Published: 11 months ago
22. Which of the following account is affected from the Drawings of cash in sole- proprietorship busines Which of the following account is affected from the Drawings of cash in sole- proprietorship business?A) Capital accountB) Shareholder accountC) Liability accountD) Expense account 23. Which of the following is not a component of the balanced scorecard? Which of the following is not a component of the balanced... Continue Reading
Published: 11 months ago
The Andersen IndictmentAlthough the massive restatements of Enron’s financial statements cast serious doubt on Andersen’s professional conduct and audit opinions, ultimately it was the destruction of Enron-related documents in October and November 2001 and the March 2002 federal indictment of Andersen that led to the firm’s rapid downward spiral. The criminal charge against Andersen related to the obstruction of justice for destroying documents after the... Continue Reading
Published: 11 months ago
Enron Corporation, based in Houston, Texas, was formed as the result of the July 1985 merger of Houston Natural Gas and InterNorth of Omaha, Nebraska. In its early years, Enron was a natural gas pipeline company whose primary business strategy involved entering into contracts to deliver specified amounts of natural gas to businesses or utilities over a given period of time. In 1989, Enron began... Continue Reading
Published: 11 months ago
7. On July 1, 2017, Ticino AG invested CHF736,000 in a mine estimated to have 800,000 tons of ore of... On July 1, 2017, Ticino AG invested CHF736,000 in a mine estimated to have 800,000 tons of ore of uniform grade. During the last 6 months of 2017, 124,000 tons of ore were mined. Instructions (a) Prepare the journal entry to record depletion. (b) Assume... Continue Reading
Published: 11 months ago
1. After several months of planning, Jasmine Worthy started a haircutting business called Expressions.. After several months of planning, Jasmine Worthy started a haircutting business called Expressions. The following events occurred during its first month of business. a. On August 1, Worthy invested $3,000 cash and $15,000 of equipment in Expressions. b. On August 2, Expressions paid $600 cash for furniture for the shop. c.... Continue Reading
Published: 11 months ago
38. 41. Which of the following statements about service departments and their costs is not true?... 41. Which of the following statements about service departments and their costs is not true? A. Service departments rarely provide services to other service departments. B. Some service departments may be able to precisely measure the services it provides to other departments. C. Service department costs should be included in total product costs. D. Allocation of service... Continue Reading
Published: 11 months ago
(Objective 9-7) ASSESSING ACCEPTABLE AUDIT RISK Auditors must decide the appropriate acceptable audit risk for an audit, preferably during audit planning. First, auditors decide engagement risk and then use engage - ment risk to modify acceptable audit risk. Engagement risk is the risk that the auditor or audit firm will suffer harm after the audit is finished, even though the audit report was correct. Engagement... Continue Reading
Published: 11 months ago
22. 2.1 Why do we need to group data in the form of a frequency table? Explain briefly. 2.2 How are the. 2.1 Why do we need to group data in the form of a frequency table? Explain briefly. 2.2 How are the relative frequencies and percentages of categories obtained from the frequencies of categories? Illustrate with the help of an example. 2.3 The following... Continue Reading
Published: 11 months ago
18. Swift Company was organized on March 1 of the current Swift Company was organized on March 1 of the current year. After five months of start-up losses, management had expected to earn a profit during August. Management was disappointed, however, when the income statement for August also showed a loss. Augusts income statement follows.: After seeing the $12,000 loss for August, Swifts president stated,... Continue Reading
Published: 11 months ago
9. Calculate Sales Volume variance, Production volume, direct material cost Calculation of actual quantities working backwards from variances The following profit reconciliation statement summarizes the performance of one of SEWs products for March. (£) Budgeted profit 4250 Sales volume variance 850A Standard profit on actual sales 3400 Selling price variance 4000A (600) Cost variances: Adverse Favourable Direct material price 1000 ... Continue Reading