a.
Introduction: Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditors, i.e., internal auditors and external auditors, that carry out the
To state: The difference between confidential and privileged information.
b.
Introduction: Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditors, i.e., internal auditors and external auditors, that carry out the auditing process.
To state:The circumstances under which the external auditor can disclose the confidential information of a client.
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ACP AUDITING - RISK BASED APPROACH
- What does "2/10" mean, with respect to "credit terms of 2/10, n/30"? OA. Interest of 2 percent will be charged if the invoice is paid after 10 days from the date on the invoice. OB. A discount of 2 percent will be allowed if the invoice is paid within 10 days of the invoice date. OC. A discount of 10 percent will be allowed if the invoice is paid within two days of the invoice date. OD. Interest of 10 percent will be charged if invoice is paid after two days.arrow_forwardChester has negotiated a new labor contract for the next round that will affect the cost for their product Clack. Labor costs will go from $1.77 to $2.37 per unit. Assume all period and other variable costs remain the same. If Chester were to absorb the new labor costs without passing them on in the form of higher prices, how many units of product Clack would need to be sold next round to break even on the product?arrow_forwardSUBJECT: ACCOUNTING 7 MARKSarrow_forward
- What is it's standard manufacturing overhead rate per unit for this general accounting question?arrow_forwardProvide Answerarrow_forwardJob 786 was one of the many jobs started and completed during the year. The job required $8,400 in direct materials and 35 hours of direct labor time at a total direct labor cost of $9,300. If the job contained five units and the company billed at 70% above the unit product cost on the job cost sheet, what price per unit would have been charged to the customer?arrow_forward
- What is the length of the firm's cash conversion cycle on this accounting question?arrow_forwardMJ's Jewellery reported the following amounts at the end of the year: total jewellery sales = $650,000; sales discounts = $15,000; sales returns = $40,000; sales allowances $20,000. = Compute net sales.arrow_forwardProvide correct answer general Accountingarrow_forward
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