In auditing accounts receivable, the negative form of external confirmation request would be used when the assessed risk of material misstatement relative to accounts receivable is low.
Option D is correct.
Account receivable:Accounts receivable is the amount owed by a customer to a company for invoiced products or services. The total amount of all receivables is included in the balance sheet as a current asset and includes invoices for items or work performed on credit to customers. Accounts receivable refers to money owed by a company's customers for goods or services received but not yet paid.
What is Accounts Receivable Entry?Accounts receivable journal entry. Accounts receivable is the amount a company owes a customer for the sale of goods or services. The journal entry used to record such credit sales of goods and services is made by debiting the customer account with a corresponding credit to the sales account.
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Which of the following is not an example of an audit-related fee required to be included in the audit-related fees category related to fees disclosed in the annual proxy statement?
Select one:
A. reviews of SEC filings
B. comfort letters
C. reviews of SEC inquiry letters
D. tax avoidance planning services
Option (d) is required option. As tax avoidance planning is not an example of audit-related fee.
What is annual proxy statement and audit related fee?The Securities and Exchange Commission (SEC) mandates businesses to present shareholders with information in a proxy statement so they can make educated decisions regarding issues that will be discussed at an annual or special stockholder meeting. The topics covered in a proxy statement may include suggestions for new directors to be added to the board, details on the compensation of directors, details on bonus and option programs for directors, and any management statements.
The total costs charged by our principal auditors for assurance and related services during each of the fiscal years stated that are reasonably relevant to the execution of the audit or review of our financial statements but are not shown under "Audit fees" are referred to as "Audit-Related Fees."
Tax avoidance planning services is not an example of an audit-related fee required to be included in the audit-related fees category related to fees disclosed in the annual proxy statement.
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Income Statement with Variances Alvarado Company produces a product that requires 3.0 standard pounds per unit at a standard price of $6.00 per pound. The company used 23,900 pounds to produce 8,000 units, which were purchased at $6.20 per pound. Each unit requires 7.5 standard direct labor hours per unit at a standard hourly rate of $22.50 per hour. For the 8,000 units produced, 60,200 hours were needed and employees were paid an hourly rate of $21.95 per hour. The company uses a standard variable overhead cost per unit of $1.45 per direct labor hour. Actual variable factory overhead was $85,900. The company uses a standard fixed overhead cost per unit of $2.00 per direct labor hour at 55,000 hours, which is 100% of normal capacity. Prepare an income statement through gross profit for Alvarado Company for the month ended March 31. Assume Alvarado sold 8,000 units at $250 per unit. For those boxes in which you must enter subtractive or negative numbers use a minus sign. If an amount box does not require an entry, leave it blank. Alvarado Company Income Statement Through Gross Profit For the Month Ended March 31 Line Item Description Amount Unfavorable Amount Favorable
The preparation of an income statement through gross profit for Alvarado Company for the month ended March 31 is as follows:
Alvarado Company
Income Statement Through Gross ProfitFor the Month Ended March 31
Sales $2,000,000
Cost of goods sold at standard 1,701,000
Gross profit-at standard $299,000
Variances from standard cost:
Direct materials price $4,780 Favorable
Direct materials quantity -600 Unfavorable
Direct labor rate 33,110 Favorable
Direct labor time -4,500 Unfavorable
Factory overhead controllable -1,100 Unfavorable
Factory overhead volume -10,000 Unfavorable
Net variances from standard costs = $21,690 Favorable
Actual gross profit = $320,690
What is cost variance?Cost variance refers to the computed difference between the standard cost and the actual cost.
The price variance and quantity variance make up the total cost variance.
Production costs consist of direct materials and labor, and variable and fixed costs.
Standard Actual
Pounds per unit 3.0 2.9875 (23,900/8,000)
Direct Materials 24,000 23,900 pounds
Material price per pound $6.00 $6.20
Direct materials cost $144,000 $148,180
Direct labor hours per unit 7.5 7.525 (60,200 ÷ 8,000)
Hourly rate $22.50 $21.95
Variable overhead cost $1.45 $1.4269 ($85,900 ÷ 60,200)
Total variable overhead $87,290 $85,900
Fixed overhead cost $2.00
Fixed overhead direct hours 55,000 60,200
Total fixed overhead costs $110,000 $
Sales revenue = $2,000,000 ($250 x 8,000)
Variances from standard cost:Direct materials price $4,780 ($6.00 - $6.20 x 23,900)
Direct materials quantity -600 (24,000 - 23,900 x $6)
Direct labor rate 33,110 ($22.50 - $21.95 x 60,200)
Direct labor time -4,500 [(60,000 - 60,200) x $22.50]
Factory overhead controllable -1,100 ($1.45 x 60,000 - $85,900)
Factory overhead volume -10,000 [(55,000 - 60,000) x $2]
Net variances from standard costs = $21,690
Gross profit = $320,690 ($299,000 + $21,690)
Cost of goods sold:Direct materials $144,000 ($6.00 x 24,000)
Direct labor 1,350,000 ($22.50 x 60,000)
Variable overhead 87,000 (60,000 x $1,45)
Fixed overhead 120,000 (60,000 x $2)
Cost of goods sold $1,701,000
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a sample of 65 weekly reports showed a sample mean of 19.5 customer contacts per week. the sample standard deviation was 5.2. provide 90% confidence intervals for the population mean number of weekly customer contacts for the sales personnel. (9 points)
Any employee, salesperson, agent, or distributor contractually tasked with selling goods on behalf of any Person is referred to as sales personnel.
What do marketing and sales personnel do?
Sales and marketing experts use the most effective strategies for drawing clients and bringing in money for their organizations. Sales and marketing departments have separate goals and procedures, despite the fact that they both play important roles in a company and collaborate to achieve a common purpose.
Is being a salesperson a profession?
A salesperson is a person who engages in the sale of goods or services to prospective clients. Through the products they sell, they try to address the problems of their customers' prospects. Strong selling and communication abilities are essential for great salespeople.
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Which of the following is not a major barrier to entry into an industry?
a. Unfair competition
b. Diminishing marginal returns
c. Patents
d. Economies of scale
Diminishing marginal returns is not a major barrier to entry into an industry.
An economic theory known as the rule of declining marginal returns states that once an optimal level of capacity is reached, adding more factors of production will really only lead to smaller improvements in output.The rate of return for a marginal increase in investment is known as the mergical return; essentially speaking, this is the extra output that results from using a variable input one unit more while using other inputs at the same level.When production levels decrease as a result of raising one unit of production while holding all other variables constant, this is known as diminishing marginal returns. In other words, efficiency in production starts to decline.
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Transactions for Fixed Assets, Including Sale The following transactions and adjusting entries were completed by Robinson Furniture Co. during a three-year period. All are related to the use of delivery equipment. The double-declining-balance method of depreciation is used. Year 1 Jan. 8. Purchased a used delivery truck for $38,400, paying cash. Mar. 7. Paid garage $170 for changing the oil, replacing the oil filter, and tuning the engine on the delivery truck. Dec. 31. Recorded depreciation on the truck for the fiscal year. The estimated useful life of the truck is 8 years, with a residual value of $8,100 for the truck. Year 2 Jan. 9. Purchased a new truck for $44,100, paying cash. Feb. 28. Paid garage $320 to tune the engine and make other minor repairs on the used truck. Apr. 30. Sold the used truck for $25,300. (Record depreciation to date in Year 2 for the truck.) Dec. 31. Record depreciation for the new truck. It has an estimated trade-in value of $7,900 and an estimated life of 7 years. Year 3 Sept. 1. Purchased a new truck for $96,000, paying cash. Sept. 4. Sold the truck purchased January 9, Year 2, for $26,800. (Record depreciation to date in Year 3 for the truck.) Dec. 31. Recorded depreciation on the remaining truck. It has an estimated residual value of $17,300 and an estimated useful life of 10 years. Required: Journalize the transactions and the adjusting entries. If an amount box does not require an entry, leave it blank. Do not round intermediate calculations. Round your final answers to the nearest cent.
In a company's accounting records, a journal entry is used to document a business transaction. Entries for Robinson Furniture Co. are given below:
Year 1
Jan. 8. Purchased a used delivery truck for $38,400, paying cash.
Dr Truck 38,400 Cr Cash 38,400Mar. 7. Paid garage $170 for changing the oil, replacing the oil filter, and tuning the engine on the delivery truck.
Dr Maintenance expenses - Truck 170 Cr Cash 170Dec. 31. Recorded depreciation on the truck for the fiscal year. The estimated useful life of the truck is eight years, with a residual value of $8,100 for the truck.
Depreciation expense = 2 x 0.25 x $38,400 = $19,200
Dr Depreciation expense 19,200 Cr Accumulated depreciation - truck 19,200Year 2
Jan. 9. Purchased a new truck for $44,100, paying cash.
Dr Truck new 44,100 Cr Cash 44,100Feb. 28. Paid garage $320to tune the engine and make other minor repairs on the used truck.
Dr Maintenance expenses - Truck 320 Cr Cash 320Apr. 30. Sold the used truck for $25,300. (Record depreciation to date in Year 2 for the truck.)
depreciation expense = 2 x 0.25 x 4/12 x $19,200 = $3,200
Dr Depreciation expense 3,200 Cr Accumulated depreciation - truck 3,200truck sold at $25,300 - $16,000 (carrying value) = -$9,300 profit on sale
Dr Cash 25,300Dr Accumulated depreciation 22,400 Cr Profit on truck 9,300 Cr Truck 38,400Dec. 31. Record depreciation for the new truck. It has an estimated residual value of $7,900 and an estimated life of seven years.
Depreciation expense = 2 x 0.125 x $44,100 = $22,050
Dr Depreciation expense 22,050 Cr Accumulated depreciation - truck new 22,050Year 3
Sept. 1. Purchased a new truck for $96,000, paying cash.
Dr Truck three 96,000 Cr Cash 96,000Sept. 4. Sold the truck purchased January 9, Year 2, for $26,800. (Record depreciation to date for Year 3 for the truck.)
Depreciation expense = 2 x 0.125 x 8/12 x $22,050 = $3,675
Dr Depreciation expense 3,675 Cr Accumulated depreciation - truck new 3,675truck sold at $26,800 - $18,375 (carrying value) = $8,425gain on sale
Dr Cash 26,800Dr Accumulated depreciation 25,725 Cr Truck new 44,100 Cr Gain on sale - truck new 8,425Dec. 31. Recorded depreciation on the remaining truck. It has an estimated residual value of $17,300 and an estimated useful life of 10 years.
Depreciation expense = 2 x 0.1 x 4/12 x $96,000 = $6,400
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the gorman group issued $860,000 of 9% bonds on june 30, 2021, for $945,110. the bonds were dated on june 30 and mature on june 30, 2041 (20 years). the market yield for bonds of similar risk and maturity is 8%. interest is paid semiannually on december 31 and june 30.
Interest is paid semiannually on December 31 and June 30, so, the Amortisation of the Premium on the Bond is $931.42.
Dec 31, 2018 Amount Interest Rate Total
Interest Expense $9,45,110.00 X 4% = $37,804.40
Cash $8,60,000.00 X 5% = $38,700.00
Amortisation of Premium on Bond = $895.60
June 30, 2019 Amount Interest Rate Total
Interest Expense $9,44,214.40 X 4.0% = $37,768.58
(945110-895.60)
Cash $8,60,000.00 X 4.5% = $38,700.00
Amortisation of Premium on Bond = $931.42
Bond yield is the profit an investor makes from a bond investment. Bonds can be bought for more than their face value, known as a premium, or for less than their face value, known as a discount. Divided by the bond's market price, the current yield represents the bond's coupon rate.
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With respect to performance reporting, which of these are the actual and raw observations and measurements gathered during execution of project activities?
a. Work performance information
b. Work performance data
c. Work performance reports
d. Work performance analysis
With respect to performance reporting, Work performance data is the actual and raw observations and measurements gathered during execution of project activities.
How does project management use performance data?
The collection of unprocessed observations and calculations made during the course of project management is referred to as gathering work performance data in the PMP exam guidelines. To finish a significant task or project, these activities are carried out.
The raw observations of the work being done are called work performance data. Further analysis is done on this raw data to produce information about work performance.
Therefore, This analysis is performed and produced by the controlling processes.
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Unhappy customers will not usually respond to incentives like company apologies, problem solutions, or restorative benefits.
False
True
Dissatisfied customers typically won't be persuaded by rewards like company apologies, problem remedies, or reparative bonuses. TRUE.
Are customers using correct grammar?Use the word customer' with an apostrophe after the letter "s" when referring to numerous clients. Use an apostrophe sparingly if a possessive signal is not necessary. By adding a "s" after the word or contraction, apostrophes can be used to indicate omitted words or contractions.
Why are consumers so important?They not only spend more money, but they also bring in more clients. Your sales agents are your customers. Actually, 56% of customers said they would recommend a company that offered excellent service to friends and family. You can keep customers that are willing to endorse your firm by giving them exceptional customer service.
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indicators that the local currency is also the functional currency include all of the following except:
Indicators that the local currency is also the functional currency include all of the following except the parent typically provides the financing or provides a guarantee.
A functional currency is one that is utilized in the main economic setting in which a company conducts business. This is the setting in which an entity generates and spends money most frequently. When defining the functional currency of an entity, the following key considerations should be taken into account:
The principal currency influencing retail prices (usually the currency in which prices are denominated and settled).
The money of the nation whose laws and competition have the biggest impact on retail pricing.
The principal currency affecting labor expenses and other costs of goods sold (usually the currency in which prices are denominated and settled).
The currency in which an entity keeps its operating receipts and the currency in which debt and equity instruments are issued are less important deciding factors.
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according to the keynesian view, if policy makers thought the economy was about to enter an inflationary boom, which of the following would be most appropriate?
According to the Keynesian view, if policy makers thought the economy was about to enter an inflationary boom, there should be a tax increase.
Keynesian economists advocate deficit spending on labor-intensive infrastructure projects to increase employment and stabilise wages in times of economic weakness. The government would raise taxes when there was substantial demand-side growth in order to control the economy and prevent inflation. Keynes suggested that the government should decrease expenditure while raising taxes during a period of rising inflation.Keynes is frequently seen as an economist who accepted and promoted modest inflation as an unfavorable side effect of long-term, carefully controlled economic growth. According to Keynesians, the best way to get out of a recession is to implement expansionary fiscal policy. Examples include cutting taxes to encourage spending and investing or directly increasing government spending, both of which would cause the aggregate demand curve to move to the right.Thus the correct answer is tax increase.
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as the project status information is gathered and reported, it is often necessary to adjust and___.
As the project status information is gathered and reported, it is often necessary to adjust and Planning.
The process of combining concepts and resources to enable a project to accomplish its goals is known as project development. The term "development" can be a little confusing because it's commonly used to refer to the second of project management's five stages. Effective Communication. Whether it be during stakeholder meetings or project launches, project managers communicate often, Negotiation, scheduling and time management, Leadership, Technical Mastery, Risk management, analytical thinking and problem-solving. Project development is the process of organizing and distributing resources to fully develop a project or product from concept to go-live. The usual five stages of this process are discovery, allocation, kickoff, quality assurance, review, and report.
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TRUE/FALSE. trademarks must be distinctive and cannot be classified as arbitrary or fanciful, with no inherent relationship to the company's product or service.
The state that trademarks must be recognizably different and cannot be considered arbitrary or fantastical, with no underlying connection to the company's good or service is false.
Define trademark.A trademark could be any term, phrase, symbol, design, or combination of these that sets your goods or services apart from others'. Customers utilize it to distinguish you from your competitors in the market and recognize you. Under the general heading of "trademark," both trademarks and service marks are referred to.
A trademark is only a label used to distinguish a product or brand in the market and to promote the business. A few examples of the many different ways trademarks can be used include words, logos, and slogans. Nearly everything in the world has them.
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FILL IN THE BLANK. regarding union shops, a (an)___shop requires nonunion employees to pay the union sum of money equal to union fees as a condition of continuing employment. agency closed open freelance
In an open shop, non-union employees are required to pay the union an amount equal to union dues before they can keep their jobs. closed agency open for freelance.
Those who are self-employed and aren't necessarily long-term freelance employees of one employer are referred to as freelance workers. Some freelancers are represented by a business or a temporary agency that resells their services to clients; other freelancers work independently or use websites or professional associations to get work.
Although the phrase "independent contractor" would be used in a separate register of English to represent the tax and employment classifications of this sort of worker, use of the term "freelancing" may signify engagement in such sectors given its prevalence in the cultural and creative industries.
The majority of people work as independent contractors in the following fields, professions, and industries: music, writing, acting, computer programming, web design, graphic design, translating and illustrating, film and video production.
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to determine wage rates and/or pay grades, organizations with formal systems are more likely to rely on this internally-focused process.T/F
True - To determine wage rates and/or pay grades, organizations with formal systems are more likely to rely on this internally-focused process.
An agency or corporation (Commonwealth English; see spelling variations), is an entity—which include a company, an institution, or an association—comprising one or more human beings and having a particular reason. The word is derived from the Greek word organon, because of this device or tool, musical device, and organ. There are a spread of felony sorts of businesses, which include organizations, governments, non-governmental businesses, political groups, worldwide businesses, militia, charities, no longer-for-income agencies, partnerships, cooperatives, and educational establishments, etc. A hybrid enterprise is a body that operates in each the general public quarter and the private sector simultaneously, pleasurable public obligations and developing business market activities.
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