An entity maintains perpetual inventory records in both quantities and dollars. If the assessed level of control risk is high, an auditor would probably
A. Increase the extent of tests of controls for the inventory cycle.
B. Request that the entity schedule the physical inventory count at the end of the year.
C. Insist that the entity perform physical counts of inventory items several times during the year.
D. Apply gross profit tests to ascertain the reasonableness of the physical counts.
B. Request that the entity schedule the physical inventory count at the end of the year.
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On January 1, 2018, Tyson Manufacturing Corporation purchased a machine for $40,000,000. Tyson's management expects to use the machine for 33,000 hours over the next six years. The estimated residual value of the machine at the end of the sixth year is $47,000. The machine was used for 4000 hours in 2018 and 5500 hours in 2019. What is the depreciation expense for 2018 if the corporation uses the units-of-production method of depreciation? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)
A) $4,842,800 B) $13,333,333 C) $6,658,850 D) $4,848,480
Answer the following statements true (T) or false (F)
Inductive approaches to accounting theory usually attempt to be descriptive.
. Which of the following is an example of a work integration social enterprise?
a. a venture that provides solar-powered kiosks that charge phones at a low cost b. a venture that provides educational services for women in prison c. a venture that sells an internal combustion engine that decreases greenhouse gas emission d. a venture that provides sustainable waste and recycling
Net profit, when used alone, shows a company's true financial health
Indicate whether the statement is true or false