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Which of the following statements best describes auditors' responsibility to detect errors and frauds?a. Auditors are responsible to detect material errors, but have no responsibility to detect material frauds that are concealed through employee collusion or management override of the internal control structure.
b. Auditors have no responsibility to detect errors and frauds unless analytical procedures or tests of transactions identify conditions causing a reasonably prudent auditor to suspect that the financial statements were materially misstated.
c. Auditors should design an audit to provide reasonable assurance of detecting errors and frauds that are material to the financial statements.
d. Auditors have no responsibility to detect errors and frauds because an auditor is not an insurer and an audit does not constitute a guarantee.
Actual selling price: $7.50, $10.50. Budgeted selling price: $5.50, $10.50. Actual Sales Mix: 69%, 31%. Budgeted Sales Mix: 75%, 25%. What is the total sales-volume variance of revenues?
On January 1, 2001, raw materials inventory included direct materials with a cost of $20,000. During the year, the firm purchased direct materials costing $50,000. At year-end, the account included direct materials, with a cost of $5,000.
How are equivalent units of production, unit costs, and inventory values determined using the standard costing method of process costing?
The predetermined manufacturing overhead rate for 2010 was $4.00 per direct labor hour; employees were paid $5.00 per hour. If the estimated direct labor cost was $75,000, what was the estimated manufacturing overhead?
Wilma is a widow, age 80 and blind, who is claimed as a dependent by her son. During 2010, she received $4,800 in Social Security benefits, $2,200 in bank interest, and $1,800 in cash dividends from stocks. Wilma's taxable income is:
Fraud is more than just the intentional misstatement of financial statements. What are other areas where they may be fraud risk that are perhaps not on the level of financial statement misstatement?
The cost incurred in storage is 5% of purchase price per unit and 4% are insurance charges and 2% are expenses on misc. heads related to holding the compound. Annual usage is 5000 kg. Buffer stock maintained is 200 kg and average lead time is 5 da..
A company has a minimum required rate of return of 8% and is considereing investing in a project that costs $68,337 and is expected to generate cash inflows of $27,000 each year for three years. The approximate internal rate of return on this proj..
On its 1999 balance sheet, Sherman Books showed a balance of retained earnings equal to $510 million. On its 2000 balance sheet, the balance of retained earnings was also equal to $510 million. Which of the following statements is most correct? Sh..
How does the audit opinion given to a city by its independent auditors differ from the audit opinion rendered on the financial statements for a for-profit business?
At the beginning of Month 1, 3,200 lbs. of materials were on hand. Purchases of raw materials for Month 2 would be budgeted to be:
Determine the direct materials price variance, assuming that all materials costs are the responsibility of the materials purchasing manager. Determine the direct materials price variance, assuming that all materials costs are the responsibility of..
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