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Art [367]
2 years ago
4

Andrew, CPA, is filling out a materiality worksheet and wanted more information about what types of benchmarks may be used to de

termine materiality. Which section of the AICPA professional standards provides examples of benchmarks that may be appropriate to utilize for materiality
Business
1 answer:
jasenka [17]2 years ago
6 0

Answer:

ISA 320.A4

Explanation:

This section includes the factors factors to consider when choosing a benchmark. They incorporate the nature of the entity and the industry of operation, and the focus of users in the financial statements. The appropriate benchmark chosen needs to be in line with the focus of the user.

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A manufacturer of ice creams introduces a new mint and lime flavored ice cream. According to the product/market matrix, the amou
Umnica [9.8K]

Answer:

The correct answer is: low.

Explanation:

According to the traditional product-market matrix, innovativeness risk can imply different variations in a company's process of production. However, in the case of the ice cream manufacturers, the only change is a flavor that is likely to represent little to no change risk because the technology involved to produce it will be almost the same as producing the rest of the flavors.

4 0
2 years ago
When a company has an obligation or right to repurchase an asset for an amount greater than or equal to its selling price, the t
Alexus [3.1K]

Answer:

financing transaction.

Explanation:

A financial statement is a written report that quantitatively describes a firm's financial health. Under the financial statements is a cash-flow statement, which is used to record the cash inflow and cash equivalents leaving a business firm.

Cash flow statement, also known as the statement of cash flows, contains financial information about operating, investing and financing activities.

A transaction can be defined as a business process which typically involves the interchange of goods, financial assets, services and money between a seller and a buyer.

Financing transaction can be defined as an obligation or right of an organization (business firm) to repurchase an asset for an amount greater than or equal to the selling price of the asset.

7 0
2 years ago
During 2019, its second year in operation, Sanborn Company delivered goods to customers equal to $6,250,000. The amount of cash
Alex Ar [27]

Answer:

Accounts receivable to be reported at the end of 2019 = $1090000

Explanation:

Assuming that all sales are made on credit.

The opening accounts receivable were = $ 1200000

We add the credit sales made during the year to the opening balance of accounts receivable to reach at total accounts receivable.

Total accounts receivable = 1200000 + 6250000 = 7450000

We deduct the amount received from customers against these sales to reach at the closing balance for accounts receivables.

Closing balance Accounts receivables 2019 = 7450000 - 6360000 = $1090000

6 0
2 years ago
​Moe's Pizza Shop sells a large pizza for​ $12.00. Unit variable expenses total​ $8.00. The breakeven sales in units is​ 7,000 a
spayn [35]

Answer:

$12,000

Explanation:

Margin of safety = Current sales level - Break even point

=(8,000 ×12) - (7,000 × 12)

= 96,000 - 84,000

= $12,000

7 0
2 years ago
You haven't been able to spend much time talking with your team lately, but your workload should be back to normal soon. When yo
FrozenT [24]

Answer and Explanation:

<u>I would most likely do this:</u>

Explain the issue to the team and praise them for their work in my absence. I would let them know there would be more time soon. It is very essential to praise and appreciate these efforts by the associates since I have been absent for a while and do not know what efforts they have been putting in.

<u>I would be least likely to:</u>

Talk to the manager to explain this situation or propose that my some of my commitments are eased for me to have more time with my team

4 0
2 years ago
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