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Accounting the following are three different scenarios in which you need to evaluate two procedures used for financial statements. First you must determine whether the control is important to identifying risks of material misstatement in financial statements or not, and if this is a significant risk for the business. Please explain your reasoning. Second you must determine if a combined approach for testing control is required or only substantive work? Explain.
Company A
A monthly analysis for inventory is completed to ensure inventory is sufficient and that they are staying within budget. A concern is that cost overruns will occur if no action is taken when it is apparent that they are outside the budget.
Company B
The company has a complete online sales ordering system. The customers enter all information including a credit card and its validated and if okay the order is processed. This also includes verification of availability of the product and making all financial transactions into the accounting system.
Company C
Higher than a $ dollar store mainly has transactions of cash sales.
Companies purchase shares in other companies, Briefly discuss possible investment opportunities retained how equity accounting helps us to record gains/losses
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If you forgot to accrue interest payable and the books are closed for the period, what entry do we make to record the entry?
An entity owns a property which was originally purchased for $300,000. What is the amount of impairment and how should be treated in the financial statements?
Smithy Company produces hockey helmets. dy's, Inc. wants to purchase of a new ice cream truck with a cost of $51,000. Edy's has a cost of capital of 7.4% and a required rate of return of 10.4%. Its income tax rate is 32%. The acquisition is proposed..
Calculate the balance in retained earnings at the time of the change (beginning of 2011) as it would have been reported if FIFO had been used in prior years.
the last few years have been difficult economically but the owners of johnsons pl a medium-sized manufacturer of
Norcia Company, which uses the allowance method, began the year with Accounts Receivable of $32,500 and an allowance for uncollectible accounts of $3,200 (credit). What is the amount of net accounts receivable before and after the write-off?
Assuming actual volume is 11,000 units and planned volume is 10,000 units, the sales volume variance
Compute the actual return on the plan assets for 2017. Fair value of pension plan assets, December 31, 2017 2,858,000.Contributions to the plan in 2017
Describe the role of managerial accounting in your current or former place of business. If you have not been employed by a company that uses managerial accounting.
question able company expects to start the coming year with 12000 units of product x in the inventory of completed
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