What is an auditor's responsibility for internal control weaknesses?
Answers
An auditor is responsible for assessing any internal control weaknesses in order to determine the extent of their impact on the reliability of the financial statements.
Internal control weaknesses refer to limitations in an organization's system of internal control over financial reporting that can make it easier for fraud or financial misstatements to occur.
In other words, internal control weaknesses can make an organization more vulnerable to financial errors, such as fraud, that could damage the organization.
Auditor's responsibility for internal control weaknesses, an auditor should provide a report on the findings related to internal control weaknesses. Specifically, the auditor may be required to:
Report the identified weaknesses in the auditor's report accompanying the financial statementsProvide management with a management letter that outlines the weaknesses and provides recommendations for improvementRecommend that the company engage a specialist to assist in addressing the weaknessesModify the nature, timing, and extent of audit procedures to compensate for the weaknesses in the internal control system.Learn more about Internal control weaknesses here:
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Related Questions
Note that common tasks are listed toward the top, and less common tasks are listed toward the bottom. According to
O*NET, what are common tasks performed by Graphic Designers? Check all that apply.
conferring with clients
creating designs, concepts, and sample layouts
scheduling projects for clients
hiring and training new team members
determining size and arrangement of illustrative material and copy
developing graphics and layouts
Answers
Answer:
creating designs, concepts, and sample layouts
scheduling projects for clients
determining size and arrangement of illustrative material and copy
developing graphics and layouts
Answer:1,2,5,6.
Explanation:
Which statement about your credit utilization ratio is TRUE?
Utilization is the amount you owe divided by your total credit limit and a higher utilization is better
Utilization is the number of purchases with credit divided by your total number of purchases and a
higher utilization is better
Utilization is the number of purchases with credit divided by your total number of purchases and a
lower utilization is better
Utilization is the amount you owe divided by your total credit limit and a lower utilization is better
Rewatch
Answers
The amount the revolving credit you are currently utilizing divided by the entire amount of revolving credit that have available is your credit usage rate, also known as your credit utilization ratio.
How much of your credit are you using?Your utilization rate ratio, which is typically stated as a percentage, is calculated by dividing the amount of credit lines you are now utilizing by the total amount of credit you have access to.Your credit usage ratio is one factor that lenders look at to assess how well you're handling your present debt.
Is credit usage determined by the statement?No, despite the fact that this is a typical misconception.Based on how much of your available credit you used during the billing cycle, that number is your credit usage ratio.
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An asset was purchased for $330000. It had an estimated salvage value of $40000 and an estimated useful life of 10 years. After 5 years of use, the estimated salvage value is revised to $33000 but the estimated useful life is unchanged. Assuming straight-line depreciation, depreciation expense in Year 6 would be
Answers
Assuming straight-line depreciation, in Year 6, the depreciation expense would still be $29,000.
To calculate the depreciation expense in Year 6, we first need to determine the depreciable base, which is the original cost of the asset minus the estimated salvage value.
Original cost of the asset = $330,000
Estimated salvage value = $40,000
Depreciable base = $330,000 - $40,000 = $290,000
The asset has an estimated useful life of 10 years, so the annual depreciation expense would be:
Annual depreciation expense = Depreciable base / Useful life
Annual depreciation expense = $290,000 / 10 = $29,000 per year
After 5 years of use, the estimated salvage value is revised to $33,000. However, this change does not affect the depreciation expense because it only alters the value of the asset at the end of its useful life, not the annual depreciation amount. In year 6, the depreciation expense will be $29,000.
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1. What is public relations? Give an example of a public relations activity. (1 point)
Answers
12. As the second trial began, what happened to Ruby Bates?
Answers
She was missing and they could not find her.
f Carlin can afford $350 per month, she could have just bought a more expensive house ($94,000 -- one of the nicest houses in her neighborhood!). Do you think she should pay off an expensive house in 30 years? Or, should she pay off a cheaper house in less time with less interest? Explain why you feel that way. How much total interest will she pay over the course of the mortgage for this house?
Answers
Answer: she should buy the cheaper house with interest because even with interest its still prob cheaper and you didnt give the interest amount
Explanation:
What is the solution to this equation x+15=28
Answers
Answer:
13
Explanation:
Trust me
in 1985 inflation in israel reached a record 500%. how did this period of high inflation affect market adjustments towards equilibrium price and quantity?
Answers
Markets reached equilibrium more slowly and irregularly.
Why does inflation make markets more uncertain?Because it is more difficult to maintain awareness of how one product compares in price to another, inflation raises market uncertainty. In a perfect world, inflation shouldn't distort pricing signals in any way.
What effects do high inflation rates have on a nation?An economy faces greater issues if its inflation rate is higher than that of its trading partners. This is due to the fact that its domestic goods and services would be more expensive than imports and its exports would be relatively more expensive. AD and real growth would decline as a result of falling net exports.
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Where do u record sundry expenses in a purchase ledger
Answers
Answer:
Sundry expenses are shown on the expenses side (left) of a profit and loss account (Income statement).
Explanation:
Answer:
Sundry expenses are shown on the expenses side (left) of a profit and loss account.
Generally, real estate agents perform a comparative market analysis for their clients to accomplish:___________
Answers
Generally, real estate agents perform a comparative market analysis for their clients to accomplish the task of determining the market value of a property.
A comparative market analysis (CMA) is a process through which real estate agents evaluate the value of a property by comparing it to similar properties in the local market. The main objective is to provide sellers and buyers with an accurate assessment of a property's worth based on current market conditions and recent sales data.
By conducting a CMA, real estate agents can assess factors such as location, size, condition, amenities, and recent sale prices of comparable properties. This analysis helps clients understand the fair market value of their property, enabling them to make informed decisions regarding pricing, negotiations, and offers.
Overall, the comparative market analysis empowers real estate agents and their clients to set realistic expectations, make informed decisions, and navigate the competitive real estate market effectively.
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explain the purpose of a testamentary trust. Provide an example
of a family situation where a testamentary trust would be an
appropriate strategy to achieve the clients goals
Answers
A testamentary trust is a type of trust that is created in a person's will and comes into effect after the person passes away. The purpose of a testamentary trust is to provide a way for a person to control how their assets are distributed after their death, while also potentially providing tax benefits and asset protection for their beneficiaries.
For example, let's say a client has three children, one of whom has special needs and requires ongoing care. The client wants to ensure that all of their children are provided for after their death, but is concerned about leaving a large sum of money outright to their child with special needs, as it may disqualify them from receiving government benefits.
In this situation, the client could create a testamentary trust in their will, naming their three children as beneficiaries. The trustee of the trust would have discretion over how and when the trust funds are distributed to each beneficiary. The trustee could be instructed to make regular distributions to the child with special needs for their care and support, while also ensuring that the other two children receive their fair share of the inheritance.
By using a testamentary trust, the client can ensure that their wishes are carried out after their death, while also potentially providing tax benefits and asset protection for their beneficiaries.
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What can a cover letter explain that a résumé cannot?
Answers
Answer:
Cover letters can also provide insight and explanation into sensitive information that your resume cannot, such as lapses in employment, career changes and layoffs.
Explanation: I put this as my answer and got it right. :)
Cover letters can reveal and explain sensitive information that your resume cannot, such as work gaps, career changes, and layoffs.
Resume and Cover LetterThe thing that a cover letter can explain but a resume can not is that the cover letter explain the interest in the position and what makes the person fit for the job but a resume provides information about a potential employee's professional and academic background.
A cover letter's objective is to provide employers with a peek of the person behind the resume. Cover letters can also reveal and explain sensitive information that your resume cannot, such as work gaps, career changes, and layoffs.
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An organization's operating environment is a complex and often difficult to fully describe in the moment. For this week's discussion board, think about a company that misread their environment. 1. What was the outcome/affect on the company? 2. Looking back, what could the company have done differently? Additionally, explain whether or not you think it is important for a company to take steps to mitigate any environmental uncertainty. Do not forget to cite all of your sources and to provide your reasoning when supporting your affirmations.
Answers
Example: Blockbuster and the rise of streaming services
Outcome/Effect on the company:
Blockbuster, once a dominant player in the video rental industry, failed to adapt to the changing market dynamics and the emergence of streaming services. The company relied on its traditional brick-and-mortar rental stores while underestimating the potential of digital technologies and shifting consumer preferences. As a result, Blockbuster faced a significant decline in its customer base and revenue. Ultimately, the company filed for bankruptcy in 2010 and closed most of its stores.
What could the company have done differently:
Looking back, there were several steps Blockbuster could have taken to better navigate the changing operating environment:
a. Embrace digital technologies: Blockbuster could have invested in online rental platforms, developing a digital presence and offering streaming services before competitors entered the market.
b. Adapt the business model: Instead of relying solely on physical stores, Blockbuster could have explored new distribution channels, such as kiosks or mail-order rental services, to provide customers with more convenient options.
c. Form strategic partnerships: Blockbuster could have pursued partnerships with emerging streaming services or content providers to leverage their expertise and expand its offerings to meet the changing demands of consumers.
d. Focus on customer experience: Blockbuster could have enhanced its customer experience by personalizing recommendations, providing a seamless online interface, and offering loyalty programs to retain customers.
Importance of mitigating environmental uncertainty:
It is crucial for companies to take steps to mitigate environmental uncertainty as it directly impacts their long-term success and survival. Environmental uncertainty arises from various factors such as technological advancements, changing customer preferences, regulatory changes, and competitive landscape shifts. Ignoring or misreading these changes can lead to missed opportunities and failure to adapt, as seen in the Blockbuster example.
By proactively addressing environmental uncertainty, companies can:
Identify emerging trends and customer needs: By closely monitoring the operating environment, companies can gain insights into emerging trends and customer preferences, enabling them to develop innovative products and services that meet evolving demands.
Seize competitive advantages: Mitigating environmental uncertainty allows companies to stay ahead of competitors by identifying untapped market opportunities, adopting new technologies, and creating unique value propositions.
Enhance risk management: By understanding the operating environment, companies can better anticipate and mitigate risks, reducing the negative impacts of unexpected changes.
Sources:
Digital Disruption: Unleashing the Next Wave of Innovation by James McQuivey
"Blockbuster LLC" - Harvard Business School Case Study by Anita Elberse and Stacie Smith
"Why Blockbuster Failed and Why It Still Matters" - Forbes, 2015 by Larry Downes
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how do you the accounting equation
Answers
Answer:
1. Assets = Liabilities + Owner Equity.
2. Liabilities = Assets - Owner Equity.
3. Owner Equity = Assets - Liabilities.
What are 2 positives and 1 negative for Market/Capitalist economies and then 2 positives and 1 negative for Command/Socialist economies.
Answers
Answer:
All of the economy types have their own unique characteristics, with some differing a lot, while some are similar. Most of the resources in a market economy are owned by the private sector, though it is very common that the government owns some of the national resources, while in the capitalistic economy, the ownership is entirely on the private sector. IN a socialist or command economy the resources are mostly or entirely owned by the government, with the private sector being minimal or non-existent. IN the traditional economy, on the other hand, the ownership is usually determined by inheritance, and since this economy type is not very fond of changes, the economic status of the people may remain the same for a very long period of time. hope this helps
Explanation:
please give me brainiest
With respect to data warehousing, appraise at least two (2) approaches in data warehouse design that supports quality data management from varying sources, processing/storage of data throughout the warehouse model, and meaningful output into the presentation layer. Summarize your recommendations in the executive summary.
Answers
Two approaches in data warehouse design that support quality data management, processing/storage of data, and meaningful output are the Kimball and Inmon approaches.
The Kimball approach is a widely adopted methodology for data warehouse design. It emphasizes dimensional modelling, which involves organizing data into fact tables (containing numerical measures) and dimension tables (describing the context of the measures). This approach enables easy navigation and query performance, as well as the integration of diverse data sources. It also promotes iterative development, allowing for incremental updates and adjustments to the data warehouse model.
The Inmon approach, proposed by Bill Inmon, emphasizes a centralized data repository called the "data warehouse." It prioritizes data integration and normalization, ensuring consistency and accuracy. The Inmon approach focuses on capturing detailed data from various sources and transforming it into a common structure for analysis and reporting. This approach supports complex querying and analysis but may require more storage and processing resources due to the normalized data structure.
Both approaches have their merits and considerations. The Kimball approach excels in quickly delivering meaningful output, enabling iterative development and user-driven design. On the other hand, the Inmon approach provides a comprehensive and integrated view of the data, facilitating complex analysis and ensuring data consistency.
Ultimately, the choice between the Kimball and Inmon approaches depends on factors such as the specific requirements of the organization, the complexity of data sources, and the desired outputs. A combination of both approaches may also be considered to achieve the best outcomes in data warehouse design and management.
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being a part of top management at a large fast food chain, antonio is most likely to spend most of his time multiple choice organizing and leading first-line managers. planning and controlling nonmanagerial employees. planning and organizing resources. organizing resources and leading first-line managers.
Answers
As a top management member at a large fast-food chain, Antonio is most likely to spend most of his time organizing and leading first-line managers.
Top management positions typically involve overseeing the overall strategic direction of the organization and ensuring its long-term success. In this context, Antonio's primary responsibilities are likely to revolve around organizing and leading first-line managers.
Organizing refers to the process of structuring the resources and activities of the organization to achieve its goals effectively. Antonio's role would involve establishing clear lines of authority, defining responsibilities, and creating a hierarchical structure that optimizes the flow of information and decision-making. By organizing first-line managers, Antonio ensures that there is a cohesive framework in place to implement the company's strategies and operational plans.
Leading, on the other hand, entails inspiring, motivating, and guiding managers toward achieving organizational objectives. Antonio's leadership role would involve setting expectations, communicating the company's vision and values, and providing guidance and support to first-line managers. He would be responsible for fostering a positive work environment, promoting teamwork, and ensuring that managers have the necessary resources and support to effectively carry out their responsibilities.
While planning and controlling are essential functions of management, they are typically more closely associated with middle-level management roles. Top management positions are more focused on the strategic aspects of the organization, setting goals, formulating strategies, and making high-level decisions. Therefore, Antonio's primary focus is likely to be on organizing and leading first-line managers, ensuring the smooth functioning of the organization's operations and aligning them with the overall strategic direction.
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speech about peer pressure
Answers
Have a peer pressure filled day (jk btw lol)
at most small businesses, human resource management activities can best be described as ________.
Answers
Answer:formal and standardized
Explanation:
At most small businesses, human resource management activities can best be described as informal and decentralized.
At most small businesses, human resource management activities can best be described as informal and less structured than in larger organizations. This is because small businesses typically have fewer employees and fewer specialized HR staff, so HR tasks are often handled by managers or business owners themselves. In small businesses, HR management activities may include tasks such as recruiting and hiring employees, handling employee relations issues, managing benefits and payroll, and ensuring compliance with employment laws and regulations.
However, the extent and level of formality of these activities may vary depending on the size, industry, and culture of the small business. Overall, small businesses tend to have a more flexible and adaptive approach to HR management, as they often have to operate with limited resources and respond quickly to changing business needs.
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Allen Furniture Company is considering offering an inexpensive line of college dorm and apartment furnishings. If they move forward, they will renovate part of their store to accommodate this new stock. Before spending the money to redesign the store, they first want to find out customer interest. In a short response of approximately 100 words, describe some of the steps they should take as they consider this project.
Answers
Answer:
Allen Furniture Company should look into conducting a survey to gauge customer interest to find what they look for, need, and find attractive. They could do so by going to college campuses and conducting random interviews. For their apartment furnishings, they could look online to see what kind of product sell and do an analysis of customer interest that way and they could also conduct a survey for people that live in apartments. They could also look into a consultant that specializes in the field and is experienced with what customers like or want.
What are the two basic types of labor available?
The two basic types of labor force available are____ and ____.
drop-down menu.
1) skilled, overpaid, or local
2) unskilled, underpaid, or uncontrolled
Answers
The two basic types of labor force available are 1. skilled, overpaid and unskilled.
What are types of labor ?Skilled labor is defined as a type of labor that necessitates specialized expertise, training, or experience. The demand for this particular form of work is generally quite substantial, thus leading to the possibility of attaining a higher salary.
Unskilled labor pertains to labor which does not demand specialized expertise, instruction, or prior experience. This particular category of work typically experiences diminished demand and subsequently receives lower compensation.
The sought-after form of labor is contingent upon the prevailing economic circumstances.
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Attitude is your belief in your own effectiveness.
Т
F
Answers
Answer:
f
Explanation:
this mf emmanuel made me get it wrong. its false bro trust
In general, how would you describe the U.S. Economy to someone else?
Answers
The U.S. is a mixed economy, exhibiting characteristics of both capitalism and socialism. Such a mixed economy embraces economic freedom when it comes to capital use, but it also allows for government intervention for the public good.
1.1 Explain the process of registering a company, provide FOUR points.
Answers
The process of registering a company is summarized as follows:
1. Name Approval: This involves selecting and getting the business name approved
2. Decide on Structure: Will it be an S-Corporation or a Limited Liability Company (LLC)?
3. Obtain a Federal Employer Identification Number
4. Obtain Business Licenses and Tax Permits related the industry of the business.
What is Company Registration?Company registration is the process of creating a corporate personality who is enabled by law to conduct business. A corporate person or Company under the law can sue and can be sued.
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When the business cycle has hit its peak and is about to enter a period of sustained economic contraction and the possibility of a sever recession, to maximize gains the prescient investor should not:_______.
Answers
When the business cycle has hit its peak and is about to enter a period of sustained economic contraction and the possibility of a severe recession, to maximize gains the prescient investor should not borrow money to buy real assets. Thus, option A is correct.
What is a recession?In the case of recession, the market is considered as a downward movement. That also means that the GDP is being affected and the unemployment rates as well as consumer spending that slow.
As in the business cycle, the person has been trying an attaining a business acquisition or property then the person should not borrow money to buy it as the company is going to enter a market that is going into recession and the market flow will be low, and it will create various consequences for the business. Therefore, option A is the correct option.
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The question is incomplete, the complete question will be:
Borrow money to buy real assets. Buy nominal assets such as bonds.
O Lend money.
O Hold cash.
Wilde Software Development has an 11% unlevered cost of equity. Wilde forecasts the following interest expenses, which are expected to grow at a constant 4% rate after Year 3. Wilde's tax rate is 25%. Year 1 Year 2 Year 3
Interest expenses $75 $95 $135
What is the horizon value of the interest tax shield? Do not round intermediate calculations. Round your answer to the nearest cent.
What is the total value of the interest tax shield at Year 0? Do not round intermediate calculations. Round your answer to the nearest cent.
Answers
The horizon value of the interest tax shield is $482.14 and the total value of the interest tax shield at Year 0 is $542.70.
Calculate interest tax shieldThe horizon value of the interest tax shield can be calculated using the formula:
Horizon value = (Interest expense in year 3 × Tax rate) / (Unlevered cost of equity - Growth rate)
Plugging in the values from the question, we get:
Horizon value = ($135 × 0.25) / (0.11 - 0.04)
Horizon value = $33.75 / 0.07
Horizon value = $482.14
The total value of the interest tax shield at Year 0 can be calculated by finding the present value of the interest tax shield for each year and summing them up.
The formula for the present value of the interest tax shield is:
PV = (Interest expense × Tax rate) / (1 + Unlevered cost of equity)ⁿ
Where n is the number of years.
For Year 1: PV = ($75 × 0.25) / (1 + 0.11)¹ PV = $16.89
For Year 2: PV = ($95 × 0.25) / (1 + 0.11)² PV = $19.24
For Year 3: PV = ($135 ×0.25) / (1 + 0.11)³ PV = $24.43
The total value of the interest tax shield at Year 0 is the sum of the present values for each year plus the horizon value:
Total value = $16.89 + $19.24 + $24.43 + $482.14
Total value = $542.70
Therefore, the horizon value of the interest tax shield is $482.14 and the total value of the interest tax shield at Year 0 is $542.70.
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La Belle Inc. introduced a new line of accessories for teenage girls the last season. Following its immense popularity with the targeted group, the company anticipated high sales in the current season and ordered raw materials accordingly. . However, the success of the new line turned out to be a fad as the teens soon turned to other products offered by competing brands and La Belle's sales declined. This forecasting error caused a huge discrepancy in the amount of raw materials they needed and the amount of inventory they had already piled up in anticipation of good sales. This is an example of ________.
Answers
Answer:
The bull whip effect
Explanation:
The bull whip effect is the fluctuations in inventories or asset as a result of demand changes as you move up in the supply chain. This demand distortion travels in an upward direction in the supply chain from the retailer through to the wholesaler and manufacturer due to the fluctuations in orders.
A method of reducing this effect is through establishing effective communications between the suppliers and customers so that the reason for the demand distortion can be communicated between parties.
Suppose a certain home improvement outlet knows that the monthly demand for framing studs is 2,700 when the price is $4.19 each but that the demand is 3,500 when the price is $3.95 each. Assuming that the demand function is linear, write its equation. Use p for price (in dollars) and q for quantity
Answers
This is the equation for the linear demand function of framing studs.
To write the demand function equation, we can use the point-slope form of a linear equation, which is:
(q - q₁) = m(p - p₁)
Where:
q = Quantity demanded
p = Price
(q₁, p₁) = Given point on the demand curve
Given that the demand for framing studs is 2,700 when the price is $4.19 each (q₁ = 2700, p₁ = 4.19) and the demand is 3,500 when the price is $3.95 each (q₂ = 3500, p₂ = 3.95), we can substitute these values into the equation:
(q - 2700) = m(p - 4.19)
Now we can calculate the slope (m) using the two points:
m = (q₂ - q₁) / (p₂ - p₁)
= (3500 - 2700) / (3.95 - 4.19)
= 800 / (-0.24)
= -3333.33 (approximately)
Substituting the slope and one of the points back into the equation, we have:
(q - 2700) = -3333.33(p - 4.19)
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9. Suppose the principal of a public school re-
quired all students to recite a prayer at the start
of each school day. What level of government
(federal, state, or local) would most likely deter-
mine whether or not the principal's action was
constitutional?
Answers
Answer: Federal government
Explanation:
Based on the scenario in the question, the federal government would most likely determine whether or not the principal's action was constitutional.
This is a national issue and shouldn't be left in the hands of the local or state government. It should be noted that in 1962, school sponsored prayer in the public schools was banned by the United States Supreme Court, on the basis that the First Amendment was being violated.
The court later ruled that students can meet and then pray on their respective school grounds so far it's done privately and no one is forced.
Hence, the federal government would most likely determine whether or not the principal's action was constitutional.
influences of Business environment,
Answers
Factors that Influence the business environment are :
Economic environmentSocial environmentTechnological environmentPolitical environmentLegal environment
The business environment means the total of all the individuals, and institutions that could affect the working of the business firm.
Importance of business environment:
Business environments help the firm to prepare itself for every possible obstruction or hindrance that can affect the functioning of the firm.It also helps the firm to adjust to frequent changes.The economic environment is all the things that create an economic impact on the firm.
The social environment is all the traditions and customs of the society that creates an impact on the firm.
The technological environment is all the impact on the firm caused due to new technology and upgradations.
The political environment is the conditions and behavior that the elected representatives hold toward the business
The legal environment is entirely based on the rules and legislation of the authorities.
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