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Question - You are the audit partner for ABC Partners. Your firm has been newly appointed auditor for ZXC Baking Ltd, a manufacturing entity for wholesale baked goods, for the 30 June 2021 audit. This is your first year auditing this client which you personally acquired as the CEO is your brother in law and the Board of Directors were happy you were able to quote an audit fee 50% less than the other accounting firms who also submitted tenders.
It's the planning phase of the audit and you just became aware that a new competitor of ZXC Baking Ltd entered the market half way through this financial year. Covid has meant that more people are staying home and cooking so sales have declined considerably since the last financial year. At the dinner table the other night your brother in law joked some creative accounting will be necessary to ensure he gets an equal bonus as the previous year.
Required - As the risk is high the $ value of materiality should also be high. Discuss the correctness of this statement.
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: - Explain the goals and uses of special journals.
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.
Term Structure of Interest Rates
Write a report on Internal Controls
Prepare the bank reconciliation for company.
Create a cost-benefit analysis to evaluate the project
Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR
Distinguish between liquidity and profitability.
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, Compound interest, discount rate, force of interest, AV, PV
CAPM and Venture Capital
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