Explain the advantages of cost audit.
Question:
Explain the advantages of cost audit.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (2 reviews)
Cost audit is a systematic examination of a companys cost accounting records and processes to ensure accuracy and compliance with established accounti...View the full answer
Answered By
Owino Otieno
My proficiency as a tutor lies in my ability to understand and respond to questions, provide explanations, and offer detailed information on various topics. I can help with academic subjects such as mathematics, science, history, literature, and more. I can also provide assistance with writing, proofreading, and language learning.
I am capable of adapting to different learning styles and can present information in a clear and concise manner. I can break down complex concepts into simpler terms, provide examples and illustrations, and engage in interactive discussions to enhance the learning experience. Additionally, I can offer guidance on problem-solving strategies, critical thinking, and exam preparation.
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
1). Why are the long-lived assets and inventory assertions of existence said to have an inherent risk of material misstatement that is higher than that of the account payable? 2). Do you think the...
-
John and Mary are friends from colleague. They both studied business administration at ZSEM. After graduating from college 5 years ago, they started working as audit assistants with various...
-
It is common practice to audit the balance in notes payable in conjunction with the audit of interest expense and interest payable. Explain the advantages of this approach.
-
Compute the determinant below. 14 8 8 8 51 1000 8 7 3 0 0 0 8 8 8 8 8 2
-
Carolyn Evans manages the lunchroom at West High, a large (approximately 1,600 students) school in Scottsdale, Arizona. The current cash payment system requires four cashiers (paid $8 per hour),...
-
Business processes are composed of three common stages: an initial event, a beginning, and an end. For items a through h listed in Problem 47, identify the applicable initial event, beginning, and...
-
A New York firm is offering a new financial instrument called a "happy call." It has a payoff function at time \(T\) equal to \(\max (.5 S, S-K)\), where \(S\) is the price of a stock and \(K\) is a...
-
What specific audit procedures might have led to the detection of Accuhealths fraudulent cash and inventory schemes?
-
Why do we sometimes record a revenue or expense as a deferred item? Wouldn t it be easier to always record revenue to a revenue account and remove any unearned revenue at year - end?
-
The general ledger of Zips Storage at January 1, 2024, includes the following account balances: Accounts Debits Credits Cash $26,300 17,100 Accounts Receivable Prepaid Insurance Land 15,400 165,000...
-
Is it correct to say that cost audit is efficiency audit. Give arguments.
-
Cost audit is a necessity and not a luxury and is viewed as a barometer to measure the operational performance, the effectiveness of utilisation and working results. Illustrate.
-
Which of the following statements is false or true? 1. An AVL tree is also a BST, but it is a balanced tree. 2. Every AVL Tree is a BST, and all the BSTs are also AVL trees. A. Statement 1 is false...
-
List 3 different ways you can identify an employee's personal behaviour, self awareness and personality traits.
-
Apple has EBITDA of $1,250 million. The company's depreciation expense is $300 million. Apple is 100% equity financed, and it faces a 40% tax rate. In addition, the firm's net investment in operating...
-
About investment criteria. We have discussed about five investment criteria, including NPV, IRR, PI, AAR and Payback. a) Given that three projects are mutually exclusive and their information is as...
-
A perpetual bond sells for $1,000 and will pay $79 a year forever. the fed changes its policy and the interest rate changes to 18 percent. the price of the bond is now what?
-
Q2. Consider the 2-period Cox-Ross-Rubinstein (CRR) binomial model with So = K = 1,T= 1, At = 0.5, = 0.2, u = 1/d = exp(oAt), and continuously compounded interest rate r = 0.05. (a) State the...
-
Quincys Bait Shop had budgeted bait sales for the season at $10,000, with a $2,000 margin of safety. However, due to unseasonable weather, bait sales reached only $9,200. Actual sales exceeded...
-
Identify the tax issues or problems suggested by the following situations. State each issue as a question. Jennifer did not file a tax return for 2007 because she honestly believed that no tax was...
-
Weighted-average method, inspection at 80% completion (chapter appendix). (A. Atkinson) The Kim Company is a furniture manufacturer with two departments: molding and finishing. The company uses the...
-
Job costing, rework Solutions Corporation is a manufacturer of computer chips based in San Jose. It manufactures two types of computer chips, CS1 and CS2. The costs of manufacturing each CS1 chip,...
-
Cost allocation in hospitals, alternative allocation criteria. Dave Meltzer vacationed at Lake Tahoe last winter. Unfortunately, he broke his ankle while skiing and spent two days at the Sierra...
-
ces The most recent financial statements for Crosby, Incorporated, follow. Sales for 2021 are projected to grow by 25 percent. Interest expense will remain constant; the tax rate and the dividend...
-
1. What is the output of the following code? Explain. class Super { public void show() { System.out.println("Base::show() called"); class Sub extends Super { public void show() {...
-
What is the output of the following code? Enter your answer in the box below. public class CitiesInFrance public static void methodA () { } methodB(); System.out.println( "Bourdeaux"); public static...
Study smarter with the SolutionInn App