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Management makes assertions about components of the financial statements. Match the descriptions with the assertion that it belongs to.a. Valuation or allocationb. Completenessc. Rights and obligationsd. Existence or occurrence1. The accounts and transactions that should be included are included; thus, the financial statements are complete.
2. Assets, liabilities, equity revenues, and expenses are appropriately valued and are allocated to the proper accounting period.
3. The assets are the rights of the entity, and the liabilities are its obligations.
4. The assets and liabilities exist, and the recorded transactions have occurred.
Acme Company purchases an oil tanker depot on January 1, 2012, at a cost of $828,000. Acme expects to operate the depot for 10 years. Prepare any journal entries required for the depot and the asset retirement obligation at December 31, 2012. Acme ..
Identify the principles of internal control. Give an example of each principle. Are there any limitations to a sound internal control system?
Describe in detail the controls over payroll in auditing.
Define fraud and the roles and responsibilities of an Auditor in detecting and reporting fraud. Talk about the impact of accounting fraud. Give an example of fraudulent activity.
what are the types of differences that exist between us gaap and ifrs. in addition to just identifying the u.s. ifrs
Describe the methodology for designing tests for the details of balances in accounts payable. How would your methodology impact the rest of the audit?
A bank manager wants to determine the percent of time that tellers are working and idle. She decides to use work sampling, and her initial estimate is that the tellers are idle 30 percent of the time.
Journalize the following transaction using the direct write-off method of accounting for uncollectible receivables.
the following are independent situations and you should refer to apes accounting professional and ethical standards 110
question numerous years ago polar inc. acquired an 80 interest in icecap corp. the book values of icecaps liability and
on 1st january 2014 prince company purchased an 80 percent interest in the common stock of sivet company for 1040000
Outline the major revisions to the auditing standards and discuss their implications for auditors conducting audits. (Approx 1,000 words essay response)
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