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To test the pricing and mathematical accuracy of sales invoices, the auditors selected a sample of 200 sales invoices from a total of 41,600 invoices that were issued during the year under audit. The 200 invoices represented total recorded sales of $22,800. Total sales for the year amounted to $5 million. The test disclosed that of the 200 invoices audited, five were not properly priced or contained errors in extesnions and footings. The five incorrect invoices represented $720 of the total recorded sales, and the errors found resutling in a net understatement of these invoices by $300. Explain what conclusions the auditors may draw from the above information, assuming the sample was selected: a. Using nonstatistical sampling b. As part of a difference estimation plan for estimating the total population value. c. As part of an attributes sampling plan using a stipulated tolerable deviatin rate of 5 percent and a risk of assessing control risk too low of 5 percent.
Suppose the use of a two-way breakdown (decomposition) of the total overhead variance, Find the factory overhead efficiency variance for December?
she sold 48 shares, which could not be specifically identified, for $576, and on December 8, 2011, she sold another 25 shares for $100. Illustrate what is her recognized gain or loss?
Write a schedule computing the threshold for asset amounts
Evaluate depreciation expense for the years 2011 during 2013 under every depreciation listed below: Stright-line, with fractional years rounded to the closed whole month.
What is the unamortized amount of the discount or premium account at the beginning of the period? Illustrate what account was debited to amortize the discount or premium?
Evaluate total manufacturing overhead for the year
Create a differential analysis report, dated 19 th June, 2012, for the make-or-buy decision.
Classify the costs as either variable or fixed costs. Assume there are no mixed costs. Enter the dollar amount of each cost in the appropriate column and total each classification.
Determination of NPV and Selection of project based on NPV and Suppose that EXRON can borrow the necessary funds in the money and capital markets to make this investment at a cost of 15%. Should it proceed with the project?
Ignoring income taxes, determine the net present value for both assets. Which asset would you advise buying? Why?
In return for these transfers, Tara receives all of stock in Black Corporation. Which is correct?
Prepare a merchandise purchases budget for the months of JUL
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