Calculate the estimated audited value of population

Reference no: EM132728619

To test the pricing and mathematical accuracy of sales invoices, the auditors
selected a sample of 200 sales invoices from a total of 41,600 invoices that were issued during the year under audit. The 200 invoices represented total recorded sales of P22,800. Total sales for the year amounted to P5,000,000. The examination disclosed that of the 200 invoices audited, five were not properly priced or contained errors in extensions and footings. The five incorrect invoices represented P720 of the total recorded sales, and the errors found resulted in a net understatement of these invoices by P300.

Required:

Problem 1: Calculate the estimated audited value of population and the projected misstatement in the population using the ratio and difference estimation method.

Reference no: EM132728619

Questions Cloud

Create truth table and then obtain minimal boolean equations : Create a truth table and then obtain minimal Boolean equations in SOP form for each output of the comparator. You do not need to draw a schematic

Explain your therapeutic approach with the client : Describe the client. Note: Do not use the client's actual name. Explain your therapeutic approach with the client, including the perceived effectiveness.

Find out optimum order quantity : What should be the optimum order quantity (rounded to nearest integer) that maximizes the expected profit?

What type of market transaction is taking place : What type of market transaction is taking place? A clothing company with a subscription business model is seeking to raise capital to expand its operation.

Calculate the estimated audited value of population : Calculate the estimated audited value of population and the projected misstatement in the population using the ratio and difference estimation method.

Describe statement in context of corporate social : Describe statement in the context of corporate social responsibility. Do you think such a statement would impact the perceived 'legitimacy' of companies

Give the domain of this function in interval notation : Give the domain of this function in interval notation and Find the equation of the normal line - What is the value of the limit

What is yankers enterprises assessable income : Yankers Enterprises Pty Ltd sells training course materials to organisations. What is Yankers Enterprises' assessable income for the current income tax year?

Implementing a 360-degree feedback system : Evaluate the effectiveness of implementing a 360-degree feedback system as part of an employee development performance management system.

User Account

All Pages