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Inspection of record and documents related to the auditor’s examination of entity accounting records and other information. One issue that affects the reliability of documentary evidence is whether the documents are internal or external. Following are examples of documentary evidence.
Duplicate copies of sales invoice
Purchase orders.
Bank statements.
Remittance advice.
Vendors invoices.
Materials requisition forms.
Overhead cost allocation sheets.
Shipping documents.
Payroll checks.
Long-term debt agreements.
Required:
Classify each document as internal or external evidence.
Classify each document as to its reliability (high, moderate, or low)
Calculate the flexed budget and the key variances between budgeted and actual results and reconcile the original budget and present the relationship between the budgeted and the actual profit for the month November
Prepare the journal entry to record depreciation expense for 2013.The fair value of the equipment at December 31, 2013, is $5,100. Prepare the journal entry (if any) necessary to record this increase in fair value
The market price of Howell's common stock was $35 on August 1, 2010, and $38 on September 15, 2010. What is the amount of the debit to retained earnings as a result of the declaration and distribution of this stock dividend?
What is risk of material misstatement? What is the Specific audit procedure that you should take?
Monthly deposits are made into an account paying 6.8% nominal interest compounded monthly. If the objective of these deposits is to accumulate at least $95,000 by the end of the 5th yr, what is the smallest amount of each deposit that will accomplish..
rensing inc. has 800000 of 6 percent preferred stock and 1200000 of common stock outstanding each having a par value of
Why is the budget a far more important document for both governments and not-for-profits than for businesses?
If amount decreases the income, use either a negative sign preceding the number, e.g., -45 or parentheses, e.g., (45). Enter all amounts and subtract where necessary.Should Gruner accept the special order?
Assuming that these two companies retained their separate legal identities, prepare a consolidation worksheet as of December 31, 2008 assuming the transaction is treated as a purchase combination.
Which qualitative characteristics of financial reporting, as per the IASB Conceptual Framework, appear not to be satisfied by current reporting practices as per IFRS.
Declared a $0.80 per share dividend on the common stock (100,000 shares issued, 92,000 shares outstanding). The date of record is January 31, and the payment due date is February 15.
A company began the accounting period with inventory of 3,000 units at $30 each. During the period, the company purchased an additional 5,000 units at $36 each and sold 4,600. Assume the use of periodic inventory procedure, the cost of ending invento..
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