Continuous Auditing A. Define continuous auditing B. How is continuous auditing different from traditional auditing? c. Is continuous auditing mainly used in internal or external auditing? Why?

Q: Bad Brad's would report net cash inflows (outflows) from investing activities in the amount of: Mult...

A: The cash flow statement of a business includes cash flow from investing. Cash flows from investing a...

Q: Contribution Margin, Break-Even Units, Contribution Margin Income Statement, Margin of Safety Zebra ...

A: The contribution margin appears to be the gap between an item's price and any associated variable ex...

Q: From the following particulars prepare a balance sheet for Health and Wellness Hospital as at Decemb...

A: 1. Balance Sheet - This Statement shows the balance of assets liabilities and Equity as at the balan...

Q: 4. Gap and Duration Analysis a. Take the following balance sheet, which of the assets and labilities...

A: GIVEN   Gap and Duration Analysis  is

Q: The following information came from the books and records of ABC Corporation and its branch. The bal...

A: Branch and Head office concept comes in to existence  where company is running from more than one en...

Q: (Calculating debt ratio) (Related to Checkpoint 15.1 on page 534) Sharpgas plc £m £m Current assets ...

A: The balance sheet of the given company shows the breakup of current and non-current assets and curre...

Q: ng data were gathered to use in reconciling the bank account of Reddan Company: nce per bank $17,500...

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with ...

Q: mavy Product, Inc developed standard costs for drect material and direct labor lestmated the folowin...

A: The direct material flexible budget variance is calculated as sum of direct materials price variance...

Q: Assume that gross profit averages 35% for BITCO.  If net sales are $1,500,000, beginning inventory i...

A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the r...

Q: Multiple choice 1. Entity A had total assets, liabilities, and equity of ₱150M, ₱90M and ₱60M, respe...

A: Since, there are multiple questions posted we will answer the first question for you as per the guid...

Q: Instruction: For the following items, determine the date of the adjustments and make an appropriate ...

A: Journal is the book of original entry in which all the transactions of the business are recorded ini...

Q: Part A) If the average spending of Tobias and Antonia is $61,200 per year, (1) compute their liquidi...

A: Liquidity Ratio For Calculating the Liquidity Ratio to evaluate the total of liquid assets which are...

Q: The XYZ Partnership shows a net profit of P600,000 during the year. If partners X, Y, Z has income r...

A: Net profit = P600,000 Z's share = 20%

Q: Assuming that Consolidated Financial Statements were prepared on that date, the Current Assets of th...

A: In consolidated financial statements, the value of each assets of subsidiary and parent company woul...

Q: Problem 3. Atty. Richard Opinion has done a lot in the forming of Farmingstone, Inc. The Articles of...

A: Authorized ordinary share capital : P10,000,000 Shares 50,000 Issued : 250 shares in lieu of service...

Q: Serpent Home Depot carries wide variety of promotional techniques to attract customers. Kitchen and ...

A: Solution Warranty Expense is the cost that a business Expects to or has already incurred for the rep...

Q: no handwriting please ,show working . The Hilton's manufacturing company uses job order costing sys...

A: Gross profit earned=Sales Revenue-Adjusted Cost of Goods Sold

Q: 1. ABC Company has the following balances in its’ equity account as of January 1, 2021: Ordinary sha...

A: Treasury stock is that stock or shares that is being repurchased by the company from its shareholder...

Q: Grygiel Company leases a nonspecialized machine with a fair value of $40,000 to Baker Company. The l...

A: Residual value is the leftover value of an asset after the end of its useful life.

Q: Quinto Capital (Sept 1) P20,000 (Jan 1) P165,000 (Apr 1) 75,000 Requirements: Prepare journal entrie...

A: note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question...

Q: The failure to adjust the books would cause:

A: Adjusting entries are recorded at the end of the financial year to adjust the accounts and record an...

Q: he following pertains to Connie Corp's biological assets: Fair value based on unobservable inputs fo...

A: Biological Assets- Biological assets are assets that are alive for the purpose of agriculture and ge...

Q: Compute the required balance of the Allowance for Doubtful Accounts at December 31 using an aging of...

A: Jarden company has made allowance for doubtful debts to occur for the year ending dec 31, let's calc...

Q: a. The home office inadvertently faxed a note to the branch informing the branch of a collection of ...

A: Branch current Account is the account in the books of Head office and Head office current account li...

Q: July 1, 2019, of the rent payments over the lease term, discounted at 12% (the appropriate interest ...

A: Lease is an agreement or contract between two parties in which one party provides its asset for use ...

Q: 4. What if the average price per unit increased to $25.50? Recalculate the following: a Contribution...

A:                 In Marginal costing we get contribution margin by deducting total variable costs per...

Q: Ether trading unit given the following information for the year ended March 31, 2020 for one of its ...

A: Closing entries are those journal entries which are passed in order to close out all temporary accou...

Q: Five Card Draw manufactures and sells 24,000 units of Diamonds, which retails for $180, and 27,000 u...

A: Gross profit = Sales revenue - Total Manufacturing costs  It is pertinent to note that under the tra...

Q: If Variable cost per unit decreases while selling price decreases, the new variable cost ratio in re...

A: Lets understand the basics. Variable cost ratio is a ratio which indicates the variable cost in comp...

Q: From the following particulars prepare a balance sheet for Health and Wellness Hospital as at Decemb...

A: Since basic accounting equation is  Total assets = Total liabilities + Owners equity  

Q: Compute for the unadjusted balance of the Home Office Current account.

A: The unadjusted balance in the books of home office of branch account is P 567980. Based on the data ...

Q: On December 31, 2021, when its Allowance for Doubtful Accounts had a zero balance, Ling Co. estimate...

A: Introduction:- A journal entry is the act of recording or keeping track of any financial or non-fina...

Q: Questions 4 and 5 are based on the following information. The income statement submitted by Loon Bra...

A: Sales P600,000 Cost of Sales: Inventory, December 31, 2013 P80,000 Shipments from Home office 350,00...

Q: Atlanta Systems produces two different products, Product A, which sells for $450 per unit, and Produ...

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for y...

Q: Entity A had total assets of ₱120M and total liabilities of ₱80M at the beginning of the period. If ...

A:     Assets = Liabilities + Equity Beg. Balance  P 120 M =  P 80 M  +   P...

Q: Total manufacturing costs assigned to job XYZ is OMR950; the job included 10 units. If the company u...

A: Formula: Manufacturing cost per Unit = Total Manufacturing cost / Number of units

Q: Please access PCAOB Auditing Standard No. 12 "Identifying and Assessing Risks of Material Misstateme...

A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three sub...

Q: Ether trading unit given the following information for the year ended Marc 31, 2020 for one of its s...

A: The closing entries are prepared to close the temporary accounts of the business.

Q: Here is information related to Mingenback Company for 2022. Total credit sales    $2,500,000 Accoun...

A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three sub...

Q: Problem 9-15 The FUTA Tax (LO 9.6) Thomas is an employer with two employees, Patty and Selma. Patty'...

A: The maximum FUTA Tax rate before state tax credit = 6% Given state unemployment tax rate = 5.4% Ther...

Q: Retained earnings, May 1 $3,750,000 Net income 720,000 Cash dividends declared 80,000 Stock dividend...

A: Formula: Ending Retained Balance = Beginning Retained balance + Net income - Cash dividends - Stock ...

Q: Multiple choice: 1. Which of the following statements is incorrect? A. Accounting education is the b...

A: 1. None of the statement is incorrect. 2. Accrual basis- revenue and income is realised when they ar...

Q: Home Office P 256,000 210,000 Branch Sales P 78,500 Purchases from outsiders 20,000 Shipments to bra...

A:

Q: True or false If you are still using the asset after its estimated useful life is over? You stop ta...

A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage a...

Q: Bally Incorporated has identified the following cost drivers for its expected overhead costs for the...

A: Overheads are the indirect costs related with the production and manufacturing of goods. These costs...

Q: Break-Even Sales: Sales for Target Profit Health-Temp Company is a placement agency for temporary nu...

A: Lets understand the basics. Contribution margin is a margin generated from the sales. Formula = ((Sa...

Q: Break-Even Sales: Sales for Target Profit Health-Temp Company is a placement agency for temporary n...

A: The break even sales are calculated as fixed cost divided by contribution margin ratio.  The contrib...

Q: A Corporation uses a job costing system and had the following data available for the current period....

A: Comment - Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the ques...

Q: A number of graphs displaying cost behavior patterns are shown below. The vertical axis on each grap...

A: 1. Rent charge is $ 100000 which will be reduced gradually by $ 1 for every excess direct labor hour...

Q: Ski Master Company pays weekly salaries of $2,200 on Friday for a five-day week ending on that day. ...

A: Given that salary per week = $2,200 Days in week = 5 Salary per day = 2,200/5 = $440

Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.