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(C) The requirement is to give the financial statement assertion that is most likely to be the focus of an auditor in his procedures when considering accounts payable. The simple net profit equation is revenue minus expense equals profit. Expenses are created when accounts payable are booked. If management wants to keep profit high they can either report higher sales or lower expense. Choice (C), completeness, is the one assertion that applies most to accounts payable because if accounts payable owed are omitted, net income is too high (i.e. overstated). Choice (A) is false because the existence assertion deals with whether recorded accounts payable are overstated, understating net income, something management is unlikely to let happen. Choice (B) is mistaken because payables have few onerous disclosures. Choice (D) is not the case because there is usually no valuation questions regarding payables - they are valued at the cost of the related acquisition unless there is a chance of non-payment or reduced payments. See ISA 500 for more information on management's financial statement assertions.
Suppose we have an economy with only one aggregate production function, given by: Y = A(K + N^ 2/3 ) where Y is output, A is TFP, K is capital and N is labour. Calculate the market-clearing real wage
determine the proper equations to find pw of each machine. the cost of money is 10 per
Executives estimate that they will have gross revenues of $500,000, total costs of 300,000, 30,000 in allowable tax deductions, and a one time business start up credit of 8000. What is taxable income for the first year.
Capital expenditure of government of India.
Country A produces two goods, elephants and saddles. In the year 2006, the 100 units of elephants produced sold for $2,500 per unit and the 30 units of saddles produced sold for $200 per unit. In 2007, the 120 units of elephants produced sold for ..
a firm that produces its output in asia and sells it in the united states has one plant in country 1 and another in
You have just applied for a credit card with the following term and condition: You are to pay 13.9% APR, compounded monthly.If your current balance is $3000 and you skip payments for 2 months, what would be the total balance in your credit card stat..
at the end of each year a worker invests 2000 into an account the draws 4 interest. the worker makes every payment for
Suppose the own priceelasticity of demand for good X is -2, its income elasticity is 3,its advertising elasticity is 4, and the cross- price elasticity ofdemand between it and good Y is -6.
You expect to receive a payment of $104 one year from one. Your discount rate is 4 percent. What is the present value of the payment to be received Suppose that the discount rate is 5 percent what is the present value of the payment to be received
Last year, Maria's income was $1,800. Milk cost $1 per gallon. Bread, which is very expensive where Maria lives, cost $3 per loaf. This year, her income is $3,600. The price of milk increased to $2 per gallon, and the price of bread increased to $..
Ford is budgeting $300,000 per year to pay for labor over the next 5 years. If the company expects the cost of labor to increase by $10,000 each year, and the annual interest rate is 10%, what is the expected cost of labor in the first year?
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