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Problem 1: Evaluate each of the following independent situations and the determine the type of audit opinion which should be given. Justify your concern.
a) A flood destroyed the client's offices and all the accounting records just before the end of the financial year. The client does not have copy of the records.
b)An entity is facing significant litigation as a result of dumpling oil in the ocean. This is adequately disclosed in the notes to the financial statement.
c)The client has provided a provision for inventory obsolescence of $250 000. Based on your audit assessment, you have determined that the provision should be $300 000. Materiality for the clients has been set at $80 000, and you are satisfied in all other material respects.
d) The client refuses to include all liabilities in the balance sheet, and the auditor believes that the effect of this action is pervasive on the financial statements.
e) You are currently performing the audit of XYZ Limited. Your audit firm has been in dispute with management over the carrying value of brand names. Due to the materiality of the amounts involved, you decided to engage an expert to perform an independent valuation. The result from the expert was close to your original estimate and still materially different from that of management. The directors refuse to amend the financial statements.
Hobart Beverage Company uses the weighted-average method in its process costing system. Materials are included at the start of the production process but conversion costs are uniformly applied throughout the production process.
Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. Make a stockholders equity section at December
on september 1 2010 the account balances of rand equipment repair were as follows. no. debits no. credits 101 cash 4825
Ending inventory consisted of 7,900 units that were 70 percent complete with respect to materials. How many units were started and completed during the period
What is the amount of total liabilities on the December 31, 2013, balance sheet?
Company law - BBAL401 Recognise the laws relating to companies in Australia; and examine the duties, rights and responsibilities of company officers.
PROBLEM - Dropping or Retaining a Flight, Prepare an analysis showing what impact dropping flight 482 would have on the airline's profits
What are computer literacy and information systems literacy? Why are they important?
Prepare a professional accounting research memorandum identifying the revenue recognition implications of this transaction.
Gordon Chemicals Company acquires a delivery truck at a cost of $25,200 on January 1, 2017. Compute annual depreciation for the first and second years
Prepare the journal entry to record 2017 depreciation using the straight-line method. Prepare the journal entry to record the revaluation of the equipment.
The management of Heider Corporation is considering. What would be the effect on the company's overall net operating income if product J14V were dropped?
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