Question. 9 Reliable accounting and financial reporting aid society in allocating resources in an efficient manner. Explain why audits are demanded by society? Support your answer from the Annual report of 2021 of Central Bank of Kuwait?
Q: If a company shows a profit on its Income Statement, how will this affect (a) the Balance Sheet and…
A: Explanation - There are three statements of the organization which show different accounting…
Q: Topic: The role of accountant and accounting information and imagine how will that business function…
A: The main objective of Accounting is to provide information regarding the business transactions of…
Q: You are considering starting a new factory producing small electric heaters. Each unit will sell at…
A: Operating break even point is where fixed cost and variable cost is covered only and time value of…
Q: What goes in what, like what do I put on Collum a,b,c, etc I'm confused where to put the data
A: T Accounts : These are the ledgers account where data is put from the journal entries. Ledgers has…
Q: From the following ledger balances, prepare a trial balance for the Lily Company at June 30, 2022.…
A: Trial balance is given below :
Q: Which of the following is considered an ethical use of third-party data? More than one answer may be…
A: The correct answer is: (A) to collect data from individuals for CRM purpose if it is clearly…
Q: On March 31, 2024, Susquehanna Insurance purchased an office building for $12,000,000. Based on…
A: Accounting is in charge of recording all forms of activities in a business. Depreciation seems to be…
Q: Goodwill can only arise from a third-party purchase of another company’s net assets.
A: Disclaimer: “Since you have asked multiple question, we will solve the first question for you. If…
Q: Sales Expenses: Cost of Goods Sold Depreciation Expense Salaries and Wages Expense Net Income…
A: In this question, we need to prepare operating activities section of statement of cash flows for…
Q: Following are the accounting transactions relating to Mr. P's business. Use the accounting equation…
A: Accounting equation states that the value of the total assets must match with the aggregate of total…
Q: 1. Assuming that 80,000 drums are needed each year, what is the financial advantage (disadvantage)…
A: 1)Alternative 1 Direct Materials (12 x 80,000) 960,000 Direct Labor (6.5 x 70%…
Q: Consolidated Balance Sheets - USD ($) $ in Millions Current assets: Cash and cash equivalents…
A: Current ratio is the ratio of current assets to its current liabilities. It is also known as…
Q: DATE 01.05.2018 05.05.2018 10.05.2018 18.05.2018 20.05.2018 25.05.2018 EXPLANATION Begining Inc.…
A: Journal entries: 1.5.2018. Inventory a/c. Dr. TL4000 To…
Q: Financial data for Joel de Paris, Inc., for last year follow: Joel de Paris, Inc. Balance Sheet…
A: Average Operating Assets :— It is calculated by dividing sum of beginning balance of operating…
Q: During 2019 (its first year of operations) and 2020, Fieri Foods used the FIFO inventory costing…
A: Inventory is the stock of goods available to the organization in the form of raw materials,…
Q: ABC Company's selected accounts as of November 30, 2022, follow: Selling expenses Furniture Sales…
A: Income statement is the financial statement that records all the income and expenses of the company…
Q: Total variance in variance analysis compares O Flexible budget and actual outcome Static budget and…
A: Lets understand the basics. Variance analysis is as name suggest analysis of variances between the…
Q: Which of the following formulas correctly calculates the acid-test ratio for 2022? Hint: Remember…
A: Ratio Analysis -The ratio is the technique used by the prospective investor or an individual or…
Q: To whom do internal auditors report and why?
A: Internal audit helps an organization to accomplish its objectives by bringing a systematic,…
Q: following statements about the International Finance Corporation is true? Choice D O The decision to…
A: International finance corporation is also written as IFC. It is the institution which provides the…
Q: 1. During the year, Mark Company sold equipment with an original cost of $100,000 and accumulated…
A: Sale of Equipment - Sale of an equipment is a transaction that requires outflow of equipment and…
Q: day are ________ and the average payment period is ________. a. 821.9; 36.5 b. 36.0; 833.3 c.…
A: The average purchases per day is the annual purchases divided by no of days in a year Average…
Q: Indicate whether each of the following statements is true or false. An impairment loss is the…
A: 1. True, Impairment loss occurs when the asset suffers a depreciation in the Fair value(Expected…
Q: Wishing Well Works makes outdoor statuary, and operates in the state of Washington. Payroll CA (8%…
A: FUTA is the federal unemployed tax that is charged for funding for unemployed persons and is paid by…
Q: On January 2, 2021, Morales Paint Company purchased a truck that cost $60,000 with a residual value…
A: Depreciation Expense - Depreciation Expense is charged on the Fixed assets of the company. It is…
Q: The following data were taken from the financial records of Bramble Company. Net Sales Beginning…
A: Lets understand the basics. Inventory turnover ratio indicates the how many time inventory turns…
Q: McGarvey Manufacturing Company had the following 12 months of data on purchasing cost and number of…
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: A consultant, after 3 months of work, reported that the modified B/C ratio for a city-owned hospital…
A:
Q: Required information [The following information applies to the questions displayed below.] Cash…
A: The common size percentage is calculated as amount for the account divided by base amount. The base…
Q: The Food division of Garcia Company reports the following for the current year. $ 4,060,000…
A: Profit Margin : the discrepancy between the real cost of purchasing or manufacturing something and…
Q: Andretti Company has a single product called a Dak. The company normally produces and sells 81,000…
A: Since you have asked multiple sub-parts we can solve only first three sub parts which you have asked…
Q: Khodra Construction was contracted to construct an apartment complex for NDC. The contract calls for…
A: The value of revenue is determined by multiplying the contract price with the estimated portion of…
Q: The following data were taken from the financial records of Mydorf Company. Net Sales Beginning…
A: Inventory turnover ratio is a measure of number of times the inventory is used or sold in a given…
Q: Further, EEl recognized $4,100 of operating expenses on account a Required Based on this information…
A: Answer :a. Operating section of cash flow statement - Direct method : Particular Amount $ Cash…
Q: The cost of equipment purchased by Swifty, Inc., on June 1, 2025, is $100,800. It is estimated that…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Galaxy Corp. recognizes construction revenue and expenses using the percentage-of-completion method.…
A: A written contract would be able to assign responsibilities, which would save both time and money…
Q: Requirement: Prepare the consolidated financial statements as at December 31,20x1.
A: On 1st Jan, Joy co. acquired 60% shares of Axion Inc. Thus Joy co. is the holding co of Axion Inc.…
Q: On January 1, Year 1, DIBA Company had a balance of $464,000 in its Bonds Payable account. During…
A: Answer - Cashflow from Financing Activities indicates cash flows between a business, its owners,…
Q: A subsidiary corporation is liquidated under Section 332. Pursuant to its liquidation, the…
A: Liquidation seems to be the procedure through which a corporation is wound up. In addition, the…
Q: The Hogbean o. Is a construction company that has the following costs on its contracts: 1 Project…
A: According to IAS 11 Construction cost means cost that directly related to the specific contact, cost…
Q: Required information The Foundational 15 (Static) [LO7-1, LO7-2, LO7-3, LO7-4, LO7-5] Skip to…
A: Contribution income statement :— It is one of the type of income statement that shows variable cost…
Q: According to the producer price index database maintained by the Bureau of Labor Statistics, the…
A: In order to determine the times interest earned ratio, the earning before interest and taxes are…
Q: On January 1 of this year, Diego Corporation sold bonds with a face value of $530,000 and a coupon…
A: The maturity date is the date on which the bond issuer will pay the bondholder the face value of the…
Q: If fixed costs are $561,000 and the contribution margin per unit is $8.00, what is the break-even…
A: To determine whether a business has reached "break-even," accountants divide the fixed costs of…
Q: The accounting records of Ehrlich Inc. show the following data for 2020 1. Life insurance expense on…
A: Taxes that are payable but won't be paid until a later time are recorded as a deferred tax…
Q: Seaforce Manufacturing Inc. Income Statement Year Ended December 31, 20X5 Sale $ 340,000…
A: Direct Method of Cash Flow Statement - Under this method of cash all the cash payments and receipts…
Q: Holcim-Union Construction accepted a contract with a cost escalation clause. Construction data were…
A: Lets understand the basics. In percentage of completion basis, completion is calculated by cost…
Q: Seth Erkenbeck, a recent college graduate, has just completed the basic format to be used in…
A: The cash flow statement is one of the financial statements of the business. The activities for cash…
Q: On December 1, Gary Walker began an auto repair shop, Walker's Quality Automotive. The following…
A: Journal Entries -Journal Entries are used to record transactions entered into by the company. It is…
Q: dividends considered
A: Dividend represents the income distributed among the shareholders of the company. Its is considered…
Question. 9
Reliable accounting and financial reporting aid society in allocating resources in an efficient manner. Explain why audits are demanded by society? Support your answer from the Annual report of 2021 of Central Bank of Kuwait?
Step by step
Solved in 2 steps
- Ma.1 9. Reliable accounting and financial reporting aid society in allocating resources in an efficient manner. Explain why audits are demanded by society? Support your answer from the Annual report of 2021 of Central Bank of Kuwait?a. Discuss in detail about accounting standards. 1. History of Accounting standards (IFRS and GAAP) 2. Boards or organization associated IFRS. Structure of the board. 3. Process of developing IFRS or amending for existing IFRS. 4. Detailed discussion of any Two updated IFRS. b. Discuss about Regulatory authority for monitoring accounting standards and Financial Reporting in Oman and other GCC countries. c. Write a summary of IFRS 7, and 13 and show sample illustrations for measurement and de-recognition of financial assets and financial liabilities.Explain the audit report preparation process in Malaysian public sector and suggest two ways on how the government departments may prepare timely annual financial statements.
- 1- An external auditor analyses the financial information of a company and reports on finding. Elaborate the functions of external auditor and provide reference from report. Who is the external auditor of Central Bank of Kuwait?The government of Ghana through a successful execution of the Public financial management project is seeking to develop and implement fully the Ghana Integrated financial Management information system (GIFMIS) using the oracle E- Bbusiness suite financial software Required :Describe the the nature ,scope and objectives of GIFMIS 2.Explain the role and responsibilities of parliament under the ACT.Q1 BNM is using the CAMELS framework to assess the creditworthiness of financialinstitutions. This regulation is important to monitor the financial activities of allfinancial institutions in Malaysia. Discuss the CAMELS framework. Thank you for your hard work.
- Make a critical assessment of the International Accounting Standard Board’s (ASB) Conceptual framework 2018. Discuss the key elements of the conceptual framework and their role in enhancing the relevance and reliability of financial reporting.19.The government regulates financial market and financial institutions for three main reasons. What are those reasons? I. To ensure the soundness of financial market and institutionII. To ensure the soundness of the financial systemIII. To increase the information available to the investorsIV. To increase the information available to the users.V. To improve control of the financial informationVI. To improve control of financial system. a. I, II, V b. I, III, IV c. II, III, IV d. II, III, VIWhich of the following is/are primary sources of data? i. Data collected by a bank through telephone calls from the credit card customers to gain an insight on their satisfaction level. ii. Previous records of Commission received to be used to prepare forecasts for next year. iii. Data collected from Global Business review about recent market trends
- Fact Finding of financial market regulator in AustraliaAssuming after graduation you would like to apply for a position at ASIC. Go to the websiteof Australian Securities and Investment Commission, do a fact finding and answer thefollowing questions: (1) What are the ASIC roles?(2) Who and what ASIC regulate?(3) What are the powers of ASIC?CRITICALLY EVALUATE THE BANKING CRISIS IN GHANA AND ASSESS WHETHER ACCOUNTING OR AUDIT HAD A ROLE TO PLAY IN THE CRISIS.Describe the role of regulators of financial activities? How does it contribute to the efficient financial system of a country?