What are the differences between an external audit and an internal audit?
Q: Classify each cost as being either variable or fixed with respect to the number of units produced…
A: Cost are classified in to variable cost, fixed cost, overhead cost, administration cost, selling…
Q: ACG Manufacturing Ltd Statement of comprehensive income as year ended at 31/12/20X1 £'000 Total Unit…
A: Cost volume profit analysis is the technique used by the management for decision-making. The methods…
Q: 9. On January 1, 2005, Paragon Company paid P6,000,000 to acquire a new barge. In the belief that it…
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Q: Omicron plc prepares financial statements to 31 December each year. On 1 January 2021, Omicron plc…
A: Here discuss about the details of the contract which are made by the company to sell the product…
Q: Mr. Yoko, an employee of ACE Corporation, decided to retire after ten (10) years of service at the…
A: Taxable income is that the portion of your gross income wont to calculate what proportion tax you…
Q: Which of the following methods of partnership admission will not result in a change in partnership…
A: When the partner is admitted to the partnership, total partnership and existing partner's capital…
Q: Townhall Corp. has provided the following data for its utility cost: Prior Current Year Year Machine…
A: Fixed Cost: Fixed Cost remain Constant irrespective of the output produce. Variable Cost : Variable…
Q: 2) During the audit of a client you come to the conclusion that there is minimal likelihood that…
A: The auditor is appointed to form an opinion on the financial statement examined. The auditor is…
Q: The declaration, record, and payment dates in connection with a cash dividend of $108,000 on a…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: The following is the six-column worksheet of the Drilon's Delivery Services prepared with errors.…
A: Drilon's Delivery Services…
Q: On September 1, a company established a petty cash fund of $120. On September 10, the petty cash…
A: Petty cash: Petty cash fund is established to manage the payment for the small business expenditure…
Q: Phoenix Company’s 2019 master budget included the following fixed budget report. It is based on an…
A: Fixed cost are fixed in nature,it does not change with change in units of production.It remains…
Q: During 2019, it cost Sheridan Company $20 per unit to produce part T5. During 2020, it has increased…
A: The correct option with proper explanation are as follows
Q: Ty pany rchased a machine for P5,280,000 a preciated it by the straight line meth ing an estimated…
A: In straight line method of depreciation there is uniform depreciation over the period of life of…
Q: Prepare the post-closing trial balance of MYSTA GENERAL SERVICES as of December 31, 2021 based on…
A: Trial Balance includes all the accounts of ledger with their respective debit and credit balances.…
Q: Service Cost Allocation larley Corp. has two service departments, (Admin Support Dept. & It Support…
A: The production department or service department costs can be allocated to operating departments…
Q: The Cash account of Lydia reported a balance of RM2, 540 at December 31, 2018. There were…
A: Bank reconciliation prepared by the business organisation in which it was used for matching bank…
Q: Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year,…
A: Treasury StockEntity's own outstanding shares Gain or loss on sale of treasury stock1. Gain is…
Q: Evans Ltd leases their equipment from Mitchell Co. The typical arrangement that Evans have with…
A: Evans Ltd leases their equipment from Mitchell Co. The typical arrangement that Evans have with…
Q: 5. Zeta Company reported sales revenue of P4,600,000 in its income statement for the year ended…
A: Under cash basis accounting, revenue should be recognized based on cash collections from…
Q: 4. Paolo is a sales manager receiving a monthly salary of Php 240 000.00, a commission of 7% on his…
A: Paolo is a sales manager receiving a monthly salary of php 240,000 Commission is 7% Transportation…
Q: Provide income statement at sales volume 12,000, 14,000, 16,000, and 18,000
A: Variable cost changes with change in number of units produced but fixed cost remains constant at all…
Q: Analyze the truth of this statement: Under the cost method of accounting for investments, a…
A: Cost Method of Accounting for Investments: When it comes to recognizing particular investments in a…
Q: From the following list, identify those that are likely to serve as source documents. Trial…
A: Sources of data from from which entries for accounting can be got it may be in paper form or…
Q: 1) Which of the following statements is the most accurate? a. Data analytics can be…
A: Tool for analyzing the data set in a systematical manner. An auditor can use the data analytics tool…
Q: 7. Banko Construction Company has used the cost recovery method of accounting since it began…
A: Banko construction company has used cost recovery method of accounting since it began its operations…
Q: 2) After completion of problem 1 above, change the account balances to their adjusted totals and…
A: Income Statement - The income statement is the statement that shows the income earned during the…
Q: Question 2 If an associate has preference share, the proper way of computing the share in net…
A: Correct option is (A) : Deduct the preference dividend for the current year only, whether declared…
Q: Lake acquired a controlling interest in Boxwood several years ago. During the current fiscal period,…
A: Holding Company is the company which owns controlling interest in the subsidiary company. Holding…
Q: Which of the following is considered the principal when figuring interest for a bond? Group of…
A: Principal of bond is the amount on which internet is calculated with effective rate of interest for…
Q: A long-term investment in bonds with a cost of $80,000 was sold for $75,000 cash. What was the gain…
A: Gain or Loss on sale of investment can be the difference between the cost of investment and the…
Q: The income earned by an investment company is taxed: Select one: O a. at the corporate and…
A: Investment Company- A corporation that issues or invests in stocks and bonds is known as an…
Q: Problem 8-6 Shown below and on the next page are account balances found in the ledger of Humility…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Shown below are account balances found in the ledger of Honesty Corporation at the end of year 2018:…
A: In the context of the given question, we are required to compute the average amount per share that…
Q: Mr. Raya earns purely compensation income for the year 2021 with an annual basic salary of…
A: Given, Government Mandatory Contributions – Php21,900.00, Holiday, OT and Night Differential Pay –…
Q: O a. 400,000 asset
A: option A) 400,000 Asset is right Answer: The entry on December 31, 2011 is: Futures contract…
Q: A jeans maker is designing a new line of jeans called Slims. The jeans will sell for $295 per pair…
A: Variable costing or marginal costing classifies costs as variable costs and fixed costs Variable…
Q: Amy rented her apartment to Ben for $5,000 per month in January 2015. However, they both agreed to…
A: Ben pays a rent of 5,000 but entered into the agreement of $10,000 rent to claim deduction.
Q: Raner, Harris and Chan is a consulting firm that specializes in Information systems for medical and…
A: Segment Reporting: Reporting on a company's business segments dis aggregates the company's financial…
Q: True/False [K1 Each] Indicate whether the statement is true or false. 1. The number of payments of…
A: 1. This statement is false. As the number of interest over the duration of a compound interest =…
Q: Prepare the journal entries on the books of Archibald Corp assuming that the exchange would have…
A:
Q: Taxpayer, whose filing status is Married Filing Jointly, reports taxable income of $115,300.…
A: Tax Liability: The payment that is owing to a federal, state, or municipal tax authority by a…
Q: Which of the following would calculate Net Income or Net Loss? O Gross Profit - Operating Expenses O…
A: Introduction: A company's net income commonly refers to its net profit or net earnings. Net earnings…
Q: 16. Elaine Company experienced the following changes in selected accounts for the current year as…
A: Answer - Calculation of Total amount of Cash was Received from customer during the year -…
Q: How was total cost (a) found for #1?
A: Total cost for any product or service is calculating by taking sum of variable cost of the total…
Q: The Haskins Company manufactures and sells radios. Each radio sells for $32.00 and the variable cost…
A: Contribution per unit is the value which is determined after deducting the variable cost from sale…
Q: QUESTION Answer the questions below using the following information on stocks A, B, and C.…
A: The required rate of return (RRR) is the minimum return an investor will accept for owning a…
Q: Due to increased demand for local deliveries in Western Sydney, Metro Deliveries Ltd leased a truck…
A: Under Lease accounting the present value of all the minimum lease payments are recorded as the lease…
Q: A man borrowed P 300,000 from a lending institution which will be paid after 10 years at an interest…
A: Given that: Principal amount = P30,000 Time Period = 10 years Interest rate =12 % Formula A = P…
Q: Maya Company leased equipment from Waya Company on July 1, 2020 for an eight -year period expiring…
A: Present value of lease payments: Present value of all lease payments = P3,520,000 (which is equal…
What are the differences between an external audit and an internal audit?
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