COST ACCOUNTING
COST ACCOUNTING STANDARDS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Management consulting
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The amount a business earns after subtracting all expenses incurred to generate revenues; also called profit or earnings
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Activity in which suggestions are offered for improving a company’s procedures; the suggestions may concern new accounting and internal control systems, new computer systems, budgeting, and employee benefit plans.
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Explanation:
Detailed explanation-1: -Which of the following engagement procedures provides the best information about the collectibility of notes receivable? Examination of cash receipts records to determine promptness of interest and principal payments.
Detailed explanation-2: -The answer is A. Internal auditors monitor company controls to safeguard assets, and external auditors evaluate the controls to ensure that the accounting records are accurate.
Detailed explanation-3: -There are five interrelated components of an internal control framework: control environment, risk assessment, control activities, information and communication, and monitoring.
There is 1 question to complete.