Under what circumstances are external auditors likely to be involved in operational auditing? Can you provide one example of operational auditing by a CPA f

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A: 1. Trading Account - Trading account contains all the sales and purchase transaction. The result of…

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A: There are 4 types of audit opinions.  1.unqualified  2.Qualified 3.Disclaimer 4.Adverse opinion

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A:

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A: Internal control is very useful and important for every business. It means those procedures which…

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A: FIFO is first in first out inventory valuation method under which inventories which are purchased…

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A: Break-Even point in dollars = Fixed cost/Contribution margin ratio

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A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…

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A: Present Value Method :— It is method for calculating present Value of All periodical future cash…

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A: Annual Depreciation-Straight line=Cost of the asset-Residual valueUseful life

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A: 1.     Net 30 is a trade credit policy under which payments should be due 30 days after the…

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A: Segment Reporting: Reporting on a company's business segments dis-aggregates the company's financial…

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Q: What is the asset turnover for 2021

A: Assets Turnover:— It is the Ratio between net sales of the company and Total Assets of the Company.

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A: Petty Cash Fund :— It is cash fund generated to Cover the small Expenditures.   Petty Cash :— Cash…

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A: Bad debts expense: Bad debts expense is recognized in the books of the company when a debtor is…

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A: Lets understand the basics. Working capital is a capital required to run day to day business…

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A: LIFO is last in first out inventory valuation method which says that inventory which is purchased…

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A: Inventory valuation methods includes: FIFO Method LIFO Method Weighted average method FIFO Method:…

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Q: How much is to be shown as  wages  expense   for the  year?   $30,000 $46,000 $54,000 $70,000

A: Wages which are incurred (accrued) in the current year should be shown as wages expense. Wages…

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A: In the context of the given question, we are required to classify the cost. Cost behavior: The cost…