Paul borrowed $380 with a one-year repayment period. He paid $21 in service fees and 10% interest. He has a $59 finance charge.
How do finance charges work?A finance charge is the total interest and loan fees you would be required to pay throughout the course of your mortgage loan. This includes all pre-paid loan fees and is based on the premise that you hold the loan for the entire period until it matures (at which point the last payment is due).
These finance costs include things like annual credit card fees, account maintenance charges, late payment fees for loans and credit cards, and transaction charges for accounts.
Why are loan fees so expensive?In finance, you may typically expect a better potential reward if you take on more risk. Credit cards pose a significant risk to banks and other card issuers since many users make late or non-payments. As a result, issuers impose hefty interest rates to offset that risk.
amount to pay= amount borrowed x interest
amount to pay= $380 X 0.1= $38
finance charge= amount to pay + service charge
finance charge= $38 + $21= $59
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shelley has a $180,000, 9%, 15-year loan. using an amortization schedule, what is the principal balance before payment 4 is made?
Prior to the fourth payment being made, the principal balance is $178,558.24.
What is the balance of the principal?At its most basic level, a principal balance is an amount still owed on a loan that must be repaid in order to settle the debt. It does not account for accruing fees or potential interest. Without including any of the interest that must be paid, the main balance is equal to the whole amount initially borrowed less the amount that has already been repaid.
When the entire principal is paid, the loan is considered repaid. Amortization, a term used to describe the process of making interest and principal payments, is typical for mortgages and auto loans. On the principal balance of the loan, interest is assessed.
Calculation:
$180,000 ÷ 1,000 = $180 X 10.15 = $1,827.
Table Factor = 10.15 ((N = 15, i = 9%))
$180,000 × 9% × 1/12 = $1,350.
$1,827 - $1,350 = $477.
Prior to Payment 2, the principal debt was $180,000 - $477 = $179,523.
$179,523 × 9% interest × 1/12 = $1,346.42.
$1,827 - $1,346.42 = $480.58.
The principal balance prior to Payment 3 was $179,523 - $480.58 = $179,042.42.
$179,042.42 x 9% interest × 1/12 = $1,342.82.
$1,827 - $1,342.82 = $484.18.
$179,042.42 - $484.18 = $178,558.24 the principal balance after Payment 3 and before Payment 4.
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marissa purchases $500 of stock directly from a corporation without having to use an account executive or a brokerage firm. she is using a
Marissa purchases $500 of stock directly from a corporation without having to use an account executive or a brokerage firm. She is using a Direct reinvestment plan.
What is a dividend reinvestment plan?A Dividend Reinvestment Plan or DRIP is a program that allows shareholders to automatically reinvest their cash dividends into additional company shares. The company will set a limit on how many shares the investor can purchase in one transaction. For example, up to 100 shares with each DRIP purchase.
Some companies also offer cashless Dividend Reinvestment Plans that allow investors to automatically reinvest their dividends without purchasing stock.
Investors that choose this type of plan must use dividend-paying stocks like preferred stocks, common stocks, and money market funds.
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at the beginning of his current tax year, eric bought a corporate bond with a maturity value of $33,000 from the secondary market for $26,700. the bond has a stated annual interest rate of 6 percent payable on june 30 and december 31, and it matures in five years on december 31. absent any special tax elections, how much interest income will eric report from the bond this year and in the year the bond matures?
Interest income reported this year is $1,980 and $1,602 the year bond matures.
What is the maturity value?
The amount owed and due to be paid to the holder of a financial obligation as of the obligation's maturity date is its maturity value.
Maturity value this year in the given question =$33,000
Maturity value in the year when the bond will mature=$26,700
The annual Interest rate on bond=6%
Calculation
Interest income reported this year according to the information given in the question is
Interest income=(maturity value × interest rate/2) × 2
=$33,000× 6%/2) × 2
Interest income=$1,980
Interest income reported the years the bond matures
Interest income=(maturity value × interest rate/2) × 2
=$26,700× 6%/2) × 2
Interest income=$1,602
So, Interest income is $1,980 and $1,602 respectively.
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a television commercial for senseo brand of coffee maker that can make coffee similar to what consumers purchase at coffee shops (e.g., starbucks) encourages viewers to remember the experience of drinking their favorite coffee drinks at these types of shops. this coffee maker allows consumers to experience that sensation at home. what is this marketer trying to encourage?
Customers may have that experience at home thanks to this coffee machine. The marketer is attempting to promote Elaborative activity.
Elaborative activities: What are they?A method for helping the short-term memory hold onto concepts and transfer them to the long-term memory is elaborate rehearsing. In order to make new concepts stick, it links them to previously learned ideas that are already stored in the long-term memory.
What is a good illustration of elaborate rehearsal?Imagine meeting someone with the name Sandy and then associating that name with a sandy beach in order to remember it. This is an example of elaborate rehearsal. The idea is to develop a unique, unforgettable connection with a new fact that one wishes to remember.
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when a former partner of a registered public accounting firm who left the firm two years ago accepts a financial reporting oversight role at an issuer audit client, the independence of the registered public accounting firm is considered impaired unless:
A former partner of a registered public accounting firm who left the firm two years ago accepts a financial reporting oversight role at an issuer audit client, the independence of the registered public accounting firm is considered impaired the former partner has no remaining capital balance in the registered public accounting firm.
The term "economic reporting oversight function" means a function of accounting where in someone is able to or does exercising have an effect on over the contents of the economic statements or anybody who prepares them, which includes whilst the man or woman is a member of the board of administrators or comparable control or governing body, chief executive.
Rotation of Audit Partners. The lead and concurring companions on an audit engagement might also additionally serve of their respective capacities for no extra than 5 consecutive years and, following the rotation, won't offer such offerings to the equal company for a duration of 5 consecutive years.
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capital budgeting decisions are treated separately from capital structure decisions, even though these decisions may be highly interwoven. this interweaving is most apt to result in:
Firms that reject positive NPV, and all-equity projects because changing to a debt-based capital structure always results in negative net present values.
In business, capital refers to the total amount of financial assets required to produce goods or services. These funds can be used to start a business, cover daily expenses, or grow and expand it.
Simply put, capital refers to cash or financial assets held by a company or individual. Because capital is used to generate wealth for the business, it is classified as an asset in accounting.
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amounts withheld from employee's earnings for employee income tax is considered a by the employer until the government is paid. multiple choice question. current asset long-term liability current liability long-term asset
The employer views the sums deducted from an employee's pay for employee income tax as a current liability until the government is compensated.
A current liability is a debt that the business plans to settle immediately utilizing resources shown on its current balance sheet. Accounts payable, wages, taxes, and deferred income are examples of typical current obligations.
The amount of federal income tax deducted from an employee's paycheck is known as withholding.
All of the current and fixed assets make up capital. Capital might be in the form of gifts or cash. As a result, a company entity's capital is divided into fixed capital and working capital.
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organizational learning works best when there is integrated thinking and acting at all levels of the organization, according to peter senge.
According to Peter Senge, it is a true statement that an organizational learning works best when there is integrated thinking and acting at all levels of the organization.
Who Is Peter Senge?The Journal of Business Strategy called Peter Senge a 'Strategist of the Century, he Senge is an advocate for decentralizing leadership so all people in an organization can work together towards a common goal. He os is a proponent for what has become known as learning organizations, which are predicated on the principles of system thinking.
In his book "Fifth Discipline:, he (Senge) defined an learning organizations as those organizations that encourage adaptive and generative learning, encouraging their employees to think outside the box and work in conjunction with other employees to find the best answer to any problem.
He said there are five characteristics of a learning organization which includes a personal mastery, or how the individual looks at the world, a mental models, or an individual's deeply ingrained assumptions, a shared vision, which encourages experimentation and innovation among multiple members, a team learning, or more than one person acting together; two heads are better than one and systems thinking, looking at the whole picture rather than the individual problem.
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suppose provo city officials determine that renters often impose negative externalities on neighboring home owners, and implement the efficient command and control restriction on numbers of renters. but then the home owners themselves protest, feeling that the rule set a bad precedent. this would be an example of government failure due to
This would be an illustration of a government failure brought on by choice limitations.
This would be an illustration of a government failure brought on by choice limitations. An externality is a cost or benefit a producer generates but does not personally bear or receive. An externality can be both positive and negative and might emerge from the production or consumption of a good or service. Natural environmental externalities, such those related to public health or natural resources, are the normal. An example of a negative externality is a company that produces pollution that decreases locals' property values or health. An activity that reduces the transmission of illness or refrains from using lawn fertilizers that wash into rivers and encourage overgrowth of plants in lakes is said to have a positive externality.
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jamie deposits $10,000 in an account earning 3% interest, compounded quarterly. how much will the account balance be in seven years? select one. question 5 options: a. $10,176.32 b. $10,724.14 c. $12,327.12 d. $22,879.28
The account balance be in seven years will be (a) $10,176.32
What is interest?
The Price you pay to borrow money or the Price you charge to lend money is called interest. The most common way to represent interest is as a yearly percentage of the loan amount. The interest rate on the loan is known as this percentage.
The simple interest formula:
Interest = P x R x T.
P = Principal amount (the beginning balance).
R = Interest rate (usually per year, expressed as a decimal).
T = Number of time periods (generally one-year time periods).
What are the two main type of interest?
Simplecompound interestSimple interest is calculated at a predetermined rate on the loaned borrower's principal. Both the interest paid on the principal sum and the compounding interest are referred to as compound interest. Depending on the type of interest rate, an interest rate may be simple or compound.
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you have been hired to conduct a job analysis at a local fast food chain. after completing your analysis, you conclude that the job requires employees to have knowledge of the menu, interpersonal skills, and customer service skills. what type of job analysis have you performed?
As a job analyst, after completing the job analysis, it can be understood that it was a skills-based analysis.
In a skill-based job analysis, the person's skills are measured and put to the test. For example, here, it can be seen that the job requires the employees to have good knowledge of the menu, interpersonal skills, and customer service skills. Conducting an analysis based on these factors will result in an employee who is well-skilled in these fields. As a job analyst, the major area of focus is the skills the employee has for the job.
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explain the application of the historical cost principle in dtermining the acquistion cost of plant assets
Once a cost has been determined, a business uses that sum as the foundation for accounting for the plant asset over the course of its useful life.
What is an application of historical cost?The amount paid when an object was purchased is known as the historical cost.Because it is frequently utilized in the reporting for fixed assets, historical cost is a key foundation in accounting.The basis for possible gains and losses from the sale of fixed assets is also established using this method.All costs associated with purchasing the asset and preparing it for usage are included in the cost of plant assets.Once a cost has been determined, a business uses that sum as the foundation for accounting for the plant asset over the course of its useful life.To learn more about historical cost refer,
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which one of the following is an example of a systematic risk? group of answer choices a well-managed firm reduces its work force and automates several job categories a well-respected chairman of the federal reserve suddenly resigns a well-respected president of a firm dies unexpectedly in an accident a key employee of a firm suddenly resigns and accepts employment with a key competitor a poorly managed firm suddenly goes out of business due to lack of sales
A well-respected president of a firm dies unexpectedly in an accident. This can be an example of a systematic risk.
In finance, systematic risk is vulnerability to events which affect aggregate outcomes such as broad market returns, total economy wide resource holdings, or aggregate income.
What is systematic risk and its types?
Types of Systematic Risk
Systematic risk includes:
Market riskInterest rate riskPurchasing power riskExchange rate risk.What is the example of systematic risk?
Examples include:
Natural disastersWeather eventsInflationChanges in interest ratesWarTerrorism.What causes systematic risk?
Systematic risk is the ongoing risk that can be caused by a combination of factors, including the economy, interest rates, geopolitical issues, corporate health, and other factors.
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which of the following is not a reason why the aggregate-demand curve slopes downward? a. the wealth effect b. the interest-rate effect c. the classical dichotomy/monetary neutrality effects d. the exchange-rate effect e. all of the above are reasons why the aggregate-demand curve slopes downward.
The statement that is not a reason why the aggregate demand curve slopes downward are c. the classical dichotomy/monetary neutrality effects.
Combination demand is calculated because of the sum of customer spending, funding spending, government spending, and the distinction between exports and imports. Every time this type of factor modifications and when aggregate delivery stays regular, then there is a shift in combination demand.
Aggregate demand will increase when the additives of aggregate demand–including consumer spending, funding spending, authorities spending, and spending on exports minus imports–rise.
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interest rates on 4-year treasury securities are currently 5.75%, while 6-year treasury securities yield 7.25%. the data has been collected in the microsoft excel online file below. open the spreadsheet and perform the required analysis to answer the question below.if the pure expectations theory is correct, what does the market believe that 2-year securities will be yielding 4 years from now? calculate the yield using a geometric average. do not round your intermediate calculations. round your answer to two decimal places.
Rate on 2 year securities 4 years from now=((1+rate on 6 year securities now)^6/(1+rate on 4 year securities)^4))^(1/2)-1= 1.0795^6/1.0565^4)^(1/2)-1=12.7013%.
Security is a tradable economic asset. The term typically refers to any shape of financial instrument, but its prison definition varies by means of jurisdiction. In some nations and languages, humans typically use the term "safety" to consult any shape of the monetary tool, even though the underlying felony and regulatory regime won't have this type of huge definition. In some jurisdictions, the term particularly excludes monetary units other than equities and glued profits units. In some jurisdictions, it includes some devices which might be near equities and stuck income, e.G., equity warrants.
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their plan seems reasonable and supported by experience and lessons learned. deborah wants to get budget approval at the city council meeting next week and then get started. she asks if you are ready to sign your contract. what is your response?
The response should be signing the contract. It's because based on the case above, the person we're contracting with (Deborah) is experienced and has built a good plan, so there's no reason not to sign the contract.
A risk is any condition or event that might affect a project. The existence of risk makes any project not have a guaranteed outcome, it can either succeed or fail.
Even so, the risk in a project can be reduced. Having a reasonable and good plan is one way, so we can know what are we going to do step by step. Having experience is a big help as well because the experience will help you know what to do in certain situations.
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you would like to have enough money saved to receive a growing annuity for 25 years, growing at a rate of 4 percent per year, with the first payment of $60,000 occurring exactly one year after retirement. how much would you need to save in your retirement fund to achieve this goal? the interest rate is 12 percent.
One would need to save $632390.02 in retirement funds to achieve the goal to receive the first payment of $60,000 occurring exactly one year after retirement.
PV of growing annuity,
= i = 0.04
= r = 0.12
So,
PV = 6000 / (1+r) + 6000(1+i) / (1+r)² + 6000(1+i)² / (1+r)³ +.....+ 6000(1+i)²⁴ / (1+r)²⁵
= ((6000 / 1+r) (1 - (1+i/1+r)²⁵) / (1 - (1+i)/(1+r)))
PV = (6000 / 1.12) × 11.80461369
PV = $632390.0191
Hence, PV = $632390.02
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an association of two or more companies engaged in a solitary business enterprise for profit without actual partnership or incorporation is called a(n) .
A joint venture (JV) is an agreement between two or more parties to combine their resources in order to carry out a certain objective.
JVs are not partnerships. That phrase only applies to a single company that was created by two or more people. JVs combine two or more separate businesses into a single one that might or might not be a partnership.
What are the four different entry methods for joint ventures?
Licensing, contract manufacturing, management contracting, and joint ownership are the four categories of joint ventures. This type of joint venture necessitates that the corporation enter a foreign market with a licence agreementrship.
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what are the critical needs of a company utilizing a strategic project portfolio system? multiple select question. involving a team of people rather than just an individual to make decisions. establishing a common financial goal for all categories of projects (compliance, operation,and strategic.) utilizing only financial selection criteria. getting input from senior management.
The involving a team of people rather than just an individual to make decisions are the critical needs of a company utilizing a strategic project portfolio system.
A project portfolio strategic is a group of initiatives that are coordinated and optimized for an organization's tactical and financial objectives. Either the organizational or the functional level can manage a portfolio system. Combe and Githenz (1999) distinguish three broad categories of project portfolios: strategic or enterprise initiatives that add value. Operational: Initiatives that improve organizational efficiency and complete some essential functional tasks. Projects that must be completed in order to the preserve regulatory compliance.
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stella ann freeman is having a difficult time deciding whether or not to attend a full-time mba program. how would understanding the concept of explicit and implicit costs help her make a decision?
Commonly, explicit costs are used to represent monetary values. She must place a high value on the finances that can be utilized to purchase a car if the maintenance costs of her new car are relatively expensive.
What function do implicit and explicit serve?In writing, explicit refers to something that is directly mentioned, whereas implicit refers to something that is implied but not explicitly stated.
Opportunity cost is the loss of alternative resources in order to use a particular resource. Stella Ann Freeman will be able to make a wise financial decision if she comprehends the idea of opportunity cost. She must first assess several forms of financial sources. What she will have to give up to purchase a new car. It can include things like traveling abroad or purchasing a new insurance coverage for the future. The opportunity can also be broken down into explicit and implicit costs in order to make the greatest economic option.
Commonly, explicit costs are used to represent monetary values. She must place a high value on the finances that can be utilized to purchase a car if the maintenance costs of her new car are relatively expensive.
However, the implicit costs do not have monetary values attached to them. Purchasing a new car can satisfy social needs, serve as a status symbol, and increase value to the vehicle. In order to determine whether she can afford to get a new automobile or not, she must also estimate the cost of the new car as well as numerous indirect charges, such as insurance premiums. When determining the worth of various alternatives to purchasing an automobile, the marginal cost should be smaller than the marginal benefits from the car.
Given that resources are scarce and can be used in other ways, all economic decisions are based on the opportunity cost.
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daniel is a house painter. right now, he charges $80 to paint a wall and sells 11 walls per month. suppose he estimates his demand curve and finds out the price elasticity of demand is 0.5. if he increases his price to $120, what will happen to his total revenue?
According to the given information, The total revenue of Daniel, a house painter, will decrease.
For pricing decisions, the price elasticity of the demand is crucial because it determines how responsive the quantity demanded is to price changes. When the demand is elastic, it is not a good idea to raise the price of the good. A price increase is advised in these types of circumstances to increase total revenue because inelastic demand means that the quantity demanded changes less than proportionately to a change in prices. The demand is relatively elastic in the example because the price elasticity of demand has a value greater than 1, which indicates. We can say that the demand is inelastic if the value is less than 1.
If the demand is elastic, a price increase would result in a decline in total revenue.
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your client, skip, is an investor who's just opened a thriving new sporting goods store in a location outside the city. what principle of value indicates that his thriving business will attract others to engage in similar activity in the same area, driving down his profits?
Your client, Skip, is an investor who's just opened a thriving new sporting goods store in a location outside the city. Principle of competition indicates that his thriving business will attract others to engage in similar activity in the same area, driving down his profits.
Answer - Principle of competition
What is competition and examples?
Competition is a relationship between organisms that has a negative effect on all of them. This can happen when two organisms are trying to get the same environmental resource. One common example is when organisms compete for a mate.
What are 5 examples of competition?
Intraspecific competition is an important regulator of the population size and can also act as a selective factor for evolution.
Example- Plants.Example- Corals.Example of Direct competition- Animals.Example of Indirect competition- Animals.Example of interference competition- Flamingos.Learn more about competition here :- https://brainly.com/question/25717627
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the canadian nominal interest rate in 2010 was 1.30%. inflation in 2009 was measured at 3.64%. calculate the real interest rate. round your answer to two places after the decimal. real interest rate: % which of the statements is true? the nominal interest rate is typically greater than the real interest rate due to inflation. the difference between the real and nominal interest rate is equal to the change in gdp. the nominal interest rate is typically less than the real interest rate due to inflation. the real and nominal interest rates are always equal.
The real interest rate is -0.48% and the nominal interest rate is typically greater than the real interest rate due to inflation is a true statement.
As per the question, the Canadian nominal interest rate in 2010 was 1.30% and inflation in 2009 was measured at 3.64%.
The real interest rate can be calculated by Fisher Equation which is given below
Real interest rate=Nominal interest rate- Inflation
To calculate the real interest rate in 2010 we need to know the inflation in the 2010 year which is equal to 1.78%.
Real interest rate=1.30%.-1.78%
=-0.48%
So, the correct statement is the first one which says due to inflation nominal interest rate is greater than the real interest rate.
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blink appliances plans to order microwaves and stoves. each microwave requires 2 hours to unpack and set up in the storeroom, and each stove requires 4 hours. the storeroom space is limited to 68 items. the budget of the store allows only 244 hours of employee time for unpacking and setup. microwaves yields a profit of $128 each, and stoves yields a profit of $174 each. how many of each should the store order to maximize profit?
According to the given information, The maximum profit is $11,188 with 14 microwaves ordered and 54 stoves ordered.
Let x = number of microwaves
Let y = number of stoves
Objective function:
Maximum profit, P = 128x + 174y
x + y = 68 → 1
2x + 4y = 244 → 2
⇒4x + 4y = 272 (multiply the first equation by (4))
⇒2x + 4y = 244
equations 1-2
2x = 28
x = 14 ( number of microwaves )substitute x = 14
x + y = 68
14 + y = 68
y = 54 ( number of stoves )Now we substitute x and y values into the objective function:
Maximum Profit (P) = 128(14) + 174(54) = $11,188 with 14 microwaves ordered and 54 stoves ordered.Learn more about Maximum Profit, here
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shareholder resolutions group of answer choices may be brought to a proxy vote by any stakeholder. can only be developed by large, institutional investors. are regulated by the federal trade commission. may prompt a company to change its practices. are the least effective type of shareholder activism.
Shareholder resolutions can only be developed by large, institutional investors.
What is Shareholder resolutions?Shareholder resolutions are proposals submitted by shareholders for voting at the company's annual meeting. Shareholder Resolutions are usually rejected by management, so stick to your votes. “Voting rights have long been recognized as one of the primary rights of shareholders.” For publicly traded companies in the United States, the submission and processing of resolutions is regulated by the Securities and Exchange Commission. 4,444 4,444 shareholders have submitted resolutions primarily dealing with corporate governance issues such as executive compensation, or corporate social responsibility issues such as global warming, industrial relations, smoking, human rights and animal welfare. Almost all shareholder resolutions are non-binding. In this sense, voting on these resolutions is more like a referendum than a referendum or referendum. Nonetheless, media coverage of voting on shareholder resolutions tends to focus on whether the proposal received a majority of the votes, which happens in a very small but increasing number of cases. SEC rules allow rejected resolutions to be resubmitted only if certain voting hurdles are passed.To learn more about Shareholder resolutions from the given link :
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customer relationship management (crm) is based on the idea that retailers can increase their earnings by
Customer relationship management(CRM) is based on idea that retailers can increase earnings by providing a better selection of merchandise.
Who is a Customer relationship management?Customer relationship management (CRM) is a process that allows businesses and other organizations to manage their interactions with customers by studying vast amounts of data and using data analysis in most cases.
They enable companies to gain a better understanding of the needs of their target markets and how to best meet those needs, retaining customers and boosting sales. With past, present, or potential customers, CRM can be applied. CRM stands for customer relationship management, and it refers to the ideas, practices, and guidelines that a business uses to communicate with its clients. The market for CRM is expected to reach $69 billion globally in 2020, according to Gartner.
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if it was determined that the movement of exchange rates was not related to previous exchange rate values, this implies that a is not valuable for speculating on expected exchange rate movements. a. technical forecast technique b. fundamental forecast technique c. all of these are correct. d. none of these are correct.
The Delphi method, forecast by analogy, growth curves, extrapolation, and horizon scanning are all widely used tools for technology forecasting.
Technology forecasting normative techniques like relevance trees, morphological models, and mission flow diagrams are also frequently utilized.
What are the three methods for forecasting?
Qualitative techniques, time series analysis and projection, and causal models are the three fundamental types.
What are the four types of forecasting?
While a wide variety of quantitative budget forecasting tools are utilized frequently, this article focuses on the top four:
1) simple linear regression;
2) moving average;
3) straight-line; and
4) multiple linear regression
What is the need for technical forecasting?
Technology forecasting, like other forecasts, can assist both public and private organizations in making educated decisions. The forecaster can improve decisions to maximize benefits by analyzing future opportunities and threats.
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discuss with the sales manager whether any sales allowances have been granted after the balance sheet date that may apply to the period under audit. take a sample of sales allowances recorded after year end and obtain sufficient documentation to ensure that these allowances do not relate to prior or subsequent year sales
Checking the balance of a detailed account during an audit and Cutoff, as claimed.
When doing an accounts payable audit, what goal is most crucial?
Usually, the major goal of an AP audit is to ensure completeness, making it the most crucial step. An auditor can generally tell if records have been correctly calculated and recorded by: Cutoff tests
A substantial percentage of a business's transactions are examined using thorough audits. It is usually used to look for suspected fraud cases when there may be a few fraudulent transactions concealed among many valid ones.
Therefore, Auditors use tests of details to gather proof that the balances, disclosures, and underlying transactions connected with a client's financial statements are accurate.
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for certain controls, such as assignment of authority and responsibility, documentary evidence may not exist. an auditor would most likely test the controls by group of answer choices computer-assisted methods and corroboration. observation and inquiry. inspection and vouching. confirmation and recomputation.
The auditor most likely will test the procedures by Observation and inquiry.
What is mean by documentary evidence in assignment of authority and responsibility?The act defines The act defines documentary evidence as all documents produced for the court's inspection. The purpose of creating documents is to rely on the accuracy of the statements contained within them. This entails analyzing three questions when a document is produced in court:The Evidence Act of 1872 contains explicit provisions regarding documentary evidence in Chapter V, Sections 61-90. These provisions detail the guidelines and procedure for admitting documentary evidence in a court of law. It also specifies the evidentiary value of such documents. as all documents produced for the court's inspection.The purpose of creating documents is to rely on the accuracy of the statements contained within them. This entails analyzing three questions when a document is produced in court:To learn more about documentary evidence refer:
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xyz title company is closing a transaction for bob buyer and discovers a mortgage still of record from community bank. in fact, bob paid the mortgage off six months earlier. bob buyer gets a call from his lender, boa, that they can't close the loan because of the community bank mortgage. bob loses a month's time and the interest rate on his loan goes up a half point while community bank records the satisfaction. what are the rights of the parties?
Bob has no recourse against anyone if he misses a month of work and his loan's interest rate increases by 0.5 percentage points while the community bank records the satisfaction.
The amount that a lender charges a borrower as a percentage of the community principal, or the amount that was loaned, is known as the interest rate. The annual percentage rate, which is how loans' interest rates are typically expressed, is calculated annually.
A savings account or certificate of deposit earnings at a bank or credit community union may also be subject to an interest rate. Interest on these deposit accounts is measured as an annual percentage yield.
The borrower is essentially charged interest for the use of the asset. Cash, consumer goods, vehicles, and real estate are all examples of lent interest rate assets. Because of this, an interest rate can be viewed as the "cost of money" because it increases the cost of borrowing the same amount of money.
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