to the recurrent swings (up and down) in real GDP.
Economic downturns were seen by economists in both the United States and Europe as "diseases" that needed to be addressed; as a result, countries with a history of development and prosperity were considered to be "healthy" economies.
However, by the end of the 19th century, a large number of economists had come to understand that economies were cyclical by their very nature, and research was increasingly focused on identifying the primary factors that shaped the direction and disposition of national, regional, and industry-specific economies.
Economic experts, corporate leaders, and business owners point to a number of elements as being particularly crucial in determining the character of business settings today.
Hence, option C is correct.
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After some preliminary research in 2000, unilever’s dove soap brand initiated its campaign for real beauty campaign. This tactic relates to women’s:.
This tactic relates to women’s self-concept.
What is self-concept?
Self-concept is a set of ideas about oneself. Self-concept, in general, embodies the response to the question "Who am I?" Self-concept differs from self-awareness, which is the degree to which one's attitudes and dispositions are defined, consistent, and currently applicable. The questionnaire examines five self-concept categories (intellectual, social, emotional, family, and physical) that reflect diverse attributes that are variably associated with specific aspects of human activity
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M/b ratios typically exceed -select- , which means that investors are willing to pay more for stocks than their accounting book values.
M/b ratios typically exceed one, which means that investors are willing to pay more for stocks than their accounting book values.
The Book value is the carrying amount of the company's assets minus the receivables (such as company liabilities) that exceed common stock. The term book value comes from the accounting practice of accounting for assets at their original costs.
The Book value of a company is total assets minus total liabilities. Total assets and total liabilities are included on the balance sheet of the annual and quarterly reports.
Book value refers to the value of the asset reported on the balance sheet, that is, the value of the asset after the accumulated depreciation has been recorded. Every company owns multiple assets. Therefore, every business also has a book value, which is the present value of the asset minus the liability or accrued debt.
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as a means of exchange in our economy makes it easier for people to make transactions with each other.
Money is a means of exchange in our economy makes it easier for people to make transactions with each other.
Money is a commonly accepted commodity as an economic medium of exchange. It is a medium that expresses prices and values. It circulates from person to person, from country to country, promotes trade, and is a major measure of wealth.
In summary, money has taken many forms over the centuries, but money has consistently performed three functions. It is a medium of value storage, a calculation unit, and exchange. The modern economy uses legal tender. This is neither a commodity nor the money represented or "backed" by the commodity.
Exchange medium. When economists say that money acts as a medium of exchange, they mean a currency unit used to measure and compare the relative value of commodities.
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The choice of producing the component internally or purchasing the component externally is known as the
The choice of producing the component internally or purchasing the component externally is known as the make or buy decision.
A manufacturing or purchasing decision is the act of choosing whether to manufacture the product in-house or from an external supplier.
Make-or-buy decision is the act of choosing whether to manufacture the product in-house or from an external supplier. Similar to outsourcing decisions, making or buying decisions require comparing the costs and benefits of producing in-house and buying elsewhere.
ABC Manufacturing Company has a contract to supply 6,000 units of MVP. This also requires his 6,000 units of MVP essential components. The estimated cost of manufacturing these 6,000 units of the required components is approximately $234,000.
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Does the firm generate enough internal funds to support anticipated investment, or does additional outside capital need to be raised?.
Statement of cash flows - does the firm generate enough internal funds to support anticipated investment or does additional outside capital need to be raised?
A Cash Flow Statement is what?A cash flow statement is a type of financial statement that gives total information about all of the cash inflows a business makes from continuing activities and outside investment sources. It also includes any cash outflows made within a specific time period to cover investments and business expenses.
The financial statements of a firm give investors and analysts a picture of all the business transactions that take place, where each transaction helps the company succeed. Because it tracks the cash generated by the business in three key ways—through operations, investments, and financing—the cash flow statement is seen to be the most understandable of all the financial statements. These three elements are added together to form net cash flow.
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An important part of defining the problem in marketing research is to ________ that are neither too broad nor too narrow.
An important part of defining the problem in marketing research is to set objectives that are neither too broad nor too narrow.
What is marketing research?Market research is a systematic attempt to learn as much as possible about target markets and consumers, starting with who they are. It is a key part of corporate strategy and a crucial element in keeping competitiveness.The needs of the market, the size of the market, and the competition are all identified and analyzed with the aid of market research. Its methods include both qualitative ones, like focus groups, in-depth interviews, and ethnography, and quantitative ones, such customer surveys and secondary data analysis.The systematic collection and analysis of data on people or organizations using statistical and analytical tools from the applied social sciences to acquire understanding or enhance decision-making encompasses social and opinion research.To learn more about marketing research with the given link
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A good economist will ignore ________ and focus on ________ when it comes to making the right decisions.
A good economist will ignore sunk costs and focus on marginal value when it comes to making right decisions. In economics and finance, a sunk cost is a cost that has already been incurred and cannot be recovered.
Sunk costs are treated as by gone costs in economic decision making and are not considered when deciding whether to continue investment project. The value of the final unit of consumption is known as the marginal value to a consumer. Value of the good to the consumer who purchased the good but received the lowest value from consumption is represented by an industry demand curve.
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