Which one of the following would not be considered a substantive audit procedure?
A Obtaining a letter from an investment broker confirming an account balance.
B Using generalised audit software to identify all accounts receivable over 90 days outstanding.
C Selecting a sample of sales orders and checking that all orders are authorised by a sales manager.
D Multiplying the number of employees on each pay scale by the yearly pay rate to determine an estimate of payroll expense.

Answers

Answer 1

Option A, obtaining a letter from an investment broker confirming an account balance, would not be considered a substantive audit procedure.

Substantive audit procedures are designed to obtain direct and reliable evidence about the accuracy, completeness, and validity of the financial information. These procedures provide a high level of assurance and are typically used to support the auditor's opinion. Option A, obtaining a letter from an investment broker confirming an account balance, is a confirmation procedure commonly used in auditing. However, it is not considered a substantive audit procedure because it primarily focuses on obtaining external evidence rather than directly testing the financial information or underlying transactions. Confirmations are typically used as a means of obtaining corroborative evidence and are considered a form of audit evidence, but they do not independently provide substantive evidence about the financial statement assertions.

On the other hand, options B, C, and D involve direct testing of the financial information and are considered substantive audit procedures. Option B involves using audit software to identify specific accounts receivable balances and assessing their collectability. Option C involves selecting a sample of sales orders and verifying the authorization of each order, ensuring compliance with internal controls. Option D involves performing a calculation to estimate payroll expense based on the number of employees and their pay rates, directly testing the accuracy and completeness of the payroll records. Overall, while obtaining a confirmation letter from an investment broker is an important audit procedure, it is not classified as a substantive audit procedure because it does not provide direct evidence about the financial statement assertions.

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Related Questions

3. Which answer best shows all of the
elements you need to consider when
choosing an investment?
nt
e
Crisk and return
liquidity, risk, time, and return
return and liquidity
Ctime, risk, and liquidity

Answers

Answer:

liquidity, risk, time, and return

Explanation:

For choosing an investment, following things need to be considered

1. Liquidity : It means how the asset is converted into cash it shows the how an asset purchased or sold in the market without varies in the price

2. Risk: It is a possibility where it can be less than the predicted gain or the loss instead of profit

3. Time: How much time is required to have a profit

4 Return: The amount which you have invested in return how much it comes.

It could be measured by dividing the net profit from the net worth

Therefore the above is the answer

Answer:

liquidity, risk, time, and return is the right answer on edge

Explanation:

List five of the most widely followed indicators of the economy.

Answers

Answer:

1. Gross Domestic Product

GDP represents the market value of all final goods and services produced within a country during a given period. The figure is usually given in nominal and real formats, with real GDP adjusting for changes in monetary value. Given its vast breadth, this indicator is among the most-watched by the financial markets.

The expansion of a country's GDP is indicative of a growing economy, while a contraction in GDP indicates a slowdown in a country's economy. Meanwhile, a country's projected GDP growth rate can be used to determine an appropriate level of sovereign debt or determine if companies operating within the country are likely to experience growth.1

2. Employment Indicators

The productivity and wealth of a country's citizens is arguably the ultimate determiner of economic success. Employment indicators, such as labor force, payroll, and unemployment data estimate how many citizens are employed and whether they are making more or less money than before.

The financial markets carefully watch these employment indicators, especially in developed countries that generate most of their income from domestic consumer spending. A fall in employment is often followed by a fall in consumer spending, which can hurt GDP statistics and overall economic growth prospects.2

3. Consumer Price Index

CPI measures changes in the prices of consumer goods and services that are purchased by households. The index is a statistical estimate created by using prices from a sample of representative items collected periodically. Often times, this measure is used as a gauge of inflation, which can positively or negatively affect a country's currency.3

The financial markets carefully watch CPI figures for signs of inflation. Rising inflation can lead to higher interest rates and reduced lending, while deflation can lead to lower interest rates and greater lending.4

4. Central Bank Minutes

Central banks create monetary policy and exert significant control over a country's economy. Consequently, the financial markets tend to listen closely to every word that central bankers utter publicly for clues about the future. Central bank minutes are formal releases that contain valuable economic commentary that can signal future policy action.5

In the U.S., the Federal Reserve issues what's called the Beige Book, which contains anecdotal information about current economic conditions from each Federal Reserve Bank. Similar notes are released by many other central banks, including the Bank of Japan, European Central Bank (ECB), and others on a regular or semi-regular schedule.6

5. PMI Manufacturing & Services

The Purchasing Manager's Index (PMI) is an economic indicator developed by Markit Group and the Institute for Supply Management. By polling businesses on a monthly basis, the index reflects the acquisition of goods and services by purchasing managers. The two most important surveys are the PMI Manufacturing and PMI Services indices.

The financial markets watch the PMI Manufacturing and PMI Services indices as key leading economic indicators because companies stop purchasing raw materials when demand dries up. This can indicate problems in an economy much before other reports like retail sales or consumer spending

hurry !
Whom does the Government and Public Administration career cluster serve?
private citizens
army and navy
government employees and the military
national security and the foreign service

Answers

Private citizens I think

Private citizens do the Government and Public Administration career cluster serve. Hence, option A is correct.

What is Public Administration?

In the field of public administration, leaders collaborate with localities to advance the welfare of the public and effect change for the better. Public administration specialists are equipped to run all levels of government and nonprofit organizations.

Public administrators plan, direct, and supervise the organizations that oversee and regulate local laws and legislation. As these organizations grow to satisfy society's demands while simultaneously serving the interests and needs of the general public, public administrators act as special consultants to them.

"Legislative activities, taxation, national security, public order and safety, immigration services, foreign affairs and international assistance, and the administration of government programs" are all considered to be "exclusively governmental in nature."

Thus, option A is correct.

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Is Vegeta the prince of all saiyans or the king of all saiyans

Answers

Answer: the prince

Explanation: Vegeta first appears in chapter #204 "Sayonara, Son Goku", published in Weekly Shōnen Jump magazine on November 7, 1988, seeking the wish-granting Dragon Balls to gain immortality. Vegeta is the prince of an extraterrestrial warrior race known as the Saiyans.

Price lining is setting a price floor and a price ceiling for a line of products and then setting price points in between to represent differences in quality.A. TrueB. False

Answers

Answer:

FALSE

Explanation:

If a business has no answer to fight back against its competition, then the _____ risk has been encountered.

1. financial

2. strategic

3. compliance

4. operational

Answers

1. compliance

the act or process of complying to a desire, demand, proposal, or regimen or to coercion

What is the name for the process that marketers use to plan, develop, execute, and evaluate coordinated, measurable, persuasive brand communication programs over time to target audiences?

Answers

Answer:

Integrated Marketing Communication

Explanation:

As the name implies, the concept of integrated marketing communication is aimed at leveraging the power that comes with the synergy between different marketing and communication tools and services such as consistent and repetitive advert placement, sales and promotional offers, coordinated and friendly marketing campaigns, and son on, all these carefully and strategically tailored towards the gradual and steady capture of a specific target audience over a certain period of time. These integrated marketing strategy or procedure is aimed towards such audience so that it would cover all aspects of the consumers wants in other to ultimately impact their deciak making and adoption of the product or services.

This OS was created by a developer named Torvalds. Linux Mac Unix Windows

Answers

Answer:

Linux.

Explanation:

Linus Torvalds is a Finnish computer programmer, creator of the Linux operating system kernel in 1991. Torvalds began developing his project through research done in a particular way during his spare time, using his own computers, tools and spare parts, and taking the Minix operating system as a starting point, seeking to create his own operating system to use on his own personal computers. Finally, as a result of this development, Torvalds created the largest and best-known open software operating system today.

The argument took place between-----​

Answers

Answer:

?

Explanation:

dto, incorporated, has sales of $42 million, total assets of $24 million, and total debt of $8 million. a. if the profit margin is 7 percent, what is the net income?

Answers

If the profit margin is 7 percent, the net income is is $2.94 million. A company's net income can be calculated by multiplying sales by profit margin. The company's revenue is $42 million and the profit margin is 7%.

By multiplying these two numbers, we can calculate the company's net income, which is $2.94 million. This calculation is important for determining the profitability of the business and for evaluating the performance of the business over time. It is also an important factor in determining the amount of taxes a company must pay.

It can be calculated as :

Net Income = Sales x Profit Margin

Net Income = $42 million x 0.07

Net Income = $2.94 million

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Lisi Crichton operates a variety store. Her brother does custom welding and made some racks to hold videos. Lisi gave her brother $5,000 cash and did not get a bill. A similar rack was on display at a department store for $1,000. You are told to book an expense on the company financial statement for $5000. What will you book the amount for?

Answers

Answer:

$1,000

Explanation:

Fixed assets must be recorded at historic cost or purchase value. Their valuation is not affected by changes in market values, e.g. land might appreciate over time, but its historic cost will be used for accounting purposes.

In this case, Lisi doesn't have a bill to show the price of the rack, and since she paid in cash, she has no way of proving what she actually paid for it. In this case, in order to record the purchase of the rack you must use the fair market value of similar racks.

Imagine if someone could just say that they purchased things at X price but didn't get a bill, soon people would be recording buying pencils at $500 each because they are gorgeous and perfectly crafted.

what is cantonal tax in switzerland?

Answers

Answer:

Explanation:

On cantonal level, tax rates varies heavily, Obwalden adapted a 1.8% flat tax on all personal income following a cantonal referendum in 2007. In most cantons, the rate is proportional with a maximum rate of 6.5% in Bern, whereas in Zurich it was 13% and in Geneva 17.58-. 76%

1. What is the revised net operating income if unit sales increase by 12%? 2. What is the revised net operating income if the selling price decreases by $1.30 per unit and the number of units sold increases by 19%? 3. What is the revised net operating income if the selling price increases by $1.30 per unit, fixed expenses increase by $6,000, and the number of units sold decreases by 7%? 4. What is the revised net operating income if the selling price per unit increases by 20%, variable expenses increase by 20 cents per unit, and the number of units sold decreases by 13%?

Answers

Answer:

the information about the company's income statement is missing, so I looked for a similar question (see attached image):

current contribution margin per unit = $3

current sales volume = 44,000 units

fixed expenses = $46,000

1. What is the revised net operating income if unit sales increase by 12%?

[(44,000 x 1.12) x $3] - $46,000 = $101,840

2. What is the revised net operating income if the selling price decreases by $1.30 per unit and the number of units sold increases by 19%?

[(44,000 x 1.19) x $1.70] - $46,000 = $43,012

3. What is the revised net operating income if the selling price increases by $1.30 per unit, fixed expenses increase by $6,000, and the number of units sold decreases by 7%?

[(44,000 x 0.93) x $4.30] - $52,000 = $123,956

4. What is the revised net operating income if the selling price per unit increases by 20%, variable expenses increase by 20 cents per unit, and the number of units sold decreases by 13%?

[(44,000 x 0.87) x $4.60] - $46,000 = $130,088
1. What is the revised net operating income if unit sales increase by 12%? 2. What is the revised net

The two metaphors commonly used to describe the two views of the change process are?

Answers

The two metaphors commonly used to describe the two views of the change management process are calm waters and white-water rapids.

A metaphor is an idiom that, for rhetorical purposes, refers directly to one thing by mentioning another. Can clarify (or obscure) or identify hidden similarities between two different ideas. Metaphors are often compared to other types of images such as antithesis, exaggeration, metonymy, and simile. One of the most frequently cited examples of metaphor in English literature comes from As You Like It's a monologue.

This quote expresses a metaphor. Not a literal actor or actress. In arguing that the world is a stage, Shakespeare uses points of comparison between the world and the stage to convey his understanding of how the world works and the behavior of people within it.

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Rain spoils the strawberry crop, the price of strawberries rises from $6 to $8 a box, and the quantity demanded decreases from 600 to 200 boxes a week. Calculate the price elasticity of demand over this price range. Describe the demand for strawberries. Over the price range of 6 to 88, the price elasticity of demand is >>> Answer to 2 decimal places, Over this price range, the demand for strawberries is A inelastic B. unit elastic c. elastic

Answers

Option a: Inelastic.  Over the price range of 6 to 8, the price elasticity of demand is inelastic.

Mid point elasticity formula

[change in price] / [average price] ÷ [change in quantity] / [average quantity]

change/difference in price = $8 - $6 = $2

average price = [$ 8 +$6] / $2 = 14/ 2 = 7

[change in price] / [average price] = 2/7

change in quantity = 600 boxes - 200 boxes = 400 boxes

average quantity = [600 boxes + 200 boxes] / 2 = 800 boxes / 2 = 400

boxes

change in quantity / average quantity = 400/400 = 1

midpoint elasticity = 2/7 ÷ 1 =  2/7 = 0.28

0.28 < 1 => inelastic demand (the change is demand is less than proportional to the change in price)

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A video game system is on sale for 25% off its original price. If the original price is $200, how much money will be saved?​

Answers

Answer:

$50

Explanation:

25% = 1/4

200 / 4 = 50

50*3=150, which is 25% off.

Gabriel Joseph has begun a new delivery and warehousing business. To begin his deliveries, he has leased a new truck. The 0ve-year lease arrangement provides formonthly payments based on the $35,000 cost of the truckand an a greedonrate of 1 5 percent compounded monthly.What will Mr.Joseph's lease payment be each month?

Answers

Bbnnnnnnnnjjnnub. Bro

what factors affect the process of planning?​

Answers

Answer:

Answer to the following question is as follows;

Explanation:

Several factors also influence the sort of planning application that must submit as well as the result of our planning permission.

Nature, animals, and biodiversity, as well as planning permission policies , Regulations, construction, and so on Statement of design, statement of design and accessibility, statement of design, statement of design, statement of design Environment Healthcare, Ecology

8) a company incurs a cost that is directly proportional to the magnitude of the decision variable. this is an example of a:

Answers

A company incurs a cost that is directly proportional to the magnitude of the decision variable, this is an example of a: variable cost.

In an optimization problem, a decision variable is unknown. It has a domain, which is a compact representation of the variable's set of all possible values. Decision variable types are references to objects whose exact nature is determined by the model's underlying optimizer.

Because the problem is to decide what value each variable should take, the variables are sometimes referred to as decision variables. Typically, variables represent the amount of a resource to be used or the intensity of some activity.

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which of the following sentences avoids use of trite business phrases?

Answers

The sentence that avoids the use of trite business phrases is: "Please do not hesitate to call me if you have questions."

The sentence "Please do not hesitate to call me if you have questions" avoids the use of trite business phrases. Trite business phrases are overused and lack originality or meaningful content. They often become clichés in business communication and can make the message sound impersonal or insincere.

The other options in the list contain trite business phrases commonly found in formal correspondence. For example, "The application will be sent under separate cover" and "Enclosed please find a coupon to use during your next visit" are both examples of clichéd language frequently used in business letters or emails.

In contrast, the sentence "Please do not hesitate to call me if you have questions" is straightforward, direct, and does not rely on overused phrases. It conveys a genuine invitation for the recipient to reach out for any inquiries or clarifications.

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Market Data Corporation is required to file a registration statement with the Securities and Exchange Commission. This statement must contain:

Answers

Based on the fact that Market Data Corporation needs to file a registration form with the Securities and Exchange Commission, their statement should include b. a description of securities being offered for sale.

What is needed to sign a registration statement with the SEC?

The Securities and Exchange Commission was established to ensure that the stock and capital markets run as smoothly as possible.

For this to happen, new companies that want to issue stock need to file a registration form with the SEC and this form must talk about the securities that are up for sale so that the SEC can have them on record.

Options for this question include:

a. a copy of prospectuses to be provided to investors. b. a description of securities being offered for sale. c. a record of pre-registration sales in securities. d. a statement that securities being offered for sale are worth the price

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an individual named claudius is located at the point 0 in the accompanying diagram. Using an appropriate randomization device (such as a tetrahedral die, one having four sides), Claudius first moves to one of the four locations B1, B2, B3, B4. Once at one of these locations, another randomization device is used to decide whether Claudius next returns to 0 or next visits one of the other two adjacent points. This process then continues; after each move, another move to one of the (new) adjacent points is determined by tossing an appropriate die or coin.
a. Let X = the number of moves that Claudius makes before first returning to 0. What are possible values of X? Is X discrete or continuous?
b. If moves are allowed also along the diagonal paths connecting 0 to A1, A2, A3, and A4, respectively, answer the questions in part (a).

Answers

X is a discrete random variable because the set of values it can take is discrete and the number of moves that Claudius makes before first returning to 0 is still discrete.

a) Let X be the number of moves that Claudius makes before first returning to 0. Possible values of X are 1, 2, 3, …  because the minimum number of moves Claudius can make before returning to 0 is one. The maximum value of X depends on how many moves Claudius needs to make to return to 0.

Since Claudius can move only to adjacent points, after 2n moves he/she has to return to 0 because he/she would have visited every point twice. Hence, X is a discrete random variable because the set of values it can take is discrete.


b) If moves are allowed also along the diagonal paths connecting 0 to A1, A2, A3, and A4, respectively, the possible values of X are the same as in (a).

To return to 0 after an odd number of moves Claudius can either move from B1 to A2 to 0 or from B2 to A3 to 0, or from B3 to A4 to 0, or from B4 to A1 to 0. Therefore, the number of moves that Claudius makes before first returning to 0 is still discrete.

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Sales decline in the decline stage of the PLC because of technological advances, increased competition, and ________. Group of answer choices shifts in the economy shifts in unemployment shifts in consumer tastes and preferences marketing mix modifications new market pioneers

Answers

Sales decline in the decline stage of the PLC because of technological advances, increased competition, and shifts in consumer tastes and preferences.

As a product reaches the decline stage of the PLC, it faces numerous challenges such as the emergence of more advanced and efficient technologies, the entry of new and established competitors, and the changing needs and preferences of consumers.

These factors ultimately lead to a decline in sales, as the product becomes less attractive to customers, and market share is lost to competitors. As a result, companies must decide whether to invest in product modifications or phase out the product entirely.

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If Country B can produce beans at a lower opportunity cost than Country A, then Country B has a(n) _____________ over Country A in the production of beans.
a) great natural and human resources.
b) large stock of capital.
c) absolute advantage.
d) comparative advantage.

Answers

C I took the quiz already

Answer:

Comparative Advantage

Explanation:

I took the quiz and it was correct. :)

Identity theft may
1. lower credit interest
2. reduce credit balances
3. affect the credit score
4. cancel debt-to-credit ratio

Answers

Identity theft may affect the credit score.

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3.6.2 Teut (COT): The Pret la foi
Question 1 of 25
2 Points
Which of the following has the lowest housing prices and the smallest
population density?
O A. Inner-city neighborhoods
B. Rural areas
O C. Suburban developments
O D. High-rise apartments

Answers

The correct answer is B. Rural areas

Explanation:

High population densities, as well as high housing prices, are mainly found in cities or nearby areas as most jobs and industries are located in these areas. This increases not only the number of people that live in these zones but also the price of housing as the prices of properties are higher due to a higher demand. This means, zones such as inner-city neighborhoods, suburbs, and similar are highly populated and the house prices are high.

On the other hand, nowadays rural areas have a small population density because most people are not interested in living in rural areas as it would take more time to get to cities where jobs and major industries are. Similarly, the housing prices are lower because the demand or number of people interested in buying properties is lower, which makes general housing prices lower.

When making decisions, managers often must decide between doing what is beneficial for the firm in the short term, and what is beneficial for both the firm and society in the long term. To address this conflict, a firm must

Answers

When making decisions, managers are often faced with a conflict between what is beneficial for the firm in the short-term and what is beneficial for both the firm and society in the long-term.

This conflict arises because the actions that benefit the firm in the short-term may not necessarily align with the interests of society as a whole, which can lead to negative consequences for both the company and society in the long-term.

To address this conflict, a firm must adopt a long-term orientation and consider the broader social and environmental impacts of its decisions. This means looking beyond immediate financial gains and recognizing that actions taken today can have far-reaching implications for the company's reputation, customer loyalty, employee morale, and overall sustainability.

Firms that prioritize social responsibility and sustainable business practices are more likely to build strong relationships with stakeholders, including customers, employees, investors, and regulators. They are also better equipped to weather economic downturns and other disruptions, as they have diversified their risk and invested in building resilient supply chains and communities.

Ultimately, the key to addressing the conflict between short-term gains and long-term benefits is a commitment to corporate social responsibility (CSR) and sustainable business practices. By prioritizing the needs of society and the environment alongside those of shareholders, firms can create value for all stakeholders over the long-term, ensuring their continued success and impact.

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"tractor is a modern tool of agriculture".justify this statement with suitable example​

Answers

Answer:

Tractors are the king among different farm equipment. They are the main workhorse of any modern farm. They provide the power and traction necessary to mechanize agricultural tasks. ... There are different types of tractors in the market, varying in size and capacity.

Explanation:

What factor reflects the ‘cost of money’? The ‘cost of money’ is reflected in the

Answers

Production opportunities, time preferences for consumption, risk, inflation.

identifying an example of the factor of production labour used in producing the Nano

Answers

Answer:

The Four Factors of Production

Land Labor Capital

The physical space and the natural resources in it (examples: water, timber, oil) The people able to transform resources into goods or services available for purchase A company's physical equipment and the money it uses to buy

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the nurse is caring for a client who receives monthly injections of goserelin. what assessment should the nurse perform when monitoring the client for therapeutic effects? Which function is equivalent to y=2(x+3)2+5?Question 1 options:y=2x2+12x+23y=2x2+14y=2x2+6x+14 why do you think Abraham Lincoln would free slaves that were technically a part of the confederacy? Which of the following is NOT a purpose of a medical document as stated in the segment? To allow for continuation of care between medical professionals To provide necessary information to state and national governments To withstand legal scrutiny in case of lawsuits To record information about a patients medical history what the answer i dont need an explanation what is the next 3 terms for this sequence? 5,15,45 The force of gravity on an object is constant all over the earth.TrueFalse What is art and culture? help pls i dont get this when was the first genuine movement to promote an older, neglected jazz style over current jazz styles took place if rechargeable cell is being charged from a source of EMF the EMF of cell during charging is A. always equal to its terminal potential difference B. always greater than its terminal potential difference C. always less than its terminal potential differenceD. either equal or less than its terminal potential difference How do doctors use the age of red blood cells todecide whether or not someone was blood doping? Find 35% of 400. A 120B 140C 365D 70 Let's assume the child immediately enrolls in a 4-year degree program upon turning 18. Each annual tuition amount is paid in full in advance of the school year. Develop a 4-year plan showing how the RESP could be used to fund the child's post-secondary education. Show all work and explain any assumptions or requirements. this phase of sexual abuse is encouraged with rewarding or threatening the child. let x and y be continuous random variables with joint density function f(x) = (x /5 cy 0 0 < x < 1,1 < y < 5otherwise where c is a constant a. What is the value of c? b. Are X and Y independent? c. Find P{X+ Y> 3} LMNPQRWhat is the value of x in degrees?Enter your answer in the box.x = ___ When a 16.60 g gold nugget is placed in a graduated cylinder with water, the water level rises (see diagram). Based on this observation, calculate the density (g/cm3) of gold. is the following a true statement? 4/8 < 5/16 our body produces energy under conditions during the first few seconds of intense exercise