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Keep track of your income and expenses for one month. List all your assets and liabilities (debts owed) in a spreadsheet. Based on these documents, develop a monthly budget and a net worth statement.

Answer:

The auditor's responsibilities paragraph includes a statement that the auditor considers internal controls when designing the audit procedures performed.

Explanation:

Standard-Unmodified Opinion Audit Report

This form of Standard is simply known as the uniform wording ofte used in audit reports while Unmodified opinion simply means that the auditor's opinion about the financial statements contains no material exceptions or qualifications. Standard Unmodified Opinion Audit Report is virtually needed by private Company.

Auditor's Responsibility

The responsibility of an auditor is to express an opinion on financial statements based on audits made. Audits conducted in accordance with auditing standards is generally accepted in the United States of America. Those standards require that auditor plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.

The conditions for Standard Unmodified Opinion Audit Report includes;

1. All financial statements inclusive

2. Sufficient appropriate evidence accumulated

3. Financial statements are presented fairly in accordance with GAAP or other framework etc.

Answer:

The net worth of her is $486,500

Explanation:

I added all values listed.

Net worth of Sam and Alice 's net worth is $ 112,500.

Wealth is measured by net worth. A person's or a company's net worth is the total of all of their assets, less any liabilities or commitments. A person or institution's net worth is determined by deducting the value of all of its outstanding liabilities from the total value of all of its financial and non-financial assets.

Net worth can alternatively be succinctly represented as non-financial assets plus net financial assets because financial assets minus outstanding obligations equal net financial assets. It can be used by businesses, people, governments, entire nations, or even certain economic sectors like the financial industry.

Computation of Net worth

Assets and Liabilities of Sam and Alice are as listed below

Assets

House = $250,000

Sam's car = $15,000

Alice's SUV = $20,000

IRA retirement account = $2,000

Alice's Jewellery = $5,000

Joint Bank Account balance = $7,500

Total value of assets = $250,000 + $15,000 + $20,000 + $2,000 + $5,000 + $7,500 = $299,500

Liabilities

House Loan Balance = $175,000

Alice's SUV loan = $12,000

Total value of liabilities = $175,000 + $12,000 = $187,000

Net Worth = Assets - Liabilities = $299,500 - $187,000 = $112,500

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# SPJ 2

Answer:The adjusting journal entry will be

a)Debit Bad debts expense  $9,615  

Credit Allowance for doubtful accounts   $9,615

b))Debit Bad debts expense  $13,481

Credit Allowance for doubtful accounts    $13,481

Explanation:

Estimated uncollectible= $421,400 × 3% = $12,642

Allowance for doubtful accounts with  a credit balance of $3,027

Allowance for Bad debts expense = $12,642 - $3,027= $9,615

Account titles and explanation                 Debit                Credit

Bad debts expense                                   $9,615

Allowance for doubtful accounts                                       $9,615        

When the Allowance for doubtful accounts has a debit balance of $839

$12,642+$839= $13,481

Account titles and explanation                 Debit                Credit

Bad debts expense                                 $13,481

Allowance for doubtful accounts                                      $13,481    

Answer:

Answer: Prevent contact:

Explanation:

]The safeguard must prevent hands, arms, and any other part of a worker's body from making contact with dangerous moving parts. A good safeguarding system eliminates the possibility of the operator or another worker placing parts of their bodies near hazardous moving parts.

Safeguarding devices prevent or detect operator contact with the point of operation to protect the worker. The correct option is b.

Safeguarding devices are protective measures consisting of the use of specific technical means, to protect workers from hazards that cannot be reasonably removed or sufficiently limited by design. These devices encompass a variety of equipment that prevents or limits access to the hazards. These can include everything from controls that require the worker to use both hands, gates that block access to moving parts, and sensing devices that identify when the worker is too close to the hazard.

Employers are responsible for safeguarding machines. Any machine part, function or process with the potential for causing an injury must be safeguarded using control methods that prevent employee contact with hazardous areas through effective machine guarding techniques. Almost all new machinery is available with safeguards installed by the manufacturer.

However, used or older equipment may require either purchasing additional safeguards or building and installing them in-house.

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#SPJ2

Answer:

1. False

2. False

3. False

4. True

5. True

Explanation:

1. False: Congress passed the Sarbanes-Oxley Act to ensure that investors invest only in companies that will be profitable.

Sarbanes-Oxley Act of 2002 is a legal framework which was passed by the 107th U.S Congress on the 30th of July, 2002. The law required that investment banking be completely made rid of research analysts who works at a broker-dealer firms, so that the analysts are not influenced to write favorable reports to enhance their potential investment banking businesses.

Hence, it is a federal law that imposes a stiffer penalty for any securities related law break offence by the accountants, auditors etc by mandating strict reforms to the existing securities regulations.

2. False: The standards of conduct by which actions are judged as loyal or disloyal are ethics.

Ethics can be defined as a standard of conduct that judges a person's action as either right or wrong.

Hence, it's a set of both written and unwritten principles, values or rules of moral conduct that guides (governs) human behaviors. Ethics is a reflection that is typically based on identifying what is good or bad, right or wrong and just or unjust with respect to human behaviors.

3. False: The primary accounting standard-setting body in the United States is the Securities and Exchange Commission (SEC).

In the United States of America, the financial accounting standards board (FASB) is the primary accounting standard-setting body.

The financial accounting standards board (FASB) is a private, non-profit organization saddled with the responsibility of establishing and maintaining financial accounting and reporting standards for general guidance of individuals or capital providers such as investors, issuers and auditors.

4. True: The historical cost principle dictates that companies record assets at their cost and continue to report them at their cost over the time the assets are held.

5. True: The monetary unit assumption requires that companies record only transactions that can be measured in money.

Answer:

False

Explanation:

A team can be defined as a group of people or set of individuals with various skill set, knowledge and experience coming together to work on a project or task in order to successfully achieve a set goal and objective.

This ultimately implies that, a team comprises of individuals, workers or employees having complementary skills, knowledge and experience needed to execute a project or task successfully. Therefore, workers working as a team usually interact with the other team members and as a result, this enhances performance and strengthen the level of relationship they share.

Basically, when coworkers or employees working in an organization have mutual respect for one another, it would help to tighten or strengthen the bond that exists in the workplace and as such improving their feelings for each other.

This ultimately implies that, feelings cannot be hurt by mutually respecting coworkers.

Answer:

Wide area network (WAN)

Explanation:

A local area network (LAN) refers to a group of personal computers (PCs) or terminals that are located within the same general area and connected by a common network cable (communication circuit), so that they can exchange information from one node of the network to another. A local area network (LAN) is typically used in small or limited areas such as a set of rooms, a single building, school, hospital, or a set of well-connected buildings. Some of the network devices or equipments used in a local area network (LAN) includes an access point, personal computers, a switch, a router, printer, etc.

On the other hand, a metropolitan area network (MAN) is formed by an aggregation of multiple local area network (LAN) that are interconnected using backbone provided by an internet service provider (ISP). A metropolitan area network (MAN) spans for about 5 kilometers to 50 kilometers in size.

Basically, a metropolitan area network (MAN) spans across a geographic area such as a city and it's larger than a local area network (LAN) but significantly smaller than a wide area network (WAN).

Wide area network (WAN) can be defined as a telecommunication network that covers a wide range of geographical locations such as countries or regions across the world for the purpose of communication and sharing information and data between different users.

Hence, a network that has locations in different countries is considered a wide area network (WAN).

Generally, wide area network (WAN) makes it possible for various organizations to interconnect with their branch offices, headquarters and other multiple locations across the globe. Wide area network (WAN) usually span over a distance of 50 kilometers.

Hence, the type of network used by the organization is most likely a Wide area network (WAN).

Answer:

D

Explanation:

A good has negative externality if the costs to third parties not involved in production is greater than the benefits. an example of an activity that generates negative externality is pollution. Pollution can be generated at little or no cost, so they are usually overproduced. Government can discourage the production of activities that generate negative externality by taxation. Taxation increases the cost of production and therefore discourages overproduction. Tax levied on externality is known as Pigouvian tax.

Government can regulate the amount of externality produced by placing an upper limit on the amount of negative externality permissible

Coase theorem has been proposed as a solution to externality. According to this theory, when there are conflicting property rights, bargaining between parties involved can lead to an efficient outcome only if the bargaining cost is low

Another solution to negative externality is through the activities of charities. Charities can raise donations to limit or regulate the activities of firms that constitutes a negative externality.

Answer: A. is required to draw up a petition listing all assets and liabilities.

Explanation:

Bankruptcy simply refers to the legal whereby an economic entity is unable to repay their outstanding debts. In this case, the individual or business will need to sell its remaining assets in order to pay the liabilities.

Due to the above reason, then the debtor will be required by the government to list all of their assets and the liabilities that it owns and this will be used in determining whether the obligation has been fulfilled or not.

Answer:

The answer is "Option b".

Explanation:

When the typo-It should be the last for 15 years:

[tex]NPV=-5\times (25000+15000)+0.33\times \frac{250000}{14\%} \times (1-\frac{1}{1.14^{15}})[/tex]

After solving the equation we get

[tex]=306728.85878 \\\\=\$ 306729\\\\[/tex]

When it was the last 25 years

[tex]NPV=-5\times(25000+15000)+0.33\times \frac{250000}{14\%}\times(1-\frac{1}{1.14^{25}})=367016.51358[/tex]

Answer:

there are a large number of people working in the underground economy.

Explanation:

The unemployment rate is the rate of people in the labour force that is without a job but they are actively looking for employment

Types of unemployment

structural unemployment is an unemployment that occurs as a result of changes in the economy. These changes can be as a result of changes in technology, polices or competition. Structural unemployment tends to be permanent.  

Frictional unemployment:  the period of time a person is unemployed from the period he leaves his current job and the time he gets another job. Eg. when a real estate agent who leaves a job in Texas and searches for a similar, higher-paying job in California.

Voluntary unemployment: e.g. worker at a fast-food restaurant who quits work and attends college.

Cyclical unemployment: it occurs as a result of fluctuations in the economy. Unemployment would be high in a downturn and low in a boom  

If a large number of people are working underground, they would not be counted as part of the labour force and so the labour force would be smaller. This understates unemployment rate

Answer:

66,000

Explanation:

2,200,000*.03= 66,000

Answer:

$6,557.

Explanation:

Following the eic formula, The eic of Thomas and Stephani filling as jointly married with over 3 children and an income < $55952  is = $6,557.

using the eic formula

= $6557

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Explanation:

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Answer:

The correct answer is C

Explanation:

C or the third answer gives the most comprehensive answer.

A full-service stock broker can give profesional, tailor-made advise, but this person could also have less depth than a book, which would be the most comprehesive information source.

Financial articles and financial advisers can also serve this purpose, by providing brief information in more specific topics.

Explanation:

Given:

Wrong inventory needed = $126,000

Right inventory need to recorded = $135,000

Correct amount need to record = 135,000 - 126,000

Correct amount need to record = $9,000

Journal entry

Purchase A/c dr    9,000

To Credit or cash  A/c   9,0000

Answer:

The alcohol beverages in a private club are owned by the members. Further explanation: A private club is referred to as a place to mingle and meet with individuals of similar interests. In a private club, anyone cannot just enter or join.

Explanation:

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Answer:

Yes, because the stock is a direct financial interest.

Explanation:

The principals of the AICPA Code of Professional Conduct contains the responsibilities which are to exercise sensitive professional and moral judgment, in terms of the Public Interest to always honor the public trust and perform responsibilities with the highest sense of integrity.

The 3 Parts of the AICPA code of conduct. This includes:

(1) Members in public practice

(2) Members in business

(3) Other members

In accounting, code of conduct is important as it makes individuals to accept a high degree of responsibility toward the public.

Thd independence of a covered member is impaired when:

A. The covered member has a direct financial interest in a client

B. The covered member has a material indirect financial interest in the client

Direct Financial Interest

This is simply known as the ownership interests that is directly held in a client. An example is stock ownership, even if owned in a blind trust etc.

Answer:

c

Explanation:

A public good is a good that is non excludable and non rivalrous. Everyone has assess to the statue and because one person is enjoying the view of the statue does not means another person cannot enjoy the view of the statue. The demand curve for public goods is summed vertically because all individuals can consume every unit of the good at the same time.

A private good is a good that is excludable and rivalrous. They are usually exchanged in the market by private sector businesses. It is only you who purchased the ferrari and those you allow that can use the ferarri.

Answer:

internal and external data

Explanation:

Big Data analysis can be regarded as one that contains massive amounts of data as well as complex analysis.

Internal data can be regarded as information that is been generated from within the business these could contains some areas like operations as well as maintenanc and personnel.

External data on other hands are attributed to the market, as well as from customers and from the firms competitors, it could be gotten from survey. All for increasing profitability.

Answer:

Yes, it is correct to say that the demand curve shifted during the coronavirus, as the pandemic was an unexpected event that caused a planned economic recession, with the main objective of reducing production levels and demand in order to contain the pandemic.

One of the examples was the legislation that forced the closing of stores and restaurants in order to reduce the circulation and agglomeration of people in order to reduce the contagion by the virus, which caused a drop in demand and jobs.

Answer:

provide a subsidiary ledger for the finished goods inventory account

monitor costs incurred to date and to predict and control costs for each job

provide a permanent record for the cost of goods sold account

Explanation:

job cost sheet is a recording of all expenses that should be related to the job segment or an individual job.

Also it give the subsidiary ledger for the finished goods. It checks the cost that should be incurred till date and to predict and control the cost. Moreover, it gives the permanenet record for the cost of goods sold

These 3 above statements should be considered

Answer:

A. equal to the marginal cost of Pars production

Explanation:

In the case when both sandy and pat sold their come in the similar market so here sandy should generated the result at the marginal cost that should be equivalent to the pat marginal cost of production

So as per the given situation, the option a is correct

And, the rest of the solutions are considered to be wrong

Answer:

Utilitarian

Explanation:

Utilitarianism is a morality theory that advocated the actions in order to foster the happiness and the actions that result harm or unhappiness could be opposed. It is an action that could be right so this would create a happiness for the larger no of people as a group or society as a whole

So as per the given situation, it is a utilitarian theory

Answer: • provide a permanent record for the cost of goods sold account

• monitor costs incurred to date and to predict and control costs for each job.

• provide a subsidiary ledger for the finished goods inventory account.

Explanation:

Job cost sheet refers to the document that is used for the recording of the manufacturing costs and it is used as a subsidiary ledger for the work in process account due to the fact that it contains every details about the job in process.

From the options given, the job cost sheets can be used to:

• provide a permanent record for the cost of goods sold account

• monitor costs incurred to date and to predict and control costs for each job.

• provide a subsidiary ledger for the finished goods inventory account.

Answer:

Bank A increases its reserves at the Federal Reserve Bank by more than the amount of the check.

Bank A increases Abe's checkable deposits by the amount of the check.

Total reserves in the banking system remain unchanged.

Explanation:

In the case when Abe received the check from bea in order to fixed out the bea car so here Bank A should increased the reserve that should be exceed the check amount

Also it increased the abe checkable deposit via the amount check and the total reserves should remain the same

These should be considered

Answer:

You have to pay once a month

Explanation:

It depends what they're asking. Either you might have to pay at the beginning of the month, or at the end of the month. If you don't pay in time, you have to pay an extra fee.

Answer:

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