Ask Question, Ask an Expert


Ask Accounting Basics Expert

The concept of reasonable assurance in the context of an entity's internal controls recognizes that :

A. Auditors may fail to detect material misstatements.

B. Proper internal controls guarantee that material misstatements will not occur.

C. Proper internal controls preclude fraud.

D. The costs of some controls may be too high to implement in relation to potential benefits.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M942601

Have any Question? 

Related Questions in Accounting Basics

While auditing the financial statements of forble corp

While auditing the financial statements of Forble Corp. (which are to be included in a Securities Act registration statement), Ernie, a certified public accountant, fails to review any of Forble's journal entries, does n ...

Assignmentnbsp question 1consolidation of wholly owned

Assignment   Question 1 Consolidation of wholly owned subsidiary, pre-acquisition equity and BCVR entries for assets and liabilities Lisa Ltd acquired all the issued shares of Kam Ltd on 1 January 2016 for $88 000. At th ...

Bull in the citation schusters express inc 66 tc 588 1976

• In the citation Schuster's Express, Inc., 66 T.C. 588 (1976), aff'd 562 F.2d 39 (CA-2, 1977), nonacq., to what do the 66, 39, and nonacq. refer? • Is there an automatic right to appeal to the U.S. Supreme Court? If so, ...

Estimating cash flowsassume that your company is

Estimating Cash Flows Assume that your company is considering the replacement of an automated milling machine with one of the new machines offered by three different manufacturers. Each of the three machines under consid ...

Case study-nbsp pc problems plcpc problems plc is a

Case Study-  PC Problems plc PC Problems plc is a (fictitious) company engaged in the servicing of personal computers on a carry-in basis. The company started out several years ago as a small shop working on household ap ...

What is represented by the labeled lines connecting

What is represented by the labeled lines connecting entities in an REA diagram? Why are journals and ledgers not modeled in an REA diagram?

Wayne and maria file a joint tax return on which they

Wayne and Maria file a joint tax return on which they itemize their deductions and report AGI of $50,000. During the year they incurred $1,500 of medical expenses when Maria broke her leg. Furthermore, their dentist info ...

Accountingmoviesplus inc is in its third year of business

Accounting MoviesPlus, Inc. is in its third year of business. The company offers DVD rental to online customers for a fixed monthly fee. For $20 per month, a customer receives three DVDs each month, one at a time as the ...

Accounting for business decisions melbourne assignment-the

Accounting for Business Decisions Melbourne Assignment- The assignment will undertake research using the website of the Australian Stock Exchange (ASX) and/or the Company whose industry is Food, Beverage & Tobacco that y ...

Practice questionswhy is a balance sheet claimed to be a

Practice questions: Why is a balance sheet claimed to be a statement of the financial position of a business? What limitations do you think it has?

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate