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Cost flow model. Franklin, LLP, an auditing firm, is reconstructing the records of a client called MultiChips, which is concerned that some of its inventory is missing. The accounting records provide the following information about MultiChips' inventories:
Product
Computer Chips
Potato Chips
Poker Chips
Beginning inventory
$ 600,000
$160,000
$ 60,000
Transfers into inventory accounts
1,600,000
600,000
200,000
Transfers out of inventory accounts from sales
1,800,000
500,000
180,000
Ending inventory
?
You physically counted the ending inventory and found it to be as follows: computer chips, $600,000; potato chips, $240,000; and poker chips, $50,000. Compute the ending inventory according to the accounting records and compare it to the physical count. What discrepancy do you find between the physical count and the accounting records, if any?
Show the reason for and the type of audit report that you would issue and consider that each item is significant.
Furniture is dropped, salaries and other direct fixed costs can be avoided. In addition, sales of computer equipment can increase by 13%. Allocated fixed costs are assigned based on relative sales.
Understand Corporate Governance, examine and describe recent failures in corporate governance, and identify actions that the public perceived necessary to improve the quality of corporate governance.
1.What is meant by using benchmarks for setting a preliminary judgment about materiality? How will those benchmarks differ for the audit of a manufacturing company and a government unit such as a school district?
Various types of accounting changes can affect audit reporting.
Show a qualified opinion on the financial statements because of the client imposed scope limitation.
What are the advantages a firm gains by using auditing and assurance services? How might you use these advantages to promote the auditing and assurance division within a company?
Match the case with the ruling: Cases: Rulings: Caparo Industries Pty Ltd v. Dickman Duty of Care owed to third parties in the absence of a contract where the plaintiff has suffered physical injury Kingston Cotton Mill Co.
While the net worth method focuses on the balance sheet and the increase in net worth for the year the bank deposit method looks at the money deposited and withdrawn throughout the year.
1 if you were given complete authority how would you propose that generally accepted accounting principles gaap should
Advise Mr Abrahams regarding what purchase price he should offer for the business of Delight Coffee Shop. Support your advice with detailed workings and consider the various methods for determining a fair purchase price.
conduct research to determine the impact of the sarbanes-oxley act sox generally accepted accounting principles gaap
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