Calculate the projected likely misstatement using the ratio

Assignment Help Accounting Basics
Reference no: EM132833041

Problem 1: Calculate the projected likely misstatement ( PLM ) using the ratio method and determine what action is required based on the materiality level indicated .

A. Inventory general ledger value $ 980,000 with 200,400 products . Recorded balance of auditor's sample $ 115,320 for 21,000 products , audit test indicates sample value of $ 113,620 . The audit partner has set performance materiality at 1.0 % .

B. Accounts payable general ledger value $ 865,000 on 1,100 accounts . Recorded balance of auditor's sample $ 127,600 in 150 accounts , audit test indicates sample value of $ 132,100. The audit partner has set performance materiality at 1,0 %

Reference no: EM132833041

Questions Cloud

Development session on unit planning : Curriculum Integration to Promote Student Outcomes 520 One of the most important tasks of a school leader is the modeling of best practices. Curriculum alignme
How much is the interest income for the year : On January 1, 2019, Batac Company loaned Badoc Company amounting to P2,000,000. How much is the interest income for the year
Explain the importance of measuring competencies : Imagine you have been hired to oversee the human resources department of a large hospital system. The hospital board of directors has requested.
Waiting line model versus a simulation model : Describe the key differences in solving a problem with waiting line model versus a simulation model.
Calculate the projected likely misstatement using the ratio : Calculate the projected likely misstatement ( PLM ) using the ratio method and determine what action is required based on the materiality level indicated.
List five types of sampling being used by researchers : Discuss at least five (5) considerations that a researcher who is developing a questionnaire can take to increase the willingness of respondents to answer.
What is the net present value : Revenues will be Php 2,085,000 and expenses will be Php 1,875,000. What is the net present value using these alternative estimates
Elaborate the development of house of quality : Choose any Organization of Pakistan (Preferable to your area of residence) and elaborate the development of house of quality for that organization
What amount should the machine acquired in the exchange be : The transaction has commercial substance. At what amount should the machine acquired in the exchange be recorded on sami's books

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd