User Account

All Pages

Describe substantive procedures to obtain audit evidence

Assignment Help Accounting Basics
Reference no: EM132748099

Question: Auditing

Pineapple Beach Hotel Co. (Pineapple) operates a hotel providing accommodation, leisure facilities, and restaurants. Its year end was April 30, 2016. You are the audit senior of Berry & Co. and are currently preparing the audit program for the year-end audit of Pineapple. You are reviewing the notes of last week's meeting between the audit manager and controller where the following material issue was discussed.

Pineapple incurred significant capital expenditure during the year on updating the leisure facilities for the hotel. The controller has proposed that the new leisure equipment be depreciated over 10 years using the straight-line method.

Required: Describe substantive procedures to obtain sufficient and appropriate audit evidence in relation to the above issue.

Reference no: EM132748099

Questions Cloud

Journalize the allocation of net income : Khalid and Hashem are co-partners in the Alexandria Company. According to the partnership agreement the division of net income is 60%: 40% respectively
Compute the ending inventory : Current Attempt in Progress: Presented below is information related to Ivanhoe Corporation for the current year. Beginning inventory $606,900.
Discuss the value of a good questionaire design : Discuss the value of a good questionaire design. Explain the main benefits of including a brief introductory in questionnaires. The response must be typed.
Prepare the journal entries for dufferin for the first year : On January 1, 2020, Dufferin Corp. enters into a 10-year non-cancellable lease with Pine Ltd. to lease equipment with an estimated useful life of 11 years.
Describe substantive procedures to obtain audit evidence : Pineapple Beach Hotel Co. (Pineapple) operates a hotel providing accommodation, leisure facilities, and restaurants. Its year end was April 30, 2016.
Does carol recognize a gain on loss on the distribution : In 2002, Carol and Alice formed C&A partnership by contributing cash. Note: neither of them contributed property using Sec. 721. They share profits.
Calculate percent profit breakeven metric for price change : A vendor on Peachtree sells bratwurst hot dogs for $4.15. His cart is open from 9 - 5, Monday through Friday. His variable costs average $0.65 per hot dog.
Which should be used to record the value of land : Sally Jones acquired 5,000 shares of $5 par value stock in exchange for land valued by an appraiser at $50,000. Her brother, John Jones, bought a large number.
Design three additional substantive audit procedures : The recorded balance in the cash account at the company you are auditing is $22,000, and you have set materiality at $75,000. It is close to the end.

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.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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