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An auditor uses an attribute sampling plan to determine whether large expenditures are being properly approved. The auditor is willing to accept a 2% risk of assessing control risk too low, and has a tolerable rate of 5%. A sample of 100 invoices is selected, and only one is found to be lacking appropriate approval. One invoice selected by the auditor cannot be located. Which statement is true?a) Since the sample deviation rate is less than the tolerable rate, the auditor should rely on this control.
b) There is not enough information given to determine whether the auditor should rely on this control.
c) Since the auditor has a tolerable rate of 5%, he or she can be 95% certain that he or she will make a correct decision.
d) The invoice selected by the auditor that cannot be located is ignored in the calculation of the sample deviation rate.
Smith, Inc. anticipates sales of 50,000 units, 48,000 units and 51,000 units in July, August and Septemeber, respectively. Company policy is to maintain an ending finished-goods inventory to 40% of the following months sales.
The company estimates the system's current salvage value to be $1,500. A new computer system will cost $10,000 and is expected to have a useful life of five years, with no salvage value. Annual cash operating costs are $4,000 for the old system an..
Olga's sole proprietorship earned a net profit of $95,000 during the year and she withdrew $70,000 of this profit. Olga must report $70,000 net income from the sole proprietorship on her individual income tax return (form 1040).
Provide the fund level entries in general journal form required to conform to generally accepted accounting principles. If no entry is needed, so indicate.
If the selling prices of finished products Y and Z remain constant, the percentage of the total joint costs allocated to product Y and product Z would
Accounting is becoming a global business language. Provide some evidence of this assertion. What are some of the implications of this trend?
While preparing the bank reconciliation, you notice that a check, written by the company for $750, has been outstanding for 5 months. What is the best action for you to take?
You are an accounting tutor. One of your students is confused about impairment because the student has learned earlier that all assets are recorded at their historical cost. The student has the following list of questions for you:
Determine whether or not TRIARC'S acquisitions of Wendy's through a stock swap was good for either company and state your rationale?
Two points on an indifference curve that displays a diminishing marginal rate of substitution between cookies and brownies are: 8 cookies and 2 brownies and 6 cookies and 4 brownies.
FASB has special rules for reporting on private health care organizations. And of course, if the health care organization is associated with government (as an SPE), then GASB rules. What are the similarities and differences in the accounting pract..
Williams Inc reports total net income of $130,000 during 2012. This includes $10,000 of income from 5.5% Orange County municipal bonds. Thus the Corporation's taxable income is equal to $120,000.
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