1. The preparation of a contribution format income statement segmented by divisions is as follows:
Wingate Company
Segmented Contribution-Format Income StatementEast Central West Total
Sales $ 400,000 $ 610,000 $ 540,000 $1,550,000
Variable expenses 196,000 195,200 226,400 617,600
Contribution margin $204,000 $414,800 $313,600 $932,400
Traceable fixed expenses $275,000 $ 327,000 $ 194,000 $796,000
Segment net income/loss ($71,000) $87,800 $119,600 $136,400
Common fixed expenses $229,000
Net loss $92,600
2a) The net operating income of Wingate Company would increase by $34,976 or the net loss reduces by $34,976.
2b) If the increased advertising for the West's Division would increase West's net income by $34,976, I would highly recommend it.
What is a segmented income statement?A segmented income statement is a financial statement that shows the financial performance of each division or department in a company.
Preparing a segmented income statement helps management to understand the divisions' performances to encourage improvement, reward, and control.
Wingate Company
Contribution-Format Income StatementSales $ 1,550,000
Variable expenses 618,000
Contribution margin 932,000
Fixed expenses 1,025,000
Net operating income (loss) $ (93,000)
East Central West
Sales $ 400,000 $ 610,000 $ 540,000
Variable expenses as a percentage of sales 49% 32% 42%
Traceable fixed expenses $ 275,000 $ 327,000 $ 194,000
Wingate Company
Segmented Contribution-Format Income StatementEast Central West Total
Sales $ 400,000 $ 610,000 $ 637,200 $1,647,200
Variable expenses 196,000 195,200 267,624 658,824
Contribution margin $204,000 $414,800 $369,576 $988,376
Traceable fixed expenses $275,000 $ 327,000 $ 215,000 $817,000
Segment net income/loss ($71,000) $87,800 $154,576 $171,376
Common fixed expenses $229,000
Net loss $57,624
Reduction in Net Loss:Old proposal = $92,600
New proposal = $57,624
Loss Reduction = $34,976
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a bowling alley rents pairs of shoes to customers. the bowling alley rents out each pair of shoes for $6, and each pair of shoes costs the bowling alley $2 to sanitize upon return. the sanitizing machine costs $250 to rent each month. what is the least number of pairs of shoes the bowling alley must rent to customers each month to cover the cost of the sanitizing machine?
65 is the least number of pairs of shoes the bowling alley must rent to customers each month to cover the cost of the sanitizing machine.
Rent for each pair of shoes = $6
Cost for sanitize = $2
Net profit = $4
Cost of rent for sanitizing machine costs = $250
Therefore, no. of pairs = 250/4 = 65(approx.)
What is rent?A set monthly fee you pay to use someone else's home, vehicle, television, or other property on a regular basis. Due to the larger size of my room, I pay a higher rent/more rent than the other tenants.
According to the formula, one can determine the value of economic rent by subtracting the free market. From the agreed-upon price of the production factor, read more price. The price that is agreed upon by both the buyer and the producer is known as the agreed price.
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which of the following is a debt security whose payments originate from other loans, such as credit card debt, auto loans, and home equity loans? multiple choice asset-backed securities credit quality securities debentures junk bonds
Collateral serves as backing for secured debt. The lender may take back the collateral in the event that the borrower defaults on a secured loan.
Mortgages, auto loans, and secured credit cards are all examples of secured debt. Collateral is not required for unsecured debt.
What is the purpose of debt security?
A type of debt that can be purchased and sold like a security is called a debt security. Typically, they include specific terms like the amount borrowed, interest rate, renewal date, and debt maturity. What you need to know about debt securities and whether you should include them in your portfolio is as follows.
Is a security for a debt a loan?
An entity issues and sells a financial instrument known as a debt security to investors. The underlying asset of the security is a loan, which represents an obligation for the investor to repay the instrument's face value in addition to interest income when it matures.
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computers, inc. has name brand all-in-one printers that print, copy, scan, and fax on sale at a 35% markdown. the price includes free shipping and handling. tommy woodruff purchased a printer for $97.49. what is this printer's regular selling price?
Tommy Woodruff bought a printer for $97.49. The suggested retail price for this printer is $150.
The selling price is the amount that a customer will pay, whereas the cost of the item is the price at which the store purchased it. Due to market circumstances, the price of this item is greater than the factory cost price.
To find the cost price, divide the total cost by the number of units purchased. Use the selling price formula to get the final cost.
Due to the printer's 35% market-down price.
Tommy Woodruff paid 65% of the cost for a printer.
65% x = 97.49 where x is regular selling price
65 ÷ 100 x = 97.49
x = 97.49 ÷ 65 × 100
x = 150
The regular selling price is $150.
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consider an economy with two types of goods, fish and coconuts, and two consumers, robinson and friday. is it pareto efficient to give half of the fish and half of the coconuts to each consumer?
Not necessarily. if Robinson likes fish and Friday likes coconuts, then they could trade and be both better off. Even if both Robinson and Friday like both goods, it could be that their MRS is different when they get half of each type of good, so that they could be better off by trading.
What is pareto efficient ?
When resources are distributed in a way that no one may benefit without harming someone else, this is known as Pareto efficiency, also known as allocative efficiency.
What could be improved by the Pareto principle?
A potential Pareto improvement entails implementing a change that benefits some people at the expense of others. Theoretically, those who gain a lot can be used to make up for others who lose. In the end, we have a situation where some people benefit without harming others.
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north carolina national bank (ncnb) used its unique core competency of identifying, appraising, and integrating acquisition targets to be rebranded as bank of america, one of the largest banks in the united states. this is an example of a firm
One of the largest banks in the united states. This is an example of firm leveraging existing core competencies to improve its current market position.
Competence is the ability to apply or use the relevant set of knowledge, skills and competencies necessary to successfully perform a "critical work function" or task in a defined work environment.
Competence: The knowledge, behavior, attitudes, or even skills that lead to the ability to do something successfully or efficiently. The ability to make business decisions becomes a competency. Skills: Skills acquired and applied to effectively use one's knowledge in execution or performance.
Core competencies also called "core qualifications", are a list of qualifications required for a job. The Core Competencies section includes your skills, qualifications, knowledge of various software products, or personality traits that make you a desirable candidate.
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meng company maintains a $335 petty cash fund. on january 31, the fund is replenished. the accumulated receipts on that date represent $87 for office supplies, $174 for merchandise inventory, and $27 for miscellaneous expenses. there is a cash shortage of $12. based on this information, the amount of cash in the fund before the replenishment is:
If a meng corporation keeps a $335 petty cash fund, the amount of money in the fund prior to replenishment is $300. January 31 sees a replenishment of the fund.
Dr. Office Supplies: $87; Dr. Merchandise Inventory: $174; Dr. Miscellaneous Expenses: $27; Dr. Cash Over/Under: $12; Cr. Cash: $300.
$335 in fund balance less $288 in revenues equals a hypothetical cash replenishment balance of $47.50. The cash on hand was less than projected as there fund was a $12 shortfall. $47 − $12 = $35. $30 less the $35 in cash on hand equals $300 for cash replenishment.
A pool of money designated for a certain use is known as a fund. A fund can be created for a variety of reasons, such as when a municipal fund government puts aside funds to build a new civic center, a college sets aside funds to give out scholarships, or an insurance company sets aside funds to settle claim payments from its clients.
Money can be invested in many types of funds by both individual and replenishment institutional investors with the intention of making money. Examples include mutual funds, which pool money from many participants and fund invest it in a diverse portfolio of assets, and hedge funds, which invest the assets of high-net-worth individuals (HNWI) and institutions in a way that is intended to achieve returns that are higher than the market average.
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Which costing system charges products only with the costs of the capacity used by those products and not with the cost of unused capacity?.
Costing system charges products only with the costs of the capacity used by those products and not with the cost of unused capacity - activity-based.
What is Costing system?
A costing system is intended to track a company's expenses. The system consists of a collection of forms, procedures, controls, and reporting that are designed to gather and report income, costs, and profitability to management. Customers, departments, buildings, processes, goods & services, research and development and sales regions are all examples of areas that might be reported on. Because costing system reports are intended voor internal use, they are not subject to the disclosure rules of any accounting framework, such as GAAP or IFRS. Instead, management can choose which sorts of information to see, which to disregard, and how the results should be structured and distributed for consumption.
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how much money must you deposit now at 6% interest compounded quarterly in order to be able to withdraw $3000 at the end of each quarter year for two years? should you deposit more than or less than 24000 now?
To be able to take $3000 at the conclusion of each quarter year for two years, you must deposit money today at 6% interest compounded quarterly. Amount to Deposit is 22794 at this time.
QUARTER YEAR refers to the three-month period in each calendar year that ends on March 31, June 30, September 30, or December 31. (or such part thereof as the case may be for the initial and final Quarter Year periods under this Agreement). Companies can pay quarterly dividends by dividing the fiscal year into quarters, which can give shareholders a consistent flow of cash.
On a company's financial calendar, a quarter is a three-month period that serves as the foundation for recurring financial reports and dividend payments. One-fourth of a year is referred to as a quarter.
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zscaler started as an original equipment manufacturing firm (oem) for brand-name mobile device companies. later, it started offering a lineup of innovative and high-performance smartphones by acquiring buildit, a san francisco-based design firm. this strategic move of zscaler is known as
The strategic move of Zscaler is known as Forward Vertical Integration.
Forward Vertical Integration technique is a kind of business strategy in which a company takes charge or takes under control all the factors and all the stages which are present in the supply chain in creating its product. This strategy improves the business of the products of company by providing them a bigger market and distribution channel for the selling of their products. It increases profits as well as the efficiency within a company. Also, by using this strategy the delays which occur in distribution of the products get reduced to a large extent. There is also a decline in the transportation cost of the products in this strategy. Examples include Opening own retail shops at different locations in order to increase the product distribution.
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a low cost strategy leads to higher profits by group of answer choices offering the customer products with more features. adding unique features to products. charging a higher price than competitors. the cost savings that firms achieve.
Due to the cost savings that businesses realize, low cost strategies result in better profitability. Hence the appropriate choice of option would be option (d).
Give a brief account on Cost Of Production (COP).All expenses a company incurred while producing a good or providing a service is regarded as cost of production (COP).
When a company adjusts production levels in response to predicted profits or losses, long-term costs mount. The costs of providing a good or service are determined by a variety of factors, including labor, land, and goods, and do not include any fixed manufacturing costs. When a company produces the most products at the lowest cost and with the biggest volume, a long-term cost is sustainably sustained. These expenses are impacted by a variety of factors, including firm growth or contraction, adjustments to the volume of production, and market exit or entry.
Real-time cost monitoring is possible during the production process. Only revenue and variable expenses have an effect on these costs. With variable costs and the production rate, short-run costs rise and fall. One of the finest methods to achieve excellent long-run costs and a company's overall goals is by managing short-term expenses.
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Additional benefits such as health insurance, retirement benefits, or life insurance that are paid by the employer are called benefits.
Additional benefits such as health insurance, retirement benefits, or life insurance that are paid by the employer are called benefits. --- True
Depending on the company, these benefits might include health insurance( needed to be offered by larger companies), dental insurance, vision care, life insurance, legal insurance, paid holiday leave, particular leave, sick leave, child care, fitness, withdrawal benefits and planning services, council debt relief benefits.
What are good benefits packages?
While this benefits can differ depending on who you ask, the standard in utmost diligence consists of health insurance, dental insurance, flexible spending accounts, withdrawal savings plans, holiday time, and fresh paid time off for benefits like family medical leave, motherliness leave, and feasts.
Employee benefits :Employee benefits and benefits in kind( also called borderline benefits, perquisites, or gratuities) include colorful types of non-wage compensation handed to workers in addition to their normal stipend or hires. Cases where an hand exchanges( cash) stipend for some other form of benefit is generally pertain to as a" payment packaging" or" payment exchange" arrangement
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the compensation plan known as blank involves payments being based on some measure of organizational performance, and the payments do not become part of the base salary.multiple choice question.individual incentiveslabor unionmerit payprofit sharing
The compensation plan known as profit sharing involves payments being based on some measure of organizational performance, and the payments do not become part of the base salary.
An employee retirement plan that shares in corporate profits is known as a profit-sharing plan. An employee who participates in this sort of plan, also known as a deferred profit-sharing plan (DPSP), is given a share of the company's profits depending on its quarterly or yearly revenues. Although there are usually limitations on when and how a person can withdraw these assets without incurring fines, profit-sharing plans are a terrific method for businesses to give their employees a sense of ownership in the organization.
The amount of the firm's income it intends to share under the profit-sharing plan is entirely up to the corporation.
Employees are not permitted to make contributions to profit-sharing plans; only the firm may do so.
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the three primary activities in the business intelligence (bi) process are to acquire data, perform analysis, and publish results. group of answer choices true false
The three primary activities in the business intelligence (bi) process are to acquire data, perform analysis, and publish results. is True
What is Business Intelligence?Business intelligence is a combination of business analytics, data tools, data visualization, and infrastructure. Business intelligence helps users to draw conclusions from data analytics.
Business intelligence tools are used to handle large amounts of structured and sometimes unstructured data to create new strategies in in business opportunities. they help in easy interpretation of big data. Business intelligence is used in enterprises for supporting wide range of business decisions from operational to strategic .Business intelligence can generate a large amount of data in the form of email, memos, chats, reports ,
Elements Of Business Intelligence are
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what should an organization consider when offering incentive pay? (select all that apply.)multiple select question.the strengths and weaknesses of each type of incentivewhether low-achieving employees will feel slighted when their co-workers earn incentive rewardswhat kind of employee will be attracted to the organization because of the incentives being offeredhow the incentive will help achieve the organization's goals
The strengths and weaknesses of each type of incentive, What kind of employee will be attracted to the organization because of the incentives being offered, How the incentive will help achieve the organization's goals.
Incentives, broadly speaking, are any methods of persuading someone to change their behavior. By stating that more incentives result in greater levels of effort and, thus, higher levels of performance, the basic law of economics and the laws of behavior emphasize the importance of incentives.
There are two types of incentives: intrinsic incentives and extrinsic incentives. People's behavior is driven by internal motivations. They are frequently more motivated by the work itself or the internal reward during activities than by the outward reward. There are various internal rewards. For instance, engaging in activities may gratify people's sense of accomplishment and make them feel good.
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mary ann is a project manager who is managing the construction of a new house. what is the earliest phase of the project in which mary ann would assign jobs to the construction contractors?
The earliest phase of the project in which Mary Ann would assign jobs to the construction contractors is Project Execution.
What is Project Execution?
The phase most often connected to project management is this one. Building deliverables that satisfy the consumer is the focus of execution. This is accomplished by team leaders by allocating resources and maintaining team members' attention on their assigned responsibilities.
The main goal of project execution is to create and produce the project's anticipated deliverables, which must be delivered on schedule, on budget, and must adhere to the project's agreed-upon scope and client quality standards.
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Issac just completed his master’s degree in regional planning, if he wants to continue his education even further, he could pursue his _____ degree.
Issac just completed his master’s degree in regional planning, if he wants to continue his education even further, he could pursue his doctoral degree.
Local making plans can be defined because of the integrated management of spatially bounded regions' monetary, social, and physical assets. Local procedures and regulations have been proposed and achieved because of the beginnings of civilized settlement.
Nearby planning offers the green placement of land use sports, infrastructure, and settlement growth throughout a more extensive area of land than an. Individual town or city. Definition of nearby planning.
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a bill called the working families flexibility act (h.r. 1180) was recently introduced in washington that would amend the flsa to permit private-sector employees the same options as those in the public sector. which of the following is a likely outcome of this bill? a. public-sector employees will only be permitted to receive extra pay when they work overtime. b. private-sector employees will only be permitted to receive non-monetary rewards when they work overtime. c. private-sector employees will be permitted to take time off rather than receive extra pay when they work overtime. d. public-sector employees categorized as direct employees will be permitted to receive extra pay for working overtime.
The outcome of the bill Working Families Flexibility Act (H.R. 1180) is that - Private-sector employees will be permitted to take time off rather than receive extra pay when they work overtime.
What is Working Families Flexibility Act?
The Working Families Flexibility Act will modify us Fair Labor Amendment of 1966 to give both employees and employers more leeway when it came to overtime labour. Instead of existing federal law that requires hourly employees to earn 1.5 times their regular pay for each hour worked over forty hours in a week, the Organized Labor Flexibility Act would enable employers to provide workers the option of receiving this conventional 1.5 times pay OR accumulating 1.5 hours of paid leave for each hour of extra hours worked. In other words, employees who value more time off to care for family members or even take a break in lieu of extra compensation will no longer be barred from pursuing a flexible paid vacation option from their employers under federal law.
Therefore, the correct option is C
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suppose that the anytown city government asks private citizens to donate money to support the town's annual holiday lighting display. assuming that the citizens of anytown enjoy the lighting display, the request for donations suggests that
The request for donations suggests that resources are currently under allocated to the provision of holiday lighting in Anytown.
The request for donations suggests that resources are currently underutilized in Anytown for holiday lighting. They are less than what is required.
Under-allocated resources are those with a higher investment allocation demand than available capacity. When resources are mismanaged, they are either under-allocated or over-allocated. Under-allocation occurs when there are more resources on hand than are required to complete the task at hand. This results in a waste of money and potential, as well as lower levels of productivity.
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Kaley has an artistic personality type. She is creative, original, independent, chaotic, inventive, and is good with media, graphics, and text. What career would you recommend for her? Why?
For the personality traits of Kaley where she is identified as creative, independent, inventive, and is also good with media and graphics, a graphic designer can be considered as an ideal career option for her.
What is the significance of a career option?A career option can be referred to or considered as the stream or field in which an individual with the required skills and qualifications can seek for life and income opportunities.
Being a graphic designer is a career option where a person is allowed to be independent while being creative in the designing work that he or she does at the same time. It also requires skills and qualifications with good sense of knowledge of media and graphics.
Therefore, the significance regarding a career option has been aforementioned.
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what is the price today (in dollars and cents) of a stock whose dividend per share is currently $1.80 and who expects to pay this same dividend per share at the end of each future year forever? that is, the assumption is that the current dividend per share will never change. the stock's required rate of return is 7.25%.
The current price of the stock would be $24.82
What is stock?
A stock, usually referred to as equity, is a type of investment that denotes ownership in a portion of the issuing company. Shares, also known as units of stock, entitle its owners to a share of the company's assets and income in proportion to the number of shares they possess.
Most individual investors' portfolios are built on stocks, which are mostly bought and sold on stock exchanges. Government standards designed to shield investors from dishonest tactics must be followed during stock trades. In order to raise money to run their operations, corporations issue stock, and the holder of that shares, known as a shareholder, may be entitled to some of the company's assets and earnings.
Calculate the price today as follows:
Price today = dividend / Required rate of return
Price today = $1.80 / 7.25%
Price today = $24.82
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f the mexican nominal exchange rate (foreign currency per peso) does not change, but prices rise faster in mexico than in all other countries, then the mexican real exchange rate a. does not change. b. rises. c. cannot be determined without more information. declines.
If Mexico's nominal exchange rate (foreign currency per peso) does not change, but prices rise faster in Mexico than in all other countries, then Mexico's real exchange rate rises.
The exchange rate is one of the most important indicators in determining the economy of a country. Exchange rates play an important role in spending decisions, because they allow the translation of prices from different countries into the same language.
The exchange rate of a country's currency is divided into two types, namely:
Nominal exchange rate is the value used by a person when exchanging one country's currency for another country's currency.The real exchange rate is the value used by a person when exchanging goods and services from one country for goods and services from another country.You can learn more about exchange rate here brainly.com/question/14930716
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elements of project planning include: question 20 options: identifying time-cost tradeoffs. determining the project critical path. comparing project schedule objectives. all of the above
Elements of project planning include all of the above.
In the field of business, project planning refers to the planning aspect of a project, the cost, implementation, the work required, the critical paths, etc.
Through project planning, managers can estimate how much the total cost of the project will be and make a budget accordingly. All the critical paths in relation to a project are determined in project planning so solutions for them are already present. Based on project planning, the project schedules are compared to check if deadlines are being met in accordance with the estimated time.
Hence, all of the above options are correct.
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which of the following are strategies to modify the market? (select all that apply) multiple select question. alter one or more of a product's characteristics create new use situations increase a product's use among existing customers find new customers create a new product
The strategies to modify the market include the following:
alter one or more of a product's characteristics.create new use situations.increase a product's use among existing customers.What is a marketing strategy?A marketing strategy can be defined as a technique that is typically used by business firms to attract customers to their products (goods) or service, especially by giving them a lower price during its initial operation and offering.
In conclusion, we can reasonably infer and logically deduce that altering one or more of a product's characteristics and creating some new use situations is an efficient and effective marketing strategy that should be adopted by manufacturers.
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using a perpetual inventory system, the effect on the accounting equation of purchasing merchandise on account includes a(n) . (check all that apply.) multiple select question. increase in assets increase in liabilities decrease in stockholders' equity decrease in assets
Using a perpetual inventory system, the effect on the accounting equation of purchasing merchandise on account includes
a. increase in liabilitiesc. increase in assetsWhat is a Perpetual Inventory System?This refers to the system that is used in order to make continuous accounting of inventory with the use of electronic means.
Hence, we can see that based on the given question, there is the question on the effect on the accounting equation of purchasing merchandise when a perpetual inventory system is used and the answers are that there would be increases in both the liabilities and assets.
The answers are options A and C.
With this in mind, it can he seen that the correct answer to the given question about the use of a perpetual inventory system is given above
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financial information is presented below: operating expenses $ 45,000 sales returns and allowances 3,000 sales discounts 7,000 sales revenue 160,000 cost of goods sold 96,000 the profit margin would be
The profit margin would be =0.36
The required details about profit margin is mentioned in below paragraph.
Profit margin is the difference between your company's total operating expenses and its total revenue. The more money your company keeps, the larger your profit margin will be. One of the often used profitability statistics to determine how profitable a business or line of business is is profit margin. It displays the proportion of sales that have generated profits. Simply put, the percentage value represents the amount of profit the company made on each dollar of sales. For instance, if a company states that it had a 35% profit margin during the most recent quarter, that translates to $0.35 in net income for every $1 in sales.
Net Sales=Sales revenue-Sales returns and allowances-Sales discounts
=160,000-3000-7000
=$150,000
Gross profit=Net Sales-Cost of goods sold
=(150,000-96,000)
=$54000
Gross profit rate=Gross profit/Net Sales
=$54,000/$150,000
=0.36
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pkr inc. is launching its new product in the market. the managers at pkr want to price the product in a way that would enable the company to recover the investments made toward developing the product. which pricing strategy would be most effective for pkr inc.?
Price skimming strategy would be most effective for pkr inc. It would enable the company to recover the investments made toward developing the product in which new product prices are set high.
What exactly is price skimming?
Skim pricing, also defined as price skimming, is a monetization strategy in which new product prices are set high and then reduced as rivals enter the market. Skim pricing is the inverse of penetration pricing, which involves pricing newly launched products low in order to build a large customer base from the start.
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Think of something you recently purchased on impulse. What made you decide to make the purchase? would you buy it again, or do you wish you hadn’t bought it in the first place?.
A purchase is made based on the need or desire of a person.
Making a purchase on impulse means buying something at the instant spot without thinking about it before.
You can make a purchase for items such as a dress on the spot. You took the decision to buy it because it was a beautiful one and although you did not have the budget but you thought that you will cut loose on other items.
Whether we will buy it again or not depends on the budget of the person. If he manages to squeeze the dress into the budget, then he will buy it again. If not, then he will think that he might not have brought it in the first place.
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comparative advantage is group of answer choices a local responsiveness solution. similar to competitive advantage. where the company can produce the cheapest. advantages of nations over other nations.
Comparative advantage is advantages of nations over other nations.
What do you mean by comparative advantage?
In an economic model, agents have a comparative advantage over others if they can provide that good at a lower relative opportunity cost and autarky pricing. Comparative advantage refers to the financial reality of trade advantages for people, firms, or nations as a result of disparities in their factor endowments or technological progress.
When a country can produce at a lower opportunity cost than in its trading counterparts, it has a comparative advantage. A country cannot have a comparative advantage in all commodities and services, but it can have an absolute advantage in all goods production.
So, the right answer is D.
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Strong job satisfaction, greater task motivation, and better social integration at work all tend to be traits associated with __________.
Strong job satisfaction, greater task motivation, and better social integration at work all tend to be traits associated with Internal locus of control.
What is motivation?
Motivation is the reason why humans and other animals begin, continue, or discontinue a behaviour at any given time. Motivational states are commonly understood as internal forces that create a desire to engage in goal-directed behaviour. It is commonly held that various mental states compete with one another and that only the strongest state determines behaviour. This means we can be motivated to do something but not actually do it. Desire is the paradigmatic mental state that provides motivation. However, other states, such as beliefs about what one should do or intentions, can provide motivation. The term "motivation" is derived from the word "motive," which refers to a person's needs, desires, wants, or urges. It is the process of persuading people to act in order to achieve a goal.
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when, after discussions with the client, an accountant prepares financial statements that contain a known departure from the applicable financial reporting framework for an engagement performed in accordance with ssars, the accountant should
SSARS No. 21: Statement on Standards for Accounting and Review Services In October, the publication Standards for financial Accounting and Review Services:
Accounting Clarification and Recodification was released. 21 In cases when the accountant's professional judgment indicates that such financial statements would be misleading, they should not be prepared. For example, the accountant shouldn't remove nearly all of the disclosures needed by the financial reporting system. Engagements in preparation provide prepared financial statements on the company's behalf. In essence, the accountant gathers the company's financial data and creates the financial schedules for management. The standards for reviews, compilations, and engagements to create financial statements are clarified and updated by SSARS No. 21. Significant standard-related modifications are also included. for public-practice accountants that create financial statements for their customers. SSARS is largely used for preparations, compilations, and reviews, while SSAE is utilized for attestation activities (things unrelated to the financials). Accounting An accounting framework is a collection of standards used to evaluate, explain, and report the data contained in a company's financial statements.
The management of a firm is required by law in many countries to create and present financial statements that are compliant with local regulations. This is a legal obligation because the law requires it.
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