management may choose any inventory costing method it desires as long as the cost flow assumption chosen is consistent with the physical movement of goods in the company. true false
Answers
True. Management has the flexibility to choose any inventory costing method that aligns with the assumptions made about the flow of goods in the company.
However, the costing method chosen should be consistent with the physical movement of inventory to ensure accurate accounting of costs and profits. Your statement is false. While management can choose any inventory costing method, the chosen cost flow assumption does not necessarily need to be consistent with the physical movement of goods in the company. The method should, however, be consistent with financial reporting standards and provide a reasonable representation of the company's financial position.
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false, The statement "management may choose any inventory costing method it desires as long as the cost flow assumption chosen is consistent with the physical movement of goods in the company" is false.
There are several inventory costing methods such as First In First Out (FIFO), Last In First Out (LIFO), and Weighted Average Cost (WAC) that companies can choose from. However, the choice of method must be consistent with the physical movement of goods in the company.
For instance, if a company follows the FIFO method, it means that the first goods that were received are the first ones to be sold. Therefore, if the company physically moves the goods in a different order, such as selling newer goods before older goods, then the FIFO method would not be consistent with the physical movement of goods.
Similarly, if a company uses the LIFO method, it means that the last goods received are the first ones to be sold. If the company physically moves goods in a different order, such as selling older goods before newer ones, then the LIFO method would not be consistent with the physical movement of goods.
Therefore, The statement "management may choose any inventory costing method it desires as long as the cost flow assumption chosen is consistent with the physical movement of goods in the company" is false.
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Related Questions
write the different profession and human resources related to engineering and explain any two of them
Answers
Answer:
The professions related to engineering includes
Mechanical engineering
Biomedical engineering
Electronics engineering
Chemical (process) engineering
Petroleum engineering
Materials engineering
Human resources related to engineering includes
Welders
Mechanics
Plumbers
Electricians
Fitters
Carpenters
Brick layers
Operators
Machinist
Explanation:
Mechanical engineering profession
Mechanical engineering profession focuses on the branch of engineering that is related to designing, construction, and implementation of machine that provides energy, force or motion, in industry, homes, school, or office to meet the needs of the society
Welder
A welder is a person that regularly makes use of equipment meant for welding to create acceptable quality welds
What will happen to the market for video games if consumer income drops?
A. Graph 1
B. Graph 2
C. Graph 3
D. Graph 4
Answers
Answer:
a
Explanation:
"free enterprise" and "________________" are terms for an economy based on private businesses competing for profits in open markets with minimal government regulations.
Answers
Answer:
entrepreneurship for them and
A July sales forecast projects that 6,800 units are going to be sold at a price of $11. 30 per unit. Management forecasts 15% growth in sales each month. Total July sales are anticipated to be:
Answers
The total sales in July of the forecasts are $76,840.
What are the sales?
A sale refers to the act of exchanging goods or services for money or other valuable consideration. It is a transaction in which a seller agrees to transfer ownership of a product or service to a buyer in exchange for payment. The term "sale" can refer to a specific event or promotion in which products or services are offered at a discounted price or with other incentives to encourage purchases. Sales can take place in physical locations such as stores or online through e-commerce platforms.
To find the total sales in July, we need to first calculate the sales in each month and then add them up.
Sales in July: 6,800 units × $11.30 per unit = $76,840
Sales in August: 6,800 units × 1.15 × $11.30 per unit = $88,002
Sales in September: 6,800 units × (1.15)² × $11.30 per unit = $101,202.70
Sales in October: 6,800 units × (1.15)³ × $11.30 per unit = $116,383.61
Sales in November: 6,800 units × \((1.15)^{4}\) × $11.30 per unit = $133,718.05
Sales in December: 6,800 units × \((1.15)^{5}\) × $11.30 per unit = $153,408.76
Therefore, the total sales in July are $76,840.
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what happens to the APR after 10 months
Answers
Answer: Once your 0% introductory APR period is over, you'll be charged a new interest rate and may even owe interest on any unpaid balance from before.
Explanation:
i think that's what you mean
ELO Corporation purchased a patent for $135,000 on September 1, 2019. It had a useful life of 10 years. On January 1, 2021, ELO spent $33,000 to successfully defend the patent in a lawsuit. ELO feels that as of that date, the remaining useful life is 5 years. What amount should be reported for patent amortization expense for 2021
Answers
Answer: $30,000
Explanation:
Amortization from September 1, 2019 - January 1, 2021 :
September 1, - december 31 = 4/12 = 0.333333
(1 + 0.333333) × (135000 × 10) = $18,000
Value left before patent defense :
$(135,000 - 18,000) = $117,000
Amount reported for patent amortization expense 2021:
$(117,000 + 33,000) ÷ 5
$150,000 ÷ 5 = $30,000
A friend comes to you seeking advice. He got into trouble at work for not being a team player. He really likes his job and isn’t quite sure what to do. What suggestions would you give to your friend to help him improve? How might he respond to his boss? paragraph... hurry need it by tomorrow
Answers
Answer:
well he should apologize to his boss and everyone he wasn't a team player to because someone must have told his boss, and then proceed to say he with work with others better and mean it. hope this helps your "friend"
Explanation:
The response to hie boss is advice by a friend is that he should justify to his boss and everyone else who knew he wasn't a team player, and then proceed to say he will work better with others and mean it.
What is the team player?Effective team players hold themselves and others accountable. They accept responsibility for their actions or mistakes and comprehend how their decisions affect the team.
Adapting to change is an essential component of team success. If they have the backing of a team, people are more likely to take calculated risks that lead to innovation.
Working as part of a team promotes personal development, increases job satisfaction, and reduces stress. In the given case, his boss's response is advice from a friend that he should justify to his boss and everyone else who knew he wasn't a team player, and then proceed to say he is a team player.
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A 25-year, $1,000 par value bond has an 15% annual payment coupon. The bond currently sells for $905. If the yield to maturity remains at its current rate, what will the price be 5 years from now?
A977.20
B907.41
C930.11
D984.19
E906.86
Answers
The future price of the bond after 5 years will be approximately $901.49. None of the given options matches this value exactly, but the closest option is B. 907.41.
To determine the future price of the bond, we need to calculate the yield to maturity (YTM) and use it to discount the future cash flows. Given that the bond has a 15% annual payment coupon and a par value of $1,000, it means it pays $150 annually ($1,000 x 0.15).
To calculate the yield to maturity (YTM), we can use the current price of $905. The YTM is the discount rate that equates the present value of the bond's cash flows to its current price.
Using a financial calculator or Excel, we can find that the YTM for this bond is approximately 17.12%.
Now, let's calculate the future price of the bond after 5 years using the YTM:
Future price = (Future coupon payments + Future par value) / (1 + YTM)ⁿ
where:
Future coupon payments = Coupon payment x (1 + YTM)ⁿFuture par value = Par value / (1 + YTM)ⁿn = number of yearsPlugging in the values:
Future coupon payments = $150 x (1 + 0.1712)^5 = $317.86
Future par value = $1,000 / (1 + 0.1712)^5 = $584.22
Future price = ($317.86 + $584.22) / (1 + 0.1712)⁵ = $901.49
Therefore, option B. 907.41 is correct.
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It has been said that no two people on an airplane pay the same price for a ticket. Prices tend to be lower if you are willing to book you trip well in advance and tend to be much higher if you have to book your trip on short notice. A non-refundable ticket costs less than a refundable ticket. Airlines use this ___________ in order to maximize the revenue they earn from each flight.
Answers
Answer:
Yield management pricing.
Explanation:
According to the video, what are some qualities Clergy need? Check all that apply. knowledge of office technology able to speak multiple languages able to inspire confidence sensitive to the needs of others awareness of medical treatments
Answers
Answer:
It's C and D
Explanation:
It's correct on Edge! :3
Answer:
C and D are correct
Explanation:
I NEED HELP ;((((((
please someone
Answers
The opportunity cost of watching a movie will be equal to;
А) The time lost while watching the show
B)The pleasure that could have been enjoyed watching TV instead
С )The pleasure enjoyed by watching the show
D) The amount paid to buy the tickets
Answers
Answer:
А) The time lost while watching the show
Explanation:
Opportunity cost is the value of the next-best alternative when a decision is made; it's what is given up.
A and D seems correct, but the wording on D makes A the better answer.
What’s the difference between a brand name and a private title
Answers
Answer:
Private brands tend to be cheaper than name brand goods
Explanation:
Cashmere Soap Corporation had the following items listed in its trial balance at 12/31/2021:
Currency and coins $ 560
Balance in checking account 3,400
Customer checks waiting to be deposited 2,700
Treasury bills, purchased on 11/1/2021,mature on 4/30/2022 2,000
Marketable equity securities 9,400
Commercial paper, purchased on 11/1/2021,mature on 1/30/2022 4,400
What amount will Cashmere Soap include in its year-end balance sheet as cash and cash equivalents
Answers
Answer:
5$
Explanation:
What is the purpose of a w-4 form, and when do you receive it?.
Answers
Answer: to let your employer know how much money to withhold from your paycheck for federal taxes.
Explanation: Your employer should provide a W-4 form when you are hired.
Spell all words correctly.
Identify the marketing research technique implied in the scenario.
A sports beverage company has created a new ad for their product to alr on television. After the ad alrs, they intend to show the ad to a certain
number of customers and then ask them for their feedback regarding the ad. This company is engaging in the
market research technique.
Answers
The marketing research technique implied in the scenario is "advertising research."
What is marketing research?Generally, Marketing research is the process of gathering and analyzing information about consumers, competitors, and the market environment to inform a company's marketing strategy and decisions. It typically involves collecting data through surveys, focus groups, interviews, and other methods, and then analyzing the data to gain insights about customer preferences and behaviors.
Correct! The marketing research technique implied in the scenario is advertising research, specifically pre-testing an advertisement before it airs to a larger audience.
This helps companies ensure that their advertising messages are effective and resonate with their target audience.
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Why is it important for people to maintain a good credit history?
A. So that it's easier to list the expenses on their personal budget
B. So that the IRS won't investigate them for tax fraud
C. So that they know all of the fees associated with their credit cards
D. So that they have an easier time getting loans and credit cards
Answers
Answer:
D. So that they have an easier time getting loans and credit cards
Explanation:
A credit score is a three-digit numerical that communicates reliability in debt repayments. Credit scores range between 300 to 850. Lenders seek to find the credit score for a borrower before advancing credit facilities to them. A higher credit score indicates a borrower is less likely to default on a loan.
Maintaining a high credit score enables one to obtain credit with relatively easy and at lower interest rates. Lenders feel comfortable extending credit to a customer with a high credit score. They consider them a low-risk borrower.
Widget Works has a cost of equity of 17.1 percent. The market risk premium is 9.2 percent and the risk-free rate is 3.3 percent. The company is acquiring a competitor, which will increase the company's beta to 1.7. What effect, if any, will the acquisition have on the firm's cost of equity capital? Decrease of 2.62 percent Increase of 2.62 percent Increase of 1.84 percent No effect Decrease of 1.84 percent
Answers
The acquisition of the competitor will have an effect on the firm's cost of equity capital.
To determine the effect, we need to consider the relationship between beta and the cost of equity capital.
The cost of equity capital is determined using the Capital Asset Pricing Model (CAPM), which is given by the formula:
Cost of Equity = Risk-Free Rate + Beta * Market Risk Premium
Before the acquisition, the company's beta is not provided, so we need to calculate it based on the given information. Using the CAPM formula, we can calculate the initial beta as follows:
Cost of Equity = Risk-Free Rate + Beta * Market Risk Premium
17.1% = 3.3% + Beta * 9.2%
Beta = (17.1% - 3.3%) / 9.2%
Beta ≈ 1.74
After the acquisition, the company's beta will increase to 1.7. Comparing the initial beta of 1.74 with the post-acquisition beta of 1.7, we can see that the acquisition will have no effect on the firm's cost of equity capital. Therefore, the correct answer is "No effect."
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You are a multi-disciplinary project group, tasked with preparing proposals for a new outdoor Pop Music Festival. The inaugural Festival is to take place in June 2023.
The client, a Music Entrepreneur, has stipulated that the annual festival is to be aimed at families; last 7 days, attract 250, 000 people over the 7-day period, with 50, 000 at any time. The major sponsors, a Building Society and a Bank are very supportive of the Family concept of the Festival and any bad publicity from the Festival could cause them to withdraw their support. You should assume that Planning Permission would require, amongst other things that as much of the site as possible should be returned to Farming use after the Festival. The site is a farm located on the other side of a river currently accessible only by foot.
The proposals are to take account of all the factors critical to the success of the Festival.
List the key stakeholders to the project, i.e., the significant parties that can influence or are affected by the project. You should allocate roles to each stakeholder respectively.
Indicate stakeholders who are not at the group meeting, but whose interests must be considered; e.g. customers, entertainers, neighbours, Land owner, Local Planning Authority etc.
List the primary requirements/objectives for the project, of each key stakeholder and indicate any secondary objectives of the project if any.
Agree a succinct statement of the Objectives of the Project that meets the primary requirements of the key stakeholders
List the critical issues for consideration in developing the project
List the primary functions (i.e., what the project must do, rather than what it is), that the project must fulfill to meet the objectives (Express in simple verb-noun form;. E.g. Attract families; Satisfy Planners; Make profit; Have good access; Accommodate families)
Brainstorm each of the primary functions to generate as many ideas as possible to achieve the functions and list all generated ideas.
Answers
As a multi-disciplinary project group, we propose the following plan for the new outdoor Pop Music Festival:
1. Site Selection and Access: We will carefully select a suitable farm site that can accommodate the festival's requirements. Since the site needs to be returned to farming use afterward, we will prioritize minimizing environmental impact. We will also explore options for temporary bridge construction or boat transportation to provide easy access across the river for festival attendees.
2. Event Planning: To ensure the festival is family-oriented, we will curate a diverse lineup of popular artists suitable for all ages. We will incorporate various entertainment options such as interactive activities, children's zones, and family-friendly attractions throughout the festival grounds. Safety measures, including designated areas for children and family facilities, will be implemented to create a secure environment.
3. Infrastructure and Sustainability: Temporary infrastructure, such as stages, seating, and facilities, will be designed and constructed in a manner that allows for easy dismantling and minimal impact on the land. We will prioritize eco-friendly practices, including waste management, recycling, and energy-efficient solutions. Collaboration with local farmers will facilitate the restoration of the site to its original farming use after the festival.
4. Risk Management: We will implement a comprehensive risk management plan to minimize potential negative incidents and ensure the sponsors' continued support. Safety protocols, security measures, and emergency response procedures will be put in place to safeguard attendees and mitigate any possible risks.
By following these proposals, we aim to create a successful outdoor Pop Music Festival that caters to families while respecting the environment and meeting the expectations of the major sponsors.
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What type of economy let private individuals or groups of private individuals own and operate the means of production?
Answers
Capitalism is often thought of as an economic system in which private actors own and control property in accord with their interests, and demand and supply freely set prices in markets in a way that can serve the best interests of society.
The private and public sectors coexist in a mixed economic system. There is enough economic freedom for the private sector to decide how to deploy capital and maximize earnings. It permits the government to intervene in certain economic activities and industries at the same time.
Capitalism is an economic and political system in which private people or corporations own the factors of production. Their judgments are governed only by the desire to make a profit.
Capitalism is based on individual initiative and prefers market processes over government involvement whereas socialism is based on government planning and limits on private resource control. When left to their own devices, economies tend to mix components of both systems.
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Waylon is back-to-school shopping with his mom at a large
department store. He's picked out the following items: 3 pair of
pants for $87 total, 4 t-shirts for $48 total, 1 backpack for $35, 1
hoodie for $26, 1 pair of shoes for $37. When they get to the
register, they see this sign:
BIGGEST BACK TO SCHOOL SALE OF THE SEASON
Spend $100
Spend $200
Spend $300
Spend $400
Save 10%
Save 15%
Save 20%
Save 30%
Answers
Section A is 85% of 233 since thats the total, making the answer to section A $198.05. The answer to section B depends because if he wants more school supplies, then yes, he would want to buy more things for better deals. But if he’s on a budget, then he wouldn't want to spend as much money since saving 20% on something over $300 is more than saving 15% on something over $200. THIS IS ONLY THE ANSWER IF YOU SEE A SIGN IN THE ASSIGNMENT THAT SAYS: Spend $100, save 10%, spend $200, save 15%, spend $300, save 20%, and spend $400, save 30%.
What can be said about determining causation between two factors from a business standpoint, when you have a well-thought-out dataset?
Answers
You can use good business judgment to find a cause, even if it's not always accurate. You will always be able to identify a cause if you use your business judgment.
What is meant by Business Judgement?A court will uphold a director's decisions as long as they are made (1) in good faith, (2) with the care that a reasonably prudent person would use, and (3) with the reasonable belief that the director is acting in the best interests of the corporation, according to the doctrine. In a case in which a director does not hold any interest in a particular transaction, the director must demonstrate that the decision in question was an informed one, taken in good faith, and with the honest belief that the decision is aligned with the interests
By assuming that management is acting in the best interests of the corporation and its stakeholders unless proven otherwise, the business judgment rule shields businesses from frivolous lawsuits. The rule assumes that managers will not always make the best decisions.
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apple exports its products to many countries. an advantage of exporting products to another country is that it
Answers
exporting also comes with challenges such as navigating international regulations, customs procedures, cultural differences, and logistical considerations. However, with proper planning and execution, exporting can provide significant benefits for companies seeking global expansion.
An advantage of exporting products to another country is that it allows a company to expand its market reach and tap into new customer bases. Here are some specific advantages of exporting:
1. Increased sales and revenue: Exporting allows a company to access larger markets, potentially resulting in higher sales volumes and increased revenue.
2. Diversification: By exporting products to multiple countries, a company can reduce its dependence on a single market or domestic market fluctuations. This diversification helps spread business risks.
3. Economies of scale: Exporting can lead to economies of scale through increased production and distribution. When a company can produce and sell in larger quantities, it may achieve lower per-unit costs, leading to improved profitability.
4. Competitive advantage: Exporting can give a company a competitive edge by introducing its products to markets where there may be less competition or where its offerings are unique or highly valued.
5. Enhanced reputation: Successful exporting can enhance a company's reputation as a global player and a trusted brand. It can demonstrate the company's ability to compete internationally and deliver quality products.
6. Learning and innovation: Exporting exposes a company to new markets, cultures, and business practices. This can foster learning and innovation as companies adapt their products and strategies to meet the needs and preferences of international customers.
7. Potential for growth and expansion: Exporting opens up opportunities for business growth and expansion. By reaching new markets, companies can expand their customer base, increase market share, and explore new business opportunities.
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how do i get an egg out of my fridge????? HELP NEED TO KNOW ASAP
Answers
Answer:
open fridge!!!
Explanation:
STEP 1: open fridge
STEP 2: find the egg then grab with hand!!!!!!!!
(Its really hard!!)
what is the purpose of dark tourism
Answers
Answer:
"On one hand, the original purpose of dark tourism sites is for visitors to memorialize the victims and receive education to ensure the 'never again' hope. This is why most of these sites are presented as sites of remembrance for heritage, education or history."
Explanation:
Experts call the phenomenon dark tourism, and they say it has a long tradition. Dark tourism refers to visiting places where some of the darkest events of human history have unfolded. That can include genocide, assassination, incarceration, ethnic cleansing, war or disaster — either natural or accidental.
Why should a business be concerned with stakeholders?
Answers
Businesses should be concerned with stakeholders because they are the ones that provide the finance for businesses.
What is meant by the term stakeholder?A stakeholder is an individual or a set of individuals who have a stake or shares in a company, they are basically investors.
Stakeholders have an interest in a business, there are several types of customers they are Customers, Employees, Investors, Communities, and Governments.
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the relationship between expectancy theory and employee motivation lies in the individual worker's belief that
Answers
The relationship between expectancy theory and employee motivation lies in the individual worker's belief that the effort they put into their job will lead to high performance, which in turn will lead to desired outcomes or rewards.
Expectancy theory is a motivation theory that suggests that an individual's motivation to put effort into a task is determined by their belief that their effort will lead to high performance and their belief that high performance will lead to desired outcomes. In the workplace, employees who believe that their efforts will lead to better job performance and rewards will be more motivated to perform well.
Therefore, for an employee to be motivated, they must first believe that their effort will result in better performance, and that better performance will lead to desired outcomes or rewards. If an employee does not believe that their effort will lead to better performance or that better performance will lead to desired outcomes, their motivation to work hard will be reduced.
Therefore, expectancy theory is important in understanding employee motivation and how to increase it in the workplace.
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QUESTIONS 4 66. - Neatness has great value Consider the following short run production function: Q=6L-0.4L (each a point) a. Find the value of L that maximizes output and maximum output b. Find the value of L that maximizes marginal product and maximum marginal product c. Find the value of L that maximizes average product and maximum average product Given a short run cost function as TC= 1/3Q¹-2Q²-6Q +100 a. Find the minimum value of AVC and MC (a point) A firm operates in a perfectly competitive market. The market price of its product is 4 birr and the total cost function is given by TC= 1/3Q - SQ+z0Q+50, where TC is the total cost and Q is the level of output. (each a point) a. What level of output should the firm produce to maximize its profit? b. Determine the level of profit at equilibrium. c. What minimum price is required by the firm to stay in the market Which Economic System is suit for Ethiopia? Discuss it? (4 point) Discuss the goals of macroeconomics and the measurement of economic performance of the country (6- the point) 6 6. What are problems and instruments of macroeconomics, Discuss it? (6-point)?
Answers
a. The value of L is 7.5 and the maximum output is 22.5.
b. The value of L is 7.5 and maximum marginal product is 0.
c. There is no value of L.
What is the value of L?a. To get value of L that maximizes output (Q), we need to differentiate the production function with respect to L:
\(Q = 6L - 0.4L^2\)
Taking derivative with respect to L:
dQ/dL = 6 - 0.8L
6 - 0.8L = 0
0.8L = 6
L = 6 / 0.8
L = 7.5
The value of L that maximizes output is 7.5 and maximum output (Q) will be:
\(Q = 6(7.5) - 0.4(7.5)^2\)
Q = 45 - 0.4(56.25)
Q = 45 - 22.5
Q = 22.5
To get value of L that maximizes marginal product (MP), we have to differentiate function:
MP = dQ/dL = 6 - 0.8L
Setting MP = 0:
6 - 0.8L = 0
0.8L = 6
L = 6 / 0.8
L = 7.5
The maximum marginal product is computed by substituting value into function:
MP = 6 - 0.8(7.5)
MP = 6 - 6
MP = 0
c. To find the value of L that maximizes average product (AP):
AP = Q / L = (6L - 0.4L^2) / L
Simplifying:
AP = 6 - 0.4L
Taking derivative:
dAP/dL = -0.4
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Give an example of where you would use a credit card versus a debit card. List the pros and cons of each for this purchase you are thinking of. Describe why you would use one form of payment versus the other?
Answers
Answer:
Credit Cards vs. Debit CardsCredit cards and debit cards typically look almost identical, with 16-digit card numbers, expiration dates, and magnetic strips, and EMV chips.1 Both can make it easy and convenient to make purchases in stores or online, with one key difference. Debit cards allow you to spend money by drawing on funds you have deposited at the bank. Credit cards allow you to borrow money from the card issuer up to a certain limit in order to purchase items or withdraw cash.
Explanation:
Pros of Using Credit CardsCredit cards can offer certain advantages over debit cards, though they can also have some downsides. Here’s a closer look at the pros and cons of spending with credit cards.
Build credit historyWarranty and purchase protectionsFraud protectionCons of Using Credit CardsThe main drawbacks of using credit cards involve debt, credit score impacts, and cost.
Spending can lead to debtCredit score impactsInterest and feesPros of Using Debit CardsDebit cards can have both upsides and downsides, just like credit cards.
Avoid debtFraud protectionsNo annual feeCons of Using Debit CardsSimilar to credit cards, the biggest downsides of using debit cards involve credit score impacts and cost.
No rewardsWon’t build creditFeesdescribe common substantive procedures used to audit a client’s property, plant, and equipment. how is depreciation audited? how are intangible assets audited?
Answers
Common substantive procedures used to audit property, plant, and equipment include physical verification, examination of deeds, and inspection of maintenance records.
Depreciation is audited by reviewing the calculation methods, ensuring compliance with accounting standards, and evaluating the reasonableness of estimates. Intangible assets are audited through examination of legal agreements, valuation reports, and testing for impairment.
Physical verification involves physically inspecting the property, plant, and equipment to verify their existence and condition. This ensures that the assets listed in the financial statements actually exist and are in use.
Examination of deeds and ownership documents is conducted to confirm the client's legal ownership of the assets and to check if there are any encumbrances or liens on them.
Inspection of maintenance records helps auditors assess whether the assets are being adequately maintained, which is important for determining their useful lives and potential impairment.
Auditing depreciation involves verifying that the calculation methods used by the client comply with accounting standards, such as the applicable depreciation rates and methods. Auditors also assess the reasonableness of the estimates made by management regarding the useful lives and salvage values of assets, as these assumptions can significantly impact the amount of depreciation charged each year.
For auditing intangible assets, auditors examine legal agreements and contracts related to these assets to confirm their existence and ownership rights. Valuation reports, prepared by specialists, are reviewed to ensure the assets' fair values are accurately recorded. Additionally, auditors test for impairment by assessing whether the carrying amount of the intangible assets is recoverable, considering factors like market conditions and technological advancements.
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