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When auditing inventories of raw materials, purchased parts, and/or merchandise inventory, the auditor's most effective means for evaluating the valuation assertion is to
a. Examine recent invoices from vendors, along with freight bills and compare with client's unit costs, as adjusted for freight and discount.
b. Compare purchases with prior year and with industry averages and account for significant fluctuations.
c. Trace quantities from tags or count sheets to final inventory listings.
d. Scan inventory listings for large extended amounts, and trace related quantities to auditor's copy of the inventory tag or listing.
The accumulation was motivaated by his thinking that a depression was just around the corner. Tax savings did not enter his mind. Does the accumulated earnings tax apply to T corporation?
Prepare a memorandum - Does Cost of Goods Sold decrease or increase when concluding a favorable variance? Does gross margin increase or decrease when a favorable variance is closed to Cost of Goods Sold? Describe.
Compare and contrast sole proprietorships and partnerships - organization, operation and taxation. Be sure to organize your answer so that you address each of the aspects of this question - organization, operation and taxation - completely for eac..
International Electronic Inc. invested $1,000,000 to build a plant in a foreign country. The labor and materials used in production are purchased locally.
Compare and contrast how production analysis is performed and capable to evaluate production situations using economy of scale, elasticity and other analytic tools.
Using the high-low method of analysis, the estimated variable cost per labor hour for maintenance is closest to: A) $0.83 B) $1.84 C) $1.30 D) $1.14
Would you answer in above question be different if the shareholder had also lent the subchapter S corporation cash in an amount in excess of the shareholders' allocable share of losses and deductions, and if so how?
Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Rivers Associates' warehouse was $1,800. Rivers Associates insured the shipment at a cost of $300. Prior to putting the goods up for sale, they cleaned and re..
Discovery Barn, a not-for-profit science center for children, received a contribution for $30,000 explicitly designated for the acquistion of computers. Prepare all required journal entries, being certain to indicate the type of fund in which each ..
Average cost per unit is $1.425 at the 16000 unit level of activity and $1.38 at the 20000 unit level of activity. What is the variable cost per unit? The total fixed cost per unit?
Partners bob and don have agreed to share profits and losses in an 80:20 ratio respectively, after bob is allowed a salary allowance of $140,000 and don is allowed a salary allowance of $70,000. if the partnership had net income of $140,000 for 20..
Prepare a separate Statement of Revenues, Expenditures, and Changes in Fund Balances for the Library Book Permanent Fund for the Year Ended December 31, 2012.
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