Audit:
An audit is an activity performed by the auditor. An Auditor is one who checks the books of accounts of the company and gives remark on it. By his professional qualification he provides service to the society.
General Accepted Accounting Principles (GAAP):
This contains the accounting principle generally used in every corporation. This is based on the economic condition of country and differs from one country to another.
Ethics:
Ethics are the moral value that a person has to follow in society. Ethics are the principle that provides the knowledge of what is right, and what is wrong. Ethics definition is not same for every person, means one activity is right to one person but wrong in the eyes of another. Ethics depend on the human behavior and habits of the individual.
Tax Accounting:
The accounting in the context of tax is tax accounting. It is the branch of accounting. The tax accounting professional provides services to their clients related to the calculation of tax, filing of tax returns and other.
Securities and Exchange Commission (SEC):
The SEC is the independent body of the US. It is responsible for the maintenance of the function of the security market, protects the rights of investors and other responsibilities.
Public Accountant:
A public accountant is a certified accountant who provides services related to accounting to the clients. After completing the qualification, one has to take license to serve the public. They have to follow some code of ethics in practice. They provide assurance, financial accounting, tax filling, tax planning, management consulting and many more services to their clients.
Net Income:
Total earning of the company is called net income of the company. When the total expense deducted from the total revenue than the resultant is net income or ne loss.Net profit of the company is also called net profit. The investor can take a decision on the basis of net income of the company. If net income is more the investor attract to the company.
International Accounting Standards Board (IASB):
It is the independent body that makes standards for the company. It is set up by the International Financial Reporting Standards (IFRS).
To identify: The term that matches the given description
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Chapter 1 Solutions
FINAN. AND MANAGERIAL ACCT. CONNECT+PROC
- What is a good response to? What stages of the audit process do you think Data Analytics can be the most useful and why? How might Data Analytics be used to assist in tax planning? All processes can benefit from data analytics. Data analytics has transformed the auditing process to make them more efficient, more accurate and helps to provide more insights into the financials. Data analytics can help to provide information regarding a business and its operations. It can bring light to potential risks the company might have and help to guide auditors in how to address these items in their audit. Data analytics can also help to identify key areas that need to be reviewed. Benford's Law is a great example of how data analytics can be used in the auditing process. This is where the first digit of the data sets are analyzed (Colins, 2017). A great example might be as follows, it is common knowledge that banks need to report cash transactions of over $10,000. In order to avoid that, a person…arrow_forwardSmith manufacturing has $80,000 in assets solution general accounting questionarrow_forwardCost Accountarrow_forward
- Answer? ?arrow_forwardNeed general account answerarrow_forwardCarla Vista Co. sells coffee beans, which are sensitive to price fluctuations. The following inventory information is available for this product at December 31, 2017: Coffee Bean Units Unit Cost Market Market Coffea arabica 12,000 bags $ 5.90 $ 5.87 Coffea robusta 5,000 bags 3.40 3.50 Calculate Tascon's inventory by applying the lower-of-cost-or-market basis.arrow_forward
- Thomspson company sold manufacturing equipment solve this accounting questionsarrow_forwardThe Jewel Fool had the following inventory items on hand at the end of the year. Quantity Cost per Item Market Value per Item Necklaces 10 $ 74 $ 69 Bracelets 50 39 59 Required: Determine the lower of cost or market per unit and the total amount that should be reported on the balance sheet for each item of inventory. Lower of Cost or Market Per unit Total Amount Reported Necklaces Bracelets Total $ EAarrow_forwardLakeview corporation reported an inventory of $75,000 at the beginning of 2022.arrow_forward
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