As a result, a 1% rise in price would lead to a 0.4% decrease in the amount demanded, indicating that demand for the service is rather inelastic.
The percentage change in the quantity demanded must be ascertained: [(New Quantity Demanded - Old Quantity Demanded) / Old Quantity Demanded] x 100% is the formula for percent change in quantity demanded. New Quantity Demanded = Total Monthly Revenue / New Price = $13,500 / $750 = 18
Total Monthly Revenue / Old Price = $12,000 / $600 = 20 for the old quantity demanded. Demanded Amount Change as a Percentage of Change = [(18 - 20) / 20] x 100% = -10%
Secondly, we need to determine the percent change in price:
Percent Change in Price = [(New Price - Old Price) / Old Price] x 100%
Price Change as a Percentage = (750-600)/600 multiplied by 100% is 25%.
This allows us to determine the price elasticity of demand: incearca incearca judeţ judeţ judeţ judeţ
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the process of creating a profile of your ideal customer for the purposes of developing a marketing strategy is known as what?
The creation of a buyer persona is the process of constructing a profile of your ideal client for the purposes of designing a marketing plan.
A buyer persona is the research-based profile of a target consumer. Buyer personas describe the traits of your ideal customers, including their everyday activities, issues they face, and methods of decision-making. Buyer personas enhance your inbound marketing strategies. The sales procedure has been simplified. They can also improve the assistance for both goods and customers. This guide walks you through creating buyer personas and shows you exactly how to create your own personas for use in inbound marketing campaigns. The ideal client is portrayed by a buyer persona. It is a semi-fictional representation of your ideal customer that is based on market research and real information about your current customers. A marketing persona, customer persona, or audience persona are other names for it.
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during which step of the marketing plan do marketers make important decisions about how they will allocate their scarce resources to their various products and services? multiple choice question. evaluating performance implementing the marketing mix identifying and evaluating opportunities defining the business mission
A marketing plan is a practical document that describes the advertising approach that a business will use to generate leads and connect with its target market.
Which step of the marketing plan do markerters will allocate their scarce resources to their products?In the step of "Identifying and Evaluating Opportunities" in the marketing plan, marketers make important decisions about how they will allocate their scarce resources to their various products and services.
This step involves identifying potential market opportunities and evaluating them based on factors such as market size, growth potential, and competition. Marketers then select the most attractive opportunities and develop marketing strategies for each product or service.
As part of this process, marketers must consider how to allocate their limited resources, such as marketing budgets, personnel, and time, among the various products and services they offer. This may involve making trade-offs between different opportunities and prioritizing those that offer the greatest potential for success.
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(There’s nothing this question is under..)
Role models carry all of the following traits
EXCEPT:
A. caring attitude
C. positive mindset
B. poor decision maker
D. responsible thinker
As the following option, the role model carries the following traits caring attitude, a positive mindset, and responsible thinking. all this was there in the role models.
What is personality?The term "personality" refers to the specific patterns of actions, thoughts, and feelings that develop over time as a result of biological and environmental factors.
As in the role model, there are various traits is there in it as a good role model, They consist of a highly positive attitude, By a good attitude the more influencing is also there in it.
Therefore, As a result, The good models consist of higher moral values. The right option (A) is correct.
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an auto dealership always maintains 100 cars of various types in its show room. the dealership sells on average 300 cars per quarter. find the inventory turnover ratio for the year (assume that each car cost is the same, and the number of cars sold is same for each quarter).
The inventory turnover ratio for the year is 1.
The pace at which inventory stock is sold, utilized, and replaced is referred to as inventory turnover. Divide the cost of products by the average inventory for the same time to get the inventory turnover ratio. A larger ratio indicates good sales, whereas a lower ratio indicates dismal sales. Inventory turnover is a measure of how many times inventory is sold or utilized in a certain time period, such as a year. It is computed to determine whether a company has an excessive inventory in proportion to its sales level.
A high turnover rate, on the other hand, may suggest insufficient inventory levels, which may result in a loss of business due to insufficient inventory. This frequently leads to stock shortages.
Inventory turnover ratio = Net sales / Average sales
= 1200/1200
= 1
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What was the purpose for rationing by the Office of Price Administration? A. To ensure that schools did not run out of supplies B. To ensure that children did not use too many products C. To ensure that enough products were available for military use D. To ensure that elderly citizens had an adequate supply of consumer goods
The correct answer is C. To ensure that enough products were available for military use.
Oil, butter, sugar, and canned milk were among the items that had to be rationed because they needed to be used for the war effort. Trade was hampered by war, which reduced the supply of several items. To produce military goods including tanks, weapons, ammunition, aircraft, and ships, factories were modified. On the "Home Front," people were urged to reduce their energy use, create "Victory Gardens," and purchase war bonds. Rationing laws applied to essential items including sugar, tyres, fuel, meat, coffee, butter, canned foods, and shoes. Some essential commodities, such as fresh produce and other foods, were exempt from restriction.
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true or false: recording a loss contingency and formally entering it as a liability in the financial statements is the only alternative to informing investors and creditors about its potential impact on the company. true false question.
False The only way to avoid disclosing a loss contingency's potential impact to creditors and investors is to record it and legally include it as a liability with in financial statements.
Which of these three financial statement kinds are they?The income statement, balance sheet, and cash flow statement are all important financial statements to have. Trades can evaluate a company's financial stability and underlying value quickly using these three statements. They are helpful instruments for traders to assess a company's financial stability.
What four financial statements must comply with GAAP?Statements of shareholders' equity, statement of income, cash flow statements, and balance sheets are the four primary financial statements. The four financial statements mentioned above are regarded as common accounting concepts according to GAAP.
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both the long-run and short-run aggregate supply curve will shift when
The long-run and short-run aggregate supply curve will shift when there are changes in resource prices, technological advancements, or changes in government policies.
When resource prices increase, such as the price of oil or wages, the aggregate supply curve will shift to the left, indicating a decrease in the quantity of goods and services that can be produced at any given price level. Conversely, when resource prices decrease, the aggregate supply curve will shift to the right, indicating an increase in the quantity of goods and services that can be produced at any given price level.
Technological advancements can also cause the aggregate supply curve to shift. When there are improvements in technology, the aggregate supply curve will shift to the right, indicating an increase in the quantity of goods and services that can be produced at any given price level.
Changes in government policies, such as taxes, subsidies, and regulations, can also affect the aggregate supply curve. For example, if the government increases taxes on businesses, the aggregate supply curve will shift to the left, indicating a decrease in the quantity of goods and services that can be produced at any given price level. Conversely, if the government decreases taxes on businesses, the aggregate supply curve will shift to the right, indicating an increase in the number of goods and services that can be produced at any given price level.
Overall, the long-run and short-run aggregate supply curve will shift when there are changes in resource prices, technological advancements, or changes in government policies.
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which of the following statements is false? multiple choice investing cash flows include the cash flows associated with lending money to others. financing cash flows include the cash flows associated with issuing stock and paying dividends. financing cash flows include the cash flows associated with borrowing and repaying debt excluding short-term bank loans. investing cash flows include the cash flows associated with buying and selling noncurrent assets.
Investing cash flows include the cash flows associated with buying and selling noncurrent assets statements is false.
Which of the following statement of cash flows includes?The cash made by the company from operations, investments, and financing is included in the cash flow statement. This total is known as net cash flow. Cash flow from operations, which comprises transactions from all operational business activities, is the first section of the cash flow statement.
To assess the liquidity and solvency of the company, organisations should monitor and analyse three different types of cash flow: cash flow from operating operations, cash flow from investing activities, and cash flow from financing activities. The cash flow statement of a corporation includes all three.
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suppose that an economy consists of only two individuals. angelo has $1910 available to spend on goods. he decides to purchase $690 worth of produce from michele in the current month. no other economic activity takes place during the current month. using this information, answer the questions.
For the current quarter, the economy's income will be $690 since in that current year only this particular transaction is recorded.
Economic income for a business is typically defined as the change in the company's value plus any dividends paid during the time period. Nearly all economists agree that the best way to calculate an asset's value is to discount the value of the future cash flows that can be attributed to it. Economic profit (or loss) is equal to revenue less explicit costs minus opportunity costs.
Explicit costs include all expenses that are typically taken into account, including labor costs, material costs, marketing costs, depreciation, and taxes. On an income statement for a specific time period, the revenues, expenses, and profitability of a business are shown. It may also be referred to as a profit-and-loss (PandL) or earnings statement. It shows your sales revenue for products or services.
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martin company currently produces and sells 40,000 units of product at a selling price of $12. the product has variable costs of $6 per unit and fixed costs of $150,000. the company currently earns a total contribution margin of:
If the sales unit are 40,000 and its selling price is $12 then the company currently earns a total contribution margin of $90,000.
Total cost = fixed cost + variable cost
= $150,000 + 40,000 × 6 = 3,90,000
Total contribution margin = total sales - total cost
= 40,000× 12 - $3,90,000 = $90,000
What is total contribution margin?
The total revenue an entity has available to cover fixed costs and turn a profit is represented by the total contribution margin it has earned. Always working to raise a company's contribution margin, which enables it to make a profit even in times of dropping sales, is a solid profit planning strategy. You need to figure out your gross profit before you can figure out your contribution margin. Your total revenue is the first step in calculating gross profit.
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the price of demand measures the responsiveness, or sensitivity, of consumers to a price change. (True or False)
The statement is True i.e., The price of demand measures the responsiveness, or sensitivity, of consumers to a price change.
What about demand quantifies how responsive or sensitive consumers are to a change in price?The Price Elasticity of Demand gauges how responsive or sensitive consumers' quantity requested is to a change in price. Price Elasticity of Demand is the ratio between a product's or resource's change in quantity sought and change in price.
What is the economics equivalent of responsiveness?Elasticity is a term used by economists to describe responsiveness. Elasticity is defined as the ratio of a dependent variable's percentage change to an independent variable's percentage change.
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in 2011, time magazine declared who to be its annual person of the year based on news media coverage of three very different social movements?
News media coverage of three very different social movements led Time magazine to declare the Protester as its annual Person of the Year in 2011.
According to Time, the selection of "The Protester" was intended to recognize the power of collective action in shaping the course of history and the impact of social movements on political and social change. The magazine noted that these movements were characterized by their decentralized, grassroots nature, and their ability to mobilize large numbers of people around shared values and goals.
The selection of "The Protester" was widely viewed as a reflection of the growing global influence of social movements and the increasing recognition of the power of collective action in shaping the course of history. It also highlighted the role of new technologies and social media in enabling and amplifying the voices of protesters around the world.
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An organization responds to the structure of its industry by choosing a strategy. A) leadership B) diversification C) growth D) competitive
An organization responds to the structure of its industry by choosing a competitive strategy.
Competitive strategy is common in many different economic regimes, including capitalism. Companies can use competitive strategies as a strategy to expand their operations and increase income. Your ability to implement specific forms of competitive strategy within your teams may improve as a result of your understanding of it. The competitive strategy of a firm is a long-term plan created to aid in its expansion and help it gain a competitive edge over its rivals in the market by using elements like cost, differentiation, focus, efficiency, etc. A competitive strategy is an action plan developed by a company to outperform competitors. This strategy was established after comparing your own opportunities, threats, strengths, and weaknesses to those of the enemy.
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harrod company paid $6,700 for a 4-month insurance premium in advance on november 1, with coverage beginning on that date. the balance in the prepaid insurance account before adjustment at the end of the year is $6,700, and no adjustments had been made previously. the adjusting entry required on december 31 is:
Debit Prepaid Insurance, $3350; credit Insurance Cost, $3350; $6,700 * 2/4 = $3350.
What is an insurance debit expense?An entry in a journal for insurance is Debit: Bank credit for insurance payments made to an insurance provider for business insurance. Not all insurance payments (premiums) qualify as business costs for deduction. Some insurance payments can be included in the profit and loss report, while others need to be included on the balance sheet.
Is paying for insurance a debit or credit?Because cash is deducted when you pay for the insurance coverage, you credit cash. You may automatically produce a journal entry that allocates the insurance cost to each month as time passes (dividing an annual policy cost by twelve months). The higher insurance expense is the account debit.
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if spotify purchased pandora, leaving only one company remaining at the conclusion of the purchase, this would be referred to as a(n) .
It would be referred to as a(n) if Spotify bought Pandora, leaving just one business standing after the transaction. merger.
The required details about Merger is mentioned in below paragraph.
Mergers bring together two different companies to form a single new legal entity. True mergers are unusual because it is uncommon for two comparable businesses to gain from combining their resources, personnel, and CEOs. Acquisitions do not lead to the creation of a new company, in contrast to mergers. The ownership of corporations, other business organizations, or their operating units may be transferred to or consolidated with another company or business organization through commercial transactions known as mergers and acquisitions. A merger occurs when two businesses come together to form a new business. Companies merge to lessen competition, expand their market share, or launch new goods and services.
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northwest hospital is a full-service hospital that provides everything from major surgery and emergency room care to outpatient clinics.
Being a full-service facility, it offers patients comprehensive care and aftercare. The hospital employs a group of doctors, nurses, and support staff who are all highly qualified and experienced medical professionals.
What does "comprehending care" mean?A patient's multiple physical and psychological issues are simultaneously prevented and managed as part of continuing advanced care over time in relation to their environment, family, and other life events.
What does a thorough patient entail?Providing comprehensive care means attending to a patient's entire needs, not just their physical and medical ones. All major medical facilities that treat adolescent people with cancer follow the standard practise of comprehensive care, which involves utilising the expertise of numerous professionals working together.
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why is workplace diversity so important in today’s business environment?
Answer:
Explanation:
Workplace diversity is important for several reasons in today's business environment:
Improved Decision Making: A diverse workplace brings together individuals with different perspectives, experiences, and backgrounds, leading to better decision making and problem solving.
Increased Creativity and Innovation: A workplace with a mix of different perspectives can lead to new and innovative ideas, and a more creative approach to problem solving.
Better Representation of Customer Base: A diverse workplace can help to better reflect the demographics of a company's customer base, leading to a better understanding of their needs and preferences.
Enhanced Reputation: Companies that are known for promoting diversity and inclusion are often viewed more favorably by both customers and employees, and may have an advantage in attracting and retaining top talent.
Improved Employee Satisfaction and Retention: A workplace that values diversity and provides equal opportunities for all employees can lead to a more positive and inclusive work environment, resulting in higher levels of employee satisfaction and reduced turnover.
Legal Compliance: Promoting diversity in the workplace is also important from a legal perspective, as there are laws and regulations in place to prevent discrimination in the workplace.
Overall, workplace diversity helps to create a more inclusive and productive work environment, which can lead to increased success for the business.
which activity would be a part of the leading function of management?
a. Devising a new strategic plan to enter a new foreign market currently dominated by a competinf firm
b. Recruiting qualified workers to join the organization and assigning them to their proper position
c. Examining a financial report to see whether the firm’s profit are improvingand taking corrective action if they are not
d. Training and coaching workers to help them understand their job and perform it effectively
Those who have had coaching and training to more effectively comprehend and carry out their responsibilities
What is the main function of the management system?Leading needs articulating a vision, energizing personnel, inspiring others, and motivating yourself. It also requires mission, control, charisma, and effective communication skills.
Which activity falls under the planning management function?The management activity of planning includes both choosing a course of action to carry out goals and setting goals. Managers need to anticipate challenges but be aware of external issues affecting their business today. The four widely accepted management roles—developing, organizing, leading, and managing—include these crucial skills. These abilities were initially divided into five components by Henri Fayol.
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why would a systems analyst new to a company be a good choice to lead an important systems development effort?
A system analyst new to the organization wouldn't have any assumptions about the framework and how it could squeeze into the organization's methodology. Having a new point of view could take into consideration new experiences and another methodology that could prompt a preferable and more innovative framework would somehow result.
A systems analyst, otherwise called a business innovation expert, is a data innovation (IT) proficient who spends significant time in breaking down, planning and carrying out data frameworks. Systems analysts evaluate the appropriateness of data frameworks concerning their expected results and liaise with end clients, programming merchants and developers to accomplish these results. A systems analyst is an individual who utilizes examination and planning methods to take care of business issues utilizing data innovation. Frameworks experts might act as the need might have arisen, plan frameworks to carry out those changes, and prepare and spur others to utilize the frameworks
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combine like terms to simplify 13q2 + 4q2
Answer:
17q^2
Explanation:
you add the like terms and 13+4 is equal to 17
1. Pilihan ganda30 detik1 ptQ. Finance is the business function that involves managingPilihan jawabanInformationMoneyMarketingProduction
Option e: Business description. A Business description. describes the nature of the company, the products it offers, and the company philosophy.
A business description is a written overview of a company and its products or services.
Describe your company's purpose, goals, and target audience. This description often includes information about the nature of the company, the products or services it offers, the company's history and philosophy, and the people involved in running the company.
A company description helps you have a clear understanding of what your company does, stands for, and wants to achieve. It serves as the basis for the company's marketing and financial planning and helps define the company's overall direction.
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Complete question:
Pilihan ganda30 detik1 ptQ. Which of the following describes the business type, the products offered and the philosophy of the business?
Pilihan jawaban
Marketing plan
Executive agenda
Financial plan
Business description
snow rides manufactures snowboards. richard may, the ceo, is trying to decide whether to adopt a lean thinking model. he expects that adopting lean production would save $102,268 in warehousing expenses and $53,341 in spoilage costs. adopting lean production will require several one-time up-front expenditures: $12,695 for an employee training program, $97,637 to streamline the plant's production process, and $8,243 to identify suppliers that will guarantee zero defects and on-time delivery. what will be the net benefit to this company by adopting lean production?
To calculate the net benefit of adopting lean production for Snow Rides, we need to compare the savings from lean production to the costs of implementing it.
The net benefit can be deducted as:
Net Benefit = Savings - Costs
Savings = $102,268 + $53,341 = $155,609
Costs = $12,695 + $97,637 + $8,243 = $118,575
Therefore, the net benefit of adopting lean production is:
Net Benefit = $155,609 - $118,575 = $37,034
So adopting the lean thinking model will result in a net benefit of $37,034 for Snow Rides. Lean thinking is a production philosophy and methodology that aims to minimize waste and maximize value for customers. It originated in the manufacturing industry, but has since been adopted by a variety of industries, including healthcare, construction, and software development. The core principle of lean thinking is to focus on creating value for customers while eliminating waste. This involves identifying and eliminating activities that do not add value to the product or service being provided. Examples of waste include overproduction, waiting, excess inventory, unnecessary transportation, over processing, defects, and unused talent. To achieve this goal, lean thinking emphasizes continuous improvement and involves the entire organization in the process. This can be achieved through the implementation of a set of tools and techniques, such as the 5S method for workplace organization, value stream mapping to identify waste, and Kaizen events to facilitate continuous improvement.
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assume that the 2-year forward rate is usd 1.21/eur. is there an arbitrage opportunity? compute the profit if you can borrow up to usd 1,000,000 (or the equivalent in eur). please round to the nearest us cent.
The profit, if you can borrow up to USD 1,000,000 (or the equivalent in euro), is $16,549.37
What is Arbitrage profit?The profit earned from buying and selling the same security at different prices in quick succession is arbitrage profit
1. Using Interest Rate Parity Formula :
F/S = 1+Rd/1+Rf
Where,
F = Forward rate
S = Spot Rate
Rd = Interest Rate in domestic Market
Rf = Interest Rate in foreign Market
Using formula,
F/1.21 = (1+0.11% )^2 /(1-0.72%)^2 = 1.002201/0.985652
2. Strategy :
As calculated rate 1.23 is higher than the forward rate 1.21. Hence, EUR Forward must be bought now for which we need to borrow Euro and invest in Dollar, it can be shown as follows:-
1 Amount invested in Dollar = 1000000.00
2 Amount after 2 year in $ = Amount invested in $x (1+0.11%)^2 = 1002201.21
3 Amount borrowed in Euro = Amount in Dollar/1.21 = 826446.28
4 Repayment of borrowing after 2 year = Amount Borrowed in Euro x (1-0.72 % )^2 = 814588.30
5 Repayment in dollar = Amount in euro x spot rate = 985651.84
6 Arbitrage Profit in Dollar = Investment (2) - Repayment (5) =$16,549.37
Therefore, the Arbitrage profit is $16,549.37.
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If average labor productivity in two countries is the same, average living standards will be lower in the country with:A)the lower share of population employed.B)the higher share of population employed.
If average labor productivity in two countries is the same, average living standards will be lower in the country with the lower share of population employed.
Why it is?
This is because the number of people employed in a country directly affects the overall level of output that can be produced.
If a higher share of the population is employed, there are more workers producing goods and services, which can increase the level of output and overall economic growth.
On the other hand, if a lower share of the population is employed, there are fewer workers producing goods and services, which can lead to lower levels of output and economic growth.
This can in turn lead to lower average living standards in the country, as there are fewer resources available to be distributed among the population.
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the circular-flow diagram illustrates that, in markets for the factors of production, a. households are sellers, and firms are buyers. b. households are buyers, and firms are sellers. c. households and firms are both buyers. d. households and firms are both sellers.
The circular-flow diagram illustrates that, in markets for the factors of production, the households are sellers, and firms are buyers. Thus option (a) is correct.
What are the factors of production?The factors of production are the resources required to produce goods and services. The classic factors of production are traditionally categorized as:
Land: This includes natural resources like oil, timber, minerals, water, and other resources used in the production process.
Labor: This refers to the human effort involved in producing goods and services, including physical and mental work.
Capital: This includes the physical assets used in the production process, such as machinery, tools, buildings, and equipment.
Entrepreneurship: This refers to the skill and knowledge of individuals who organize and manage the other factors of production to produce goods and services.
In the circular-flow diagram , in markets for the factors of production, the households are sellers, and firms are buyers. Therefore, option (a) is correct.
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kendra is a manager for a sales company that sells several different products. she makes it a priority to obtain expert knowledge of each product sold and how to use them. what type of leadership skill is this?
Kendra is a manager for a sales company that sells several different products. she makes it a priority to obtain expert knowledge of each product sold and how to use them. This is a type of technical competence leadership skill.
What is leadership skill?The qualities and talents that people possess that enable them to manage operations, direct initiatives, and direct their teams toward the accomplishment of objectives are known as leadership capabilities.
Technical competencies are the skills and knowledge needed to use particular technical information and principles in a work function or role. They are the "what" of carrying out a job and are often learned in a classroom or on the job. One instance of technical competency in counseling.
Therefore, This is a type of technical competence leadership skill.
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Which one of these best measures a firm's long-run ability to meet its obligations? A) Cash ratio. B) Total asset turnover. C) EV multiple
The best measure of a firm's long-run ability to meet its obligations is Return on Equity. (Option D)
Return on Equity (ROE) measures the amount of net income a firm generates in relation to the amount of equity invested in the firm. This ratio provides insight into how well the firm is utilizing its equity to generate profits and meet its obligations. Hence, the best measure of a firm's long-run ability to meet its obligations is Return on Equity.
It is important to note that while the other options cash ratio, total asset turnover, EV multiple, and Equity multiplier, are all useful financial ratios, they do not specifically measure a firm's long-run ability to meet its obligations. The cash ratio measures a firm's liquidity, total asset turnover measures how efficiently a firm uses its assets to generate sales, the EV multiple measures a firm's market value relative to its earnings, and the equity multiplier measures the amount of assets financed by equity.
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oliver inc. reported fines and penalties on its income statement this year. what (if any) book-tax difference will result?
Financial Statement Recap If the agency doesn't pay for the provided property, Audit and Management Assurances owes an interest penalty.
What regulations govern bonus depreciation?For all qualifying purchases made between September 27, 2017, and January 1, 2023, the rules permit Bonus Depreciation of up to 100%. Beginning in 2023, Bonus Depreciation will gradually decrease to 80%. Bonus depreciation will gradually decrease over the next years, falling to 60% in 2024, 40% in 2025, 20% in 2026, and 0% in 2027.
Which of the following is true about depreciation?Depreciation is not a financial expense because it only results in a drop in asset value; there is no cash outflow involved.
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What accounts are inventory invoices placed into?
Inventory invoices are usually placed into one of the following accounts in an accounting system:
Inventory Account: This account is used to track the cost of goods that a business has in stock. The inventory invoices are recorded as a debit in this account.
1. Purchases Account: This account is used to track the cost of goods purchased by a business. The inventory invoices are recorded as a credit in this account.
2. Cost of Goods Sold (COGS) Account: This account is used to track the cost of goods sold by a business. The inventory invoices are recorded as a debit in this account when the goods are sold.
3. Accounts Payable Account: This account is used to track the amount owed to suppliers for goods purchased on credit. The inventory invoices are recorded as a debit in this account until they are paid.
4. The specific accounts that inventory invoices are placed into may vary depending on the accounting system and the business's accounting policies. It's important to consult with an accountant or financial advisor to determine the most appropriate accounts to use for your business.
a cpa issued a standard unqualified audit report on the financial statements of a client that the cpa knew was in the process of obtaining a loan. in a suit by the bank issuing the loan, the cpa's best defense would be that the:
Prior to the audit's conclusion, the CPA was aware of the identity of the Bank.
What does audit actually mean?A physical inventory check is followed by an auditor's review or review of various accounting books to ensure that all sectors are using the same structural control of record transactions. It's done to make sure the organization's financial filings are correct.
An audit: Is it a big deal?Audits are the one thing that American taxpayers dread more than owe the IRS money. But, you must be aware that most audit were not actually a big issue. Before you image some mean, scary IRS officer coming into your home or questioning your till you do it, you should know this.
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