State Whether the Following Statements Are True or False in Respect

question 21

Short Answer

State whether the following statements are true or false in respect of external auditors' responsibilities
a-Auditors are responsible for the financial content of the annual accounts
b-Auditors do not have to have absolute assurance that the figures they audit are correct

Apply concepts of factory overhead variances to real data, including fixed overhead volume and controllable variances.

Analyze the impact of external factors on standard cost variances.

Comprehend the formulae and calculation methods for standard cost variances.

Recognize scenarios appropriate for the application of labor and overhead variances.

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Definitions:

Continuance Commitment

Commitment based on the costs that would be incurred in leaving an organization or a lack of suitable job alternatives.

Pension Fund

A pool of funds accumulated to pay employees' retirement benefits, contributed by employers, employees, or both.

Employment Time

The duration or period a person is engaged in work or holds a job.

Organizational Commitment

The psychological attachment and loyalty an employee feels towards their organization, often reflecting in higher motivation and lower turnover.