A CPA is performing a review per SSARS. A material (but not pervasive) departure from GAAP exists in the financial statements.
What change will be made to the standard review report?
a.
A qualified opinion with an extra paragraph added.
b.
An adverse opinion with an extra paragraph added.
c.
No effect on the standard report.
d.
An extra paragraph added to the standard report; no opinion issued.
e.
A KAM paragraph added to the standard report; an unqualified opinion issued.
Answers
In a review engagement conducted per SSARS, if a material departure from GAAP exists in the financial statements, the CPA will need to add an extra paragraph to the standard review report, but no opinion will be issued.
The correct answer is (d) An extra paragraph added to the standard report; no opinion issued. SSARS (Statements on Standards for Accounting and Review Services) provides guidance for review engagements, which involve performing procedures to obtain limited assurance on the financial statements. During a review, the CPA evaluates whether the financial statements are in accordance with the applicable financial reporting framework, typically GAAP (Generally Accepted Accounting Principles) in the United States.
If a material departure from GAAP is identified during the review, the CPA is required to include an extra paragraph in the review report to describe the departure. This additional paragraph will explain the nature and impact of the departure on the financial statements. However, unlike an audit engagement, a review does not result in the issuance of an opinion on the financial statements. Instead, the review report is modified to reflect the identified departure, but no explicit opinion is given.
Therefore, the correct action to take in this scenario is to add an extra paragraph to the standard review report, disclosing the material departure from GAAP, while refraining from issuing an opinion.
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Related Questions
What tone would be most appropriate for a psa about the benefits of college? positive playful relaxed romantic
Answers
Answer:
Most likely positive.
Explanation:
Its talking about the benefits of college so it should be happy and positive to try to persuade listeners to go to college.
Answer:
a postive
Explanation:
edge 2022
during the current year, merchandise is sold for $869000. the cost of the merchandise sold is $465000. what is the amount of the gross profit
Answers
The amount of gross profit on the merchandise sales for $869,000 with cost of goods sold $465,000 is equal to $404,000.
Net sales of Merchandise during the current year is equal to $869,000
Cost of goods sold by Merchandise is equal to $465,000
Amount of gross profit is equal to
= ( Net sales of merchandise - Cost of good sold )
Substitute the values in the formula we get,
⇒ Amount of gross profit = ( $869,000 - $465,000 )
⇒ Amount of gross profit = $404,000
Therefore, the amount of gross profit on the given net sales and cost of goods sold is equal to $404,000
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True or false. A direct deposit is when you take your check straight to the bank when you receive it
Answers
Answer:
false
Explanation:
what do you pore first the cereal or the milk? True or false.
Answers
The prepaid insurance account had a $5,500 debit balance at December 31, 2015, before adjusting for the costs of any expired coverage. An analysis of insurance policies showed that $4,970 of coverage had expired.
Answers
The prepaid insurance account had a debit balance of $5,500 at the end of December 31, 2015, which means that the company had paid for insurance coverage in advance.
However, the company had not yet taken into account any insurance coverage that had expired. An analysis of the insurance policies revealed that $4,970 of coverage had expired, which means that the company had utilized $4,970 worth of insurance coverage during the year. To adjust for this, the company would need to debit the insurance expense account by $4,970 and credit the prepaid insurance account by the same amount. This adjustment would decrease the debit balance in the prepaid insurance account and increase the expenses for the year, reflecting the actual usage of insurance coverage.
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Which of the following is incorrect? a A person has an insurable interest in property whenever the destruction of the property will cause a direct monetary loss to that person. b To collect on life insurance, the beneficiary who obtained the policy must have had an insurable interest at the time the policy was obtained. c To collect on life insurance, the beneficiary who obtained the policy must have had an insurable interest at the time of the insured's death. d To collect on property insurance, the insured must have an insurable interest at the time the loss occurs.
Answers
The incorrect statement among the given options is option b. To collect on life insurance, the beneficiary who obtained the policy must have had an insurable interest at the time the policy was obtained.
What is insurable interest?Insurable interest is the financial interest a person has in an object or individual, allowing them to insure against loss or damage. The beneficiary in a life insurance policy must have insurable interest in the insured person for the policy to be valid. Here, the correct statements are:
a. A person has an insurable interest in property whenever the destruction of the property will cause a direct monetary loss to that person. (This statement is true.)
c. To collect on life insurance, the beneficiary who obtained the policy must have had an insurable interest at the time of the insured's death. (This statement is true.)
d. To collect on property insurance, the insured must have an insurable interest at the time the loss occurs. (This statement is true.)Hence, the main answer is option
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Under the Investment Advisers Act of 1940, cash payment to a broker-dealer from an investment adviser in return for client referrals is A) not permitted under any circumstances B) permitted with no restrictions C) permitted if the investment adviser makes certain disclosures to the clients and meets other requirements D) permitted if the investment adviser and broker-dealer are affiliated
Answers
Answer:
It's A.
Explanation:
How can companies use advertising as a public relations tool?
Answers
Answer:
Advertorials allow you to associate your advertising with the credibility of the newspaper. Many businesses employ advertising or marketing professionals to help them develop TV advertorials — which are commonly used as a form of advertising and product placement
20 points!
Which phrase best completes the table?
Monopoly
Benefits- has lower production costs
?
Drawbacks- allows for little competition between businesses
May lead to price fixing
A. Promotes innovation and entrepreneurship
B. Is less likely to be regulated by the government
C. Has more money for research and development
D. Makes a greater variety of products available to consumers
Answers
Monopoly has more money for research and development is the phase that best completes the table.
What is a monopoly?A monopoly is when one business holds a dominant position within an industry or a sector to the exclusion of all other serious competitors.
Monopolies are frequently discouraged in countries with free markets. They are viewed as causing price gouging and declining quality because consumers have few other options. They can also concentrate money, authority, and influence in the hands of a single person or a small group of people.
On the other hand, governments may support and even impose monopolies for some basic services like utilities.
The lack of competition that characterizes a monopoly can result in high costs for consumers, subpar goods and services, and dishonest corporate practices.
A business that controls a certain market or industry may take advantage of that status at the expense of its clients. It has the ability to control prices, fudge supply and demand, and produce fake scarcities. It may make it difficult for new competitors to enter the market and prevent experimentation or the creation of novel products. The consumer is at its mercy because they have no other option but to choose a competitor.
Markets that have been monopolized frequently turn unjust, uneven, and ineffective.
Because they either control the majority of the market for their product or are the only provider of it, monopolies often have an unfair advantage over their rivals. Monopolies may vary from one business to another, although they frequently have the following traits in common:
High entry barriers because a single company controls the market, competitors cannot enter it.There is only one seller in the market at this time.Price maker- The business with the monopoly can set the price for its goods without worrying that a rival will undercut it. Prices may be raised at will by a monopoly.A monopoly may purchase enormous quantities of the raw materials it requires at a volume discount thanks to economies of scale. Then, it can reduce its costs so drastically that smaller rivals won't be able to compete.
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A former Wells Fargo employee realized that what she was asked to do by her managers was not ethical and after deliberation she decided to "push back and refused to meet the sales goals because, she told her managers, there was no ethical way to do it." If instead, she had said, "I do not want to lose my job over this" and proceeded to engage in fraudulent activities, at which of the following stages (Rest's ethical decision-making model) would her moral decision-making have failed?
a) moral judgement
b) moral recognition
c) moral awareness
d) moral intent
Answers
Answer:
moral intent
Explanation:
Describe some of the powerful marketing tactics used by the credit card industry?
Answers
Answer:
nice packaging in mail, introductory benefits, free gifts, barbie example
what chart summarizes statistical data
Answers
Statistics is a collection of numerical or quantitative information obtained through a process of observation, measurement and analysis. Statistics can be obtained from various sources, including surveys, experiments, and observations.
Common charts or graphs used for this purpose are:
Bar chart: A chart that presents data with rectangular bars, where the height or length of the bar corresponds to the reported value. Line chart: A chart that shows data as a series of data points connected by straight lines, where the line represents trends or changes over time. Pie chart: A chart that presents data as a circular graph divided into slices, where the size of each slice corresponds to the proportion or percentage of the data presented. Histogram: A graph that presents data as a series of bars, where the bars represent the frequency or number of data points within specific time intervals or intervals.To know more about Statistical data visit :
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Carey Enterprises sold equipment on January 1, 2021 for $10,000. The equipment had cost $48,000. The balance in Accumulated Depreciation at January 1 is $40,000. What entry would Carey make to record the sale of the equipment?
Answers
When an equipment is sold, the business must record the transaction and transfer the balance of the equipment's cost and accumulated depreciation to the income statement as a gain or loss on the sale.
What does it entail?If the proceeds from the sale of the equipment exceed the equipment's cost less accumulated depreciation, the business reports a gain on the sale.
The entry that Carey Enterprises would make to record the sale of the equipment is; Debit to Accumulated Depreciation = $40,000Debit to Equipment = $8,000 ($48,000 - $40,000), Credit to Gain on Sale of Equipment = $2,000 ($10,000 - $8,000)To record the sale of equipment.
The debit to accumulated depreciation and the debit to equipment reflect the cost and accumulated depreciation of the equipment at the time of sale. The credit to gain on sale of equipment represents the gain the company realized by selling the equipment for more than it was worth.
To record the sale of equipment, the following journal entry will be made: Debit Accumulated Depreciation $40,000Debit Equipment $8,000
Credit Gain on Sale of Equipment $2,000.
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If the monthly sales volume required to break even is $190,000 and monthly fixed costs are $55,900, the contribution margin ratio is closest to?
Answers
To determine the contribution margin ratio, we need additional information regarding the variable costs associated with the sales volume. The contribution margin ratio is calculated by dividing the contribution margin (sales revenue minus variable costs) by the sales revenue.
However, based on the given information, we can still calculate the break-even point, which is the sales volume needed to cover all fixed costs. The break-even point can be calculated by dividing the fixed costs by the contribution margin ratio.Break-even point = Fixed costs / Contribution margin ratio In this case, the fixed costs are $55,900, and the break-even sales volume required is $190,000.
$190,000 = $55,900 / Contribution margin ratio
To find the contribution margin ratio, we can rearrange the equation:
Contribution margin ratio = $55,900 / $190,000
By dividing $55,900 by $190,000, we find that the contribution margin ratio is approximately 0.2942, or 29.42% (rounded to two decimal places).
Please note that without the specific information on variable costs, we cannot calculate the contribution margin ratio accurately.
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Would you consider VFITX to be a good investment choice? why or why not.
Answers
A moderate and sustainable amount of current income is the goal of the investment. The fund makes at least 80% of its investment in U.S. Treasury securities, which include Treasury bills, bonds, and notes.
What are Treasury bills?Having a maturity of one year or less, a Treasury Bill (T-Bill) is a short-term obligation of the United States government backed by the Treasury Department.
Typically, $1,000 bills are available for purchase from the Treasury. However, some can place non-competitive bids up to a maximum denomination of $5 million. These securities are frequently viewed as safe and low-risk investment options.
T-Bills are sold by the Treasury Department in auctions that feature both competitive and non-competitive bidding. The price of a noncompetitive bid, sometimes referred to as a noncompetitive tender, is determined by averaging all the competitive offers that were received.
The tangible net worth of T-Bills is typically very high. T-bills are issued by the U.S. government to pay for a range of public works initiatives, including the building of roads and schools.
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business executives often prefer to work with_____rate of return, so to overcome some of the irr's limitations the modified irr was devised. the mirr equation is:_____. while the irr's reinvestment rate assumption is the irr, the mirr's reinvestment rate assumption is the project's____. as a result, the mirr is generally a better indicator of a project's true____than irr. unlike the irr, there can_____be more than one mirr, and the mirr can be compared with the project's_____when deciding to accept or reject projects. for____projects, the npv, irr, and mirr always reach the same accept/reject conclusion; so the three criteria are equally good when evaluating_____projects. if projects are mutually exclusive and they differ in size, conflicts in project acceptance_____arise. in these cases, the_____is the best decision method because it selects the project that maximizes firm value.
Answers
The terms that can fill up the passage are:
"rate of return""the modified irr""the mirr equation""project's reinvestment rate assumption""a project's true value""be more than one mirr""project's required rate of return""independent""independent""rarely""net present value (NPV)""mutually exclusive""net present value (NPV)"What is the business executives about?The business officials frequently lean toward to work with a tall rate of return, so to overcome a few of the IRR's confinements, the altered IRR was concocted. The MIRR condition is the nth root of (the whole of future cash flows/initial speculation).
Whereas the IRR's reinvestment rate suspicion is the IRR, the MIRR's reinvestment rate suspicion is the project's taken a toll of capital. As a result, the MIRR is by and large much better.
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Why might it be risky to purchase a preowned vehicle from a
private owner?
Answers
Gidgits Galore's chimney stacks emit significant amounts of smoke into the air, and residents have complained about the poor air quality since the factory began operating. The EPA and state Attorney General can bring suit against Gidgits Galore for spowing fumes into the air False or True
Answers
Answer:
Could be True or False.
Explanation:
True if Gidgits is breaking any EPA/State regulations. False if they are in complete compliance with the law.
Start by clearly defining your topic with a thesis
statement
Remember, your statement should be concise and
precise.
Answers
My thesis statement is the role of women in the modern day world is more than we can imagine. Check more about thesis statement below.
What is a Thesis statement?A thesis statement is known to be the statement that often show when one arrives at the a conclusion of the introductory part of any paper.
It offers a short summary of the key point or claim of the essay. My thesis statement is that role of women in the modern day world is more than we can imagine as women now takes part in office job in combination with household chores and their role should not be underemphasized.
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Answer:
When viewed and analyzed together, economic indicators and market indexes can provide a clear picture of economic growth.
Explanation:
Economic freedom means more than being able to buy the things you want. It means that you have the freedom to choose _________________________.
Answers
Answer:
your career, your employer, and your job location.
Explanation:
The concept of economic freedom means, in addition to the power to choose what to buy due to the variety of goods and services available in a competitive market. Economic freedom in society qualifies the individual as an economic agent capable of using the resources he has to build his professional life, his career and choose his place of work.
how do people help millions 100 millions of people? 99 points for answering
Answers
Answer:
Well first, you must know there are a few requirements.
be a natural-born U.S. citizen of the United Statesbe at least thirty-five years oldbe a resident in the United States for at least fourteen years.Then you would be helping more than 350 million people a day!
Explanation:
The price of cigars is $10, with a quantity demanded of 1,000 per day. If the price increases to $12, the quantity demanded declines to 800 per day. What is the absolute value of elasticity of demand?
Answers
Answer:
PED = - 1
Explanation:
The PED or price elasticity of demand measures the sensitivity of quantity demanded to changes in price level. It is calculated by taking the percentage change in quantity demanded, which results from a change in price level, and dividing it by the percentage change in price level.
PED = percentage change in Quantity demanded / Percentage change in price
PED = [(800 - 1000) / 1000] / [(12 - 10) / 10]
PED = - 1
what does it mean to include fairness and justice in the hr profession?
Answers
It is important to include fairness and justice in the human resources (HR) profession. Human resources (HR) professionals are responsible for upholding fairness and justice in the workplace through their roles in recruitment, training, development, and management.
Fairness and justice are crucial to the HR profession since they affect how employees are treated. HR professionals have a responsibility to create a work environment where employees are treated with respect, fairness, and justice. These factors may be affected by the following areas: Recruitment: HR professionals must make certain that the recruitment process is fair and just.
They should not exclude a person because of their gender, religion, ethnicity, or any other attribute.Training: HR professionals should make sure that every worker receives equal access to professional development and training opportunities. They must ensure that employees are not held back from training or development because of their gender, ethnicity, or any other attribute. Management: HR professionals must ensure that all workers are treated equally, regardless of their position within the organization.
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a document certifying ownership of part of a corporation is a
Answers
Answer:
a document certifying ownership of part of a corporation is a stock certificate
Operational data are commonly stored in many tables, and the stored data represents information about a given _____ only.
Answers
What are some positive and negative Impacts of globalization
Answers
Answer:
Globalization goal is 100% percent control of the people
Explanation:
Evidence of this is Charles Swab saying you will own nothing and be happy
Negative impacts are:
Outsourcing services, decrease in wages, workers' rights and interdependent economy.
1.
What plays a role in supply and demand by influencing consumers to seek out particular brands or markets?
labor
integration
elasticity
advertising
Answers
Answer:
Advertising its part if marketing and brands
If 23 mins were required to produce the 1
st unit in a production run and the production process has a learning curve rate of 72%, how many hours will it take to produce the 25
th unit? 83 0.083 Not Enough Information Provided None of These 23 8.3 5 51 84
Answers
It will take approximately 1.6 hours (rounded to one decimal place) to produce the 25th unit. The answer to the given problem is 5.
To calculate how many hours it will take to produce the 25th unit, the following formula is used: Tn = T1 * n^log(R) / log(2)Where, Tn = time to produce the nth unitT1 = time to produce the 1st unitn = number of unitsR = learning curve rate
Putting the given values in the formula:T25 = 23 * 25^log(0.72) / log(2)T25 = 23 * 25^(0.125) / 0.301T25 = 23 * 1.26 * 3.32T25 = 96.24624 minutes Converting minutes to hours, we get:T25 = 1.6041 hours
Therefore, it will take approximately 1.6 hours (rounded to one decimal place) to produce the 25th unit.
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TRUE/FALSE.the promotional mix is not tied to the target market.
Answers
FALSE. The promotional mix is closely tied to the target market. The promotional mix refers to the various elements or tools that a company uses to communicate with, inform, and persuade the target market about its products or services.
These promotional elements may include advertising, personal selling, sales promotion, public relations, and direct marketing.
To effectively reach the target market, companies must tailor their promotional mix to align with the characteristics, preferences, and behaviors of their target customers. Different target markets may require different promotional strategies and channels to effectively communicate the desired message and engage with the intended audience. Therefore, the promotional mix is an essential aspect of marketing that is directly tied to the target market.
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Which investors have the right to vote for or against business initiatives presented at the annual general meeting?
_________ shareholders have the right to vote for or against a business decision made by the company in which they invested.
Answers
Answer: Equity
Explanation: Plato(Edmentum)
Equity shareholders have the right to vote for or against a business decision made by the company in which they invested.
What is the shareholder?A shareholder of a corporate body is an individual or legal entity who is certified by the corporate body as the registered proprietor of shares of a private or publicly traded corporation's share capital. Anyone who owns'shares in a company limited by shares is referred to as a shareholder.
Members of a corporation may be referred to as shareholders. The shareholder is the company's owner who provides financial security, controls how the directors manage the company, and receives a percentage of any profits produced by the company.
Therefore, Equity shareholders can vote for or against a business decision made by the firm in which they have invested.
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