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Question - During the audit planning of Vailoaoi Ltd, a manufacturer of miniature water fountains, the audit team highlighted the following matters:
1. The audit partner wishes to place greater reliance on the control structure of non-current assets, arguing that the control risk assessment can be decreased from medium to low if adequate control testing is performed.
2. Your client has warehouses in both Port Vila and Santo. In the previous year the audit team attended a stocktake at only the Port Vila warehouse. One substantive stocktake procedure involved a selection of 50 items from the inventory report. Three errors were identified and projected over the whole population. This year the manager has suggested testing both sites.
3. A number of inventory cut-off errors were noted in the previous year. The planning process has identified that this may be an issue this year.
4. Even though the value has remained constant, the number of debtors' accounts has doubled from 900 to 1800 in the last year.
Required - Discuss the effect of each of the above matters on the auditor's selection of sample size and population for testing.
Prepare general journal entries to record the above transactions and the depreciation journal entries required at the end of each reporting period up to 30 June
Find out a franchisee's breakeven sales in dollars. Is franchising good idea for Wong if franchisees want a minimum monthly operating income of $6,000 and Wong believes that most locations could generate $26,000 in monthly sales?
A doctor wants to know if a blood pressure medication is effective. Six subjects have their blood pressures recorded. After twelve weeks on the medication.
How should Bellcom account for the warranty?Bellcom enters into a contract with a customer to sell a smart phone and provide a one-year warranty against
Compare and contrast the methods that can be used in accounting for investments. How does a company choose a method? What are the advantages and disadvantages of each?
Describe the effects damage estimates would have on the financial statements of a corporation and a partnership
Simona Amanar Industries has two operating divisions-Gina Construction Division and Chorkina Securities Division. Each division maintains its own accounting system and method of revenue recognition.
Why do you think some large, well-known companies such as Cisco Systems, Intel, and Microsoft prefer to trade on the Nasdaq OMX markets.
Stanley-Morgan Industries adopted a defined benefit pension plan on April 12, 2011. The provisions of the plan were not made retroactive to prior years.
If available funds permit the expansion of operations of only one division, which of the divisions would you recommend for expansion, based on parts (1) and (2)? Explain.
An amount of $113,000 realized in excess of the cash surrender value of an insurance policy on the life of one of the founders of the company who died during the year.
Describe and analyze how the fraud was executed; Assess the motives (or possible motives, if not reported) of each perpetrator
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