'Auditors' are the 'individuals who conduct an independent review and examination of system records and activities in order to test the adequacy of the effectiveness of data security and processes.'
The statement that most adequately displays the central role of auditors in the 'financial reporting' would be:
D). "Independent party hired by management to express a professional opinion of the extent to which the company's financial reporting is in compliance with generally accepted accounting principles."
The responsibilities of an auditor include:
Thus, option D correctly goes with the above-stated duties that he/she is an individual who looks after that the company is in proper alliance with the set principles.
Learn more about 'Financial Reporting' here:
Answer:
D. Independent party hired by management to express a professional opinion of the extent to which the company’s financial reporting is in compliance with generally accepted accounting principles.
Explanation:
I just finish my quiz on it.
Answer:
Access and price relationships
Explanation:
Financial institutions - organizations operating in the financial and credit system. In the interpretation of the Western economic tradition, financial institutions are intermediaries between investors (households) and entrepreneurs (consumers of investments).
Financial markets are mechanisms that enable funds to be transferred from those with excess funds to those with few funds. Financial markets are divided into two as money markets and capital markets in terms of maturity. Money markets are markets where short-term funding supply and demand meet. Here, a short term is a year and a shorter term. Capital markets are the markets where long-term fund supply and demand are encountered. Here, long term is meant for over a year. Financial markets also provide low transaction cost value and prices that reflect the effective-market hypothesis.
We can think of basic relationships. The first concerns about the access. Financial institutions provide access to financial markets on behalf of investors seeking financial assets, such as institutional investors. The second relationship can often be claimed as "price." Financial asset prices (traded in financial markets), research and trading activities in financial assets, the actual cost or price of a particular asset affect the performance of financial institutions that affect the market outlook. For example, if a financial institution holds a significant stake in a particular company, it is a sign of markets (good or bad) and ultimately affects the price that a company is willing to pay for a financial asset. (e.g. stocks, bonds, etc.).
Answer:
Option B) 3 or 4; 2 or fewer
Explanation:
A high quality factor will not meet 3 or 4 and low quality factor will not meet 1 or 0 so option A, C and D are incorrect.
The correct option is B. 3 or 4; 2 or fewer as a high quality factor will meet three or four of the AQCD criteria; a low quality factor will meet two or fewer of the AQCD critieria.
Net income $4,000 $100,000 $72,000
Depreciation expense 30,000 8,000 24,000
Accounts receivable increase (decrease) 40,000 20,000 (4,000)
Inventory increase (decrease) (20,000) (10,000) 10,000
Accounts payable increase (decrease) 24,000 (22,000) 14,000
Accrued liabilities increase (decrease) (44,000) 12,000 (8,000)
For each separate company, compute cash flows from operations using the indirect method. (Amounts to be deducted should be indicated by a minus sign.)
Answer: Please see answers in explanation column
Explanation:
Using the indirect method.
Balance Sheet Accounts Case X Case Y Case Z
Net Income $4,000 $100,000 $72,000
Adjustments to reconcile net income to net cash provided by operations:
Depreciation $30,000 $8,000 $24,000
Account Receivables $-40,000 $-20,000 $4,000
Inventory $20,000 $10,000 -$10,000
Account Payable $24,000 -$22,000 $14,000
Accrued Liability -$44,000 $12,000 -$8000
Cash Flows from operating
activities -$6,000 $88,000 $96,000
For the Year Ended December 31, 2022
Sales revenue $ 145,200
Cost of goods sold 105,000
Gross profit 40,200
Selling expenses $10,800
Administrative expenses 3,600 14,400
Income from operations 25,800
Interest expense 1,800
Income before income taxes 24,000
Income tax expense 4,800
Net income $ 19,200
Additional data:
1. Depreciation expense was $10,500.
2. Dividends declared and paid were $12,000.
3. During the year equipment was sold for $5,100 cash.
This equipment cost $10,800 originally and had accumulated depreciation of $5,700 at the time of sale.
Prepare a statement of cash flows using the indirect method.
Answer:
statement of cash flows using the indirect method
Cash flow from Operating Activities
Cash Receipts from Customers $145,200
Cash Paid to Supplies and Employees ($108,900)
Net Cash from Operating Activities $36,300
Cash flow from Investing Activities
Proceeds from Sale of Equipment $5,100
Net Cash from Investing Activities $5,100
Cash flow from Financing Activities
Dividends Paid ($12,000)
Net Cash from Financing Activities ($12,000)
Movement during the period $29,400
Cash and Cash Equivalents at Beginning of the Period 0
Cash and Cash Equivalents at the End of the Period $29,400
Explanation:
Cash Receipts from Customers Calculation :
Sales revenue $ 145,200
Assuming Cash Sales
Cash Paid to Supplies and Employees Calculation :
Cost of goods sold $105,000
Add Selling Expenses $10,800
Add Administrative expenses $3,600
Less Depreciation ($10,500)
Cash Paid to Supplies and Employees $108,900
The statement of cash flows for Crane Company using the indirect method starts with the net income and then adjusts for non-cash items such as depreciation and the gain/loss from equipment sale. The net Cash provided by operating activities would be $17,700. This method helps understand the cash movements within the company.
To prepare a statement of cash flows for Crane Company for the year ended December 31, 2022 using the indirect method, you first start with the net income from the income statement and then make adjustments for changes in non-cash items, add back depreciation expense (a non-cash item) and account for the gain/loss from the sale of equipment. The prepared statement would look like this:
The net Cash provided by operating activities would be $17,700 ($19,200 + $10,500 - $12,000). This method helps in revealing the sources and uses of cash within the company.
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Answer:
Pricing
Explanation:
4 ingredients of marketing mix are Pricing, Product, Place and Promotion(the 4Ps).
Pricing- is for determining the value that is put on a product including rebates. Deciding the correct intrinsic value of a product puts a lot of factors into consideration like the target market, the consumer willingness to pay, whether it is sufficient enough for the company to make a profit out of it.
Product - answers the what; the actually good or service being offered for sale.
Place- answers the where; the location of product so customers can buy it.
Promotion- any activities to inform the target market that the product exist, how to use it etc. this includes advertisement, word of mouth among others.
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Which of the following is one of four steps you might use to improve your thinking?
a) Be reasonable.
b) Stick to your biases.
c) Be considerate and caring.
d) Avoid logic and reason.
Be reasonable
Explanation:
Be reasonable where u use logic and strong motives which consequently improves your way of thinking
I hope that I answered u