An integrated audit performed under the Sarbanes-Oxley Act requires that auditors provide opinions on financial statements and internal control.
An integrated audit tends to consider the relationship between financial and operational controls and also the information technology in establishing an effective and efficient internal control environment.
Since the Sarbanes-Oxley Act came into effect, management is thus responsible for maintaining, establishing, and reporting on an internal control structure, and here the auditors are required in order to assess the internal control structure.
Hence, the objective of an integrated audit is for the auditors to express an opinion on the company’s controls on financial reporting.
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According to professor boyd (lec. 1-2), a written marketing plan is a(n) _____ document.
According to professor boyd (lec. 1-2), a written marketing plan is a dynamic document.
What is a marketing plan?Corresponds to a document where the marketing objectives and goals of the company are arranged, that is, it is a plan where the course of action is defined that will direct the organization in favor of promoting its products and services strategically, through communication, relationship , advertising, etc.
Therefore, the marketing plan is a dynamic document because it adapts to the market and to the micro and macroeconomic factors that impact the market, such as new consumer trends and technological innovations.
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Brenda says her assets are definitely greater than her liabilities. which explains whether brenda is correct? brenda is correct because she has five assets and only three liabilities. brenda is correct because all the items should be in the assets column of the balance sheet. brenda is not correct because the total value of her assets could be less than the liabilities. brenda is not correct because she needs to list more liabilities.
Brenda is not correct because the total value of her assets could be less than the liabilities.
What are liabilities?A liability is an obligation that a person or business has, typically financial in nature. Over time, liabilities are resolved by the transmission of economic advantages like cash, products, or services.
Liabilities on the balance sheet's right side are represented by debts like as loans, accounts payable, mortgages, deferred revenue, bonds, warranties, and accumulated costs.
Assets can be contrasted with liabilities. Assets are items you own or owe money to, whereas liabilities are debts or other obligations.
An obligation between two parties that has not yet been fulfilled or paid for is generally referred to as a liability.
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Answer:
The answer is C. Brenda is not correct because the total value of her assets could be less than the liabilities.
Explanation:
In a ________, employees operate remotely from each other and from their managers.
In a virtual workplace, employees operate remotely from each other and from their managers.
What is Virtual Workplace?
A workplace that is virtual lacks a definite physical location. It frequently consists of a network of numerous offices that are technologically connected and unbound by geography (through the Internet or a private network). Workers can therefore interact in a collaborative working environment regardless of where they are located. A virtual office includes internet operations, computers, and people.
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______ can be a good form of communication for consumers and brands because of its short message length, ease of posting, receiving, and forwarding messages, and its convenience on a smartphone.
social media platforms because of its short message length, ease of posting, receiving, and forwarding messages, as well as its convenience on a smartphone can be a good way for brands and customers to communicate.
Social media are interactive technologies that make it easier to create and share content across virtual communities and networks, including information, ideas, interests, and other kinds of expression. The range of standalone and integrated social media services that are currently offered presents obstacles to the definition of social media, yet there are certain shared characteristics. In relation to media, the term "social" implies that platforms are user-centric and encourage social interaction. Social media can therefore be seen as an online facilitator or enhancer of human networks—networks of people that improve social connection.
Typically, users access social media services using web-based desktop applications or by downloading apps for their mobile devices (e.g., smartphones and tablets).
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A firm's current ratio has steadily increased over the past 5 years, from 1.9 to 3.8. what would a financial analyst probably conclude from this information?
A financial analyst would conclude the firms' liquidity position probably has improved.
What is the significance of liquidity position?Liquidity position refers to the ability of the company to raise cash when it needs it. It refers to both an enterprise's ability to pay short-term bills and debts to raise quick cash.
The liquidity ratio of a company analyze the stability of the firm and tells the investors or creditors the company has enough assets to combat any tough times.
The formula for calculating the liquidity ratio of the company is Quick Ratio = Current Assets - Inventory/Current Liabilities.
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The journal entry to close out a debit balance in rent expense of $200 for the period would be:_____.
The journal entry to close out a debit balance in rent expense of $200 for the period would be: accounts income summary debit 200
rent expense credit 200.
In order to shut out your expense accounts, you may have to debit the income summary account, and credit each point expense listed within the balance, which reduces the travel and entertainment account balances to zero.
Close these accounts by debiting income summary for an amount adequate to the combined debit balances of all eight accounts and by crediting each expense account for an amount adequate to its own debit balance. The four closing entries are, generally speaking, revenue accounts to income summary, expense accounts to income summary, income summary to retained earnings, and dividend accounts to retained earnings.
In making closing entries, all profit-and-loss statement accounts like revenues and expenses should be closed. Expense accounts like cost of products sold and prepaid rent expense should be credited in closing entries because their normal balances are debit.
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___ managers work in a variety of areas, including human resources, operations, and marketing.
Human resources, operations, and marketing are just a few of the specialties of HR managers.
Talent management, pay and benefits for employees, training and development, compliance, and workplace safety are the five key responsibilities of human resources. By handling the employee lifecycle well, an HR department may contribute to organizational structure and the capacity to satisfy business demands. Managing employee compensation and benefits is one of HR's main responsibilities. Employee satisfaction is maintained at a high level via effective administration of wages, vacation time, and insurance. You will be in charge of allocating, promoting, and enhancing salary and benefits packages as a human resource manager. The human resource manager will oversee the regular duties of the Human Resources (HR) division, including hiring and conducting interviews, handling leave requests, paying employees, and enforcing business regulations and procedures.
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When forecasting future interest rates, if the net demand for funds (nd) is _____, there will be an ______ adjustment in interest rates
When forecasting future interest rates, if the net demand for funds (nd) is Positive, there will be an Upward adjustment in interest rates.
As a result, there will be greater demand for loanable funds, which raises the actual interest rate.
Interest rates and the amount of money in circulation are inversely related. A bigger money supply results in lower market interest rates, which reduces the cost of borrowing for consumers. In contrast, a lower money supply typically results in an increase in market interest rates, making loans for consumers more expensive.
When forecasting future interest rates, if the net demand for funds (nd) is Positive, there will be an Upward adjustment in interest rates.
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All competitive advantages do not accrue to large-sized firms. a major advantage of smaller firms is that they:______.
Not all competitive benefits go to large-sized businesses. Smaller businesses have a lot to gain from this can start rivalry-related activities more rapidly.
A company's ability to produce goods or services faster, more efficiently, or for less money than its competitors is known as a competitive edge. These elements enable the producing unit to outperform its competitors in terms of sales or margins.
Success in business depends on having a competitive edge over your rivals because: It can result in larger profit margins. It might encourage attracting more clients more frequently. It promotes continued brand loyalty.
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Cdss allow the purchaser to buy protection from what type of risk? .
a) correlation risk
b) deficit risk
c) conservation risk
d) credit risk
Cdss allow the purchaser to buy protection from a credit risk (option d).
What is a CDS?CDS is an abbreviation for credit default swap. A credit default swap is a swap that is used to transfer the credit risk of a fixed income investment. The CDS is an agreement where the holder of the fixed income investment is compensated if there is default or any other credit event.
Credit risk is the risk that a borrower would fail to meet the contractual obligations associated with the loan. Bonds issued by the government have little or no credit risk. Bond ratings indicate the credit risk of an investment.
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Unenforceable conditions or contract clauses and adversarial relations are risk conditions associated with the project _____ management knowledge area
Unenforceable conditions or contract clauses and adversarial relations are risk conditions associated with the project conflicting relationships management knowledge area. Conflicting relationships and unenforceable terms or contract clauses are risk factors related to the project procurement management knowledge area.
Identifying risks entails identifying those that could have an impact on the project and cataloguing their characteristics. The process of identifying risks should continue throughout the project.
Prioritizing risks based on their likelihood and consequences of occurrence is a step in the qualitative risk analysis process. Secondary risks are those that directly result from putting a risk response in place. Using checklists of potential hazards and assessing the possibility that those events could occur on the project are part of a more disciplined approach.
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The net cash flows from operating, investing, and financing activities will equal?
The net cash flows from operating, investing, and financing activities will equal Net income minus dividends for the year.
The amount earned by an individual or corporation after costs, allowances, and taxes is referred to as net income. Net income in business is the amount that remains after all costs, such as salaries and wages, the cost of goods or raw materials, and taxes, have been paid.A single figure, known as net income or net profit, designates a certain kind of profit. The well-known bottom line on a financial statement is net income. Sales revenue is multiplied by COGS, SG&A, depreciation and amortization, interest expenditure, taxes, and any other costs to arrive at net income.To know more about Net income visit:
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Suppose maria and nikki can produce ballet shoes. if maria's opportunity cost of producing ballet shoes is higher than nikki's opportunity cost of producing ballet shoes, then?
If Maria's opportunity cost of producing shoes is higher than nikki's opportunity cost of producing shoes, then Nikki has a comparative advantage in the production of baellet shoes.
What is meant by production?
Making something out of parts or raw materials is the act of producing something. In other words, manufacturing uses inputs to create an output that is suitable for consumption—a good or product with value for a consumer or end-user.
Production is the process of combining various immaterial inputs (plans, knowledge) with material inputs to create something that is intended for consumption (output). It is the process of producing an output, a good or service that has value and enhances people's usefulness.
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A company can change to a new method of accounting if management can justify that the new method results in.
The correct option is more meaningful financial info
Accounting is the process of documenting a business's financial transactions. These transactions are compiled, examined, and reported to oversight organizations, regulatory bodies, and tax collecting organizations as part of the accounting process. A company's activities, financial condition, and cash flows are summarized in the financial statements that are used in accounting. They provide a succinct overview of financial events across an accounting period. Accounting is the process of documenting financial transactions and using those records to save, retrieve, organize, summarize, and present the findings in different reports and analyses. A profession and subject of study devoted to doing those objectives is accounting. The measuring, processing, and exchange of financial and non-financial information regarding economic entities, such as enterprises and corporations, is known as accounting or accountancy.
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The business cycle is the? a. relationship between unemployment and inflation. b. irregular fluctuations in economic activity. c. positive relationship between the quantity of money in
The business cycle is the
d. irregular unpredictable changes in economic activity.
What is meant by the business cycle?Business cycles are a type of change found in the aggregate economic activity of a nation, a cycle that consists of developments occurring at about the same time in many financial activities, followed by similarly general squeezes (recessions).
What is the relationship between the business cycle and inflation?Unemployment rises during business cycle recessions and declines during business cycle developments (recoveries). Inflation declines during recessions and increases during evolutions (recoveries).
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The discount rate that makes the net present value of an investment exactly equal to zero is called the?
The discount rate that makes the net present value of an investment exactly equal to zero is called the internal rate of return (IRR).
The discount rate that reduces a project's net present value (NPV) to zero is known as the internal rate of return (IRR). In other words, it is the anticipated annual compound rate of return on an investment or project.
A profitable investment opportunity is indicated by an IRR greater than the discount rate.
It makes it easier to compare various investment opportunities and projects. The most practical and profitable choices are selected based on the IRR.
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The adjusting journal entry required to record depreciation includes a(n) _____________ entry to accumulated depreciation.
The adjusting journal entry required to record depreciation includes a(n) "Debit entry" to accumulated depreciation.
What is Journal Entry?
A business transaction is documented in the accounting records of the company using a journal entry. Journal entries are often made in the main ledger, but they may also be produced in a subsidiary ledger and subsequently rolled forward into the general ledger after being summarised. After then, the general ledger is used to compile the company's financial statements. The logic of a journal entry requires that every business transaction be recorded in at least two places (known as double entry accounting). For instance, when you make a cash sale, both the revenue account and the cash account are increased. Alternately, making purchases on credit leads to an increase in the accounts payable and inventory accounts.
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When a company receives cash from a customer in advance of performing the service, the company will debit?
When a company receives cash from a customer in advance of performing the service, the company will debit cash
What is advance payment and accounting impact?
Advance payment occurs when a company receives cash from customers prior to delivering goods or providing the required services, in other words, the company has debt since there services are yet to be performed
The required accounting entries is that the cash account is debited because the receipt of cash increases the company's cash balance whereas the unearned revenue is credit which is a liability account, the fact that the company is yet to earn the revenue by providing the services as requested by the client means that it is indebted to the customer, as a result, a liability account, unearned revenue is credited.
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Under activity-based costing, selling and administrative expenses may be allocated to :________
a. products.
b. customers.
c. both products and customers.
d. neither products nor customers.
Under activity-based costing, selling and administrative expenses may be allocated to both products and customers. Hence, option C is correct.
What is activity-based costing?ABC is a method for dividing up direct and indirect expenditures into several categories of products and services, such as salary and utilities. Activities, which are defined as any occasion, project, or task with a specific purpose, are the foundation of the ABC system of cost accounting.
Activity-based costing is a method for calculating the total cost of manufacturing a product, including overhead. It is determined by dividing the cost pool's whole sum by the cost driver.
Thus, option C is correct.
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A willful misclassification of workers by an employer may result in harsh sanctions, including imprisonment and a fine of up to $10,000, under which federal law?
A willful misclassification of workers by an employer may result in harsh sanctions, including imprisonment and a fine of up to $10,000, under FLSA.- Fair Labor Standards Act of 1983.
What is willful misclassification?"Intentional misclassification" is defined as "evading a person's employee status by voluntarily or knowingly misclassifying a person as an independent contractor." Section 226.8(b) imposes a fine of $5,000 to $15,000 for each violation.
Fair Labor Standards Act of 1938 29 U.S.C. Section 203 is a US labor law that entitles people to minimum wage and "time and a half" overtime if they work more than 40 hours a week.
It also prohibits the employment of minors in "training child labor"
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When the opportunity cost associated with increasing the production of one good or service in terms of another is constant at every level of production, then the production possibility frontier is:___________
When the opportunity cost associated with increasing the production of one good or service in terms of another is constant at every level of production, then the production possibility frontier is: Linear.
What is opportunity cost?Opportunity cost is actually known to be the benefits that are forgone or missed by an investor, business, or individual as a result of choosing one alternative over another.
Opportunity costs can easily be overlooked. The benefits may be forgone in opportunity cost as a result of something.
In business, the production possibility frontier (PPF) is actually known to be a curve that shows the possible quantities that can be manufactured of two products if the both products depend on the same resources for their manufacture.
We see here that the options that complete the question is:
A. Hyperbolic
B. Linear
C. Concave
D. Convex.
The answer is that the production possibility frontier will be linear.
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The phase of the business cycle at which real domestic output is at minimum during a cycle is called:_______
The phase of the business cycle at which real domestic output is at a minimum during a cycle is called the trough
This is further explained below.
What is the business cycle?Generally, The term "business cycle" refers to the persistent upswings and downswings in broad indices of economic activity, such as production, employment, income, and sales.
Business cycles may last for a number of years. The expansionary and contractive stages of the business cycle are the phases that alternate with the other.
In conclusion, The trough is the point in the economic cycle that marks the point at which real domestic production has fallen to its lowest point during that particular cycle.
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complete question
The phase of the business cycle where real domestic output is at a minimum is called:
A. the peak.
B. a recession.
C. the trough.
D. the pits.
According to ""scientific view of risk"" most risks are relative. What does this mean?.
Any given risk should be weighed with other risks or lost benefits that can result from attempts to reduce the given risk.
What is risk?Financially speaking, risk is the possibility that a result or investment won't provide the desired results or return. Risk involves the potential for losing all or a portion of the initial investment. Risk is often quantified by taking past actions and results into account. Standard deviation is a frequent statistic used to measure risk in finance. Overall, it is possible and smart to control investment risks by understanding the fundamentals of risk and how it is assessed. Standard deviation gives a measure of the volatility of asset values in contrast to their historical averages in a certain time frame.
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Experts predict that mergers in the first part of the twenty-first century will be the
result of cash-rich companies looking to acquire businesses that will enhance
their position in the marketplace.
a.true
b.false
The prediction that "mergers in the first part of the twenty-first century will be the result of cash-rich companies looking to acquire businesses that will enhance their position in the marketplace" is true.
What is merger?
Merger means the fusion of two or more firms, it is mostly likely that a bigger company, such a bigger pharma company sees the need to acquire another smaller firm which has potentials in areas other than that of the bigger firm which would enhance the market value of the bigger firm in the market when the smaller one is acquired.
In most case, cash-rich companies see the need to use a portion of their large cash reserve to build a diversified portfolio of products by seeking to buy over smaller but lucrative businesses.
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A firm with a profit margin of 10% generates ______ in net income for every dollar in sales.
A firm with a profit margin of 10% generates 10cents in net income for every dollar in sales. One of the often used profitability statistics to determine how profitable a business or line of business is profit margin.
Profit Margin
When calculating profit margin, base is the selling price (or revenue) multiplied by 100. While "profit percentage" or "markup" is the percentage of cost price that one receives as profit on top of cost price, it is the proportion of selling price that is converted into profit. Companies compute profit percentage to determine the ratio of profit to cost since it is important to know what percentage of profit one will receive on a specific investment when selling something. Most internal comparisons make use of the profit margin. It is challenging to compare the net profit ratios of several organizations effectively. Because operational and financing arrangements for individual businesses vary so greatly, it is inevitable that different entities will incur varying levels of expenses, making comparisons between them meaningless.
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If your tax bill is $200 and your taxable income is $2,000, then your average tax rate is _____ percent.
The average tax rate is 10
How to calculate the tax rate ?Tax rate can be described as percentage at which and individual or an organisation is being taxed monthly or annually by the government.
The tax bill is $200
Taxable income is $2,000
Therefore the average tax rate can be calculated as follows
= 2,000/200
= 10
Hence the tax rate is 10
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Which basic production planning strategy avoids hiring and layoff costs and the costs of excess capacity?
The basic production planning strategy that avoids hiring and layoff costs and the costs of excess capacity is C. Subcontracting.
What is subcontracting?Subcontracting refers to when labor is outsourced to another company that is often not in the same nation as the country where the business is based.
This means that the company that is doing the outsourcing will not have to hire people themselves and so can avoid costs like hiring and layoff costs as well as costs resulting from excess capacity.
Options for this question include:
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A key reason that makes npv a superior capital budgeting technique is that it uses _____ instead of ______.
a. profits; cash flows
b. cash flows; profits
c. revenues; costs
'A key reason that makes up a superior capital budgeting technique is that it uses cash flows instead of profits.
Budgeting is an estimate of income and expenses over a specified future period, used by governments, businesses, and individuals. A budget is basically a financial plan for a defined period (usually one year) and is known to significantly improve the success of financial enterprises.
A business budgeting is a business spending plan based on income and expenses. It helps identify available capital, estimate expenses, and forecast income. A budget helps you plan your business activities and serves as a benchmark for setting financial goals.
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Rottweiler obedience school’s december 31, 2021, balance sheet showed net fixed assets of $1,750,000, and the december 31, 2022, balance sheet showed net fixed assets of $2,090,000. The company’s 2022 income statement showed a depreciation expense of $326,000. What was the company's net capital spending for 2022?
The given question is based on the concept of Net capital spending
Net capital spending sometimes referred to as capital expenditures, is the sum that a business spends on the acquisition of new capital. Depreciation is added to the total growth in net fixed assets.
The balance sheet showed net fixed assets of $1,750,000, and it showed net fixed assets of $2,090,000. The company’s 2022 income statement further showed a depreciation expense of $326,000.
Using this relationship, we will find the Net capital spending
Net capital spending = NFAend - NFAbeg + Depreciation
= 20,90,000 - 17,50,000 + 3,26,000
= 3,40,000 + 3,26,000
= 6,66,000
The company's net capital spending for 2022 was $6,66,000
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The payment of utilities for the period would have what effect on the accounting equation?.
According to the accounting equation theory, the payment of utilities for the period will result in decrease of assets and owners' equity .
According to the accounting equation, the entire assets of a corporation are equal to the sum of its liabilities and shareholders' equity.The payment of utilities for the period is the liability of the company .So if a company will pay for utilities, according to the accounting equation theory, the assets and owners' equity will decrease.
The basic idea behind the double-entry accounting system is that assets, liabilities, and equity have a clear relationship with one another.The accounting equation confirms that the balance sheet stays balanced. In other words, every debit entry should have a corresponding credit entry.
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