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The following are three different scenarios in which you need to evaluate two procedures used for financial statements. First you must determine whether the control is important to identifying risks of material misstatement in financial statements or not, and if this is a significant risk for the business. Please explain your reasoning. Second you must determine if a combined approach for testing control is required or only substantive work? Explain.
Company A
A monthly analysis for inventory is completed to ensure inventory is sufficient and that they are staying within budget. A concern is that cost overruns will occur if no action is taken when it is apparent that they are outside the budget.
Company B
The company has a complete online sales ordering system. The customers enter all information including a credit card and its validated and if okay the order is processed. This also includes verification of availability of the product and making all financial transactions into the accounting system.
Company C
Higher than a $ dollar store mainly has transactions of cash sales.
A credit card bill for $655 was due on April 14. Purchases of $152.56 were made on April 19. Find the average daily balance
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Carbaugh Corporation has provided the following production and average cost data for two levels of monthly production volume. The company produces a single product.
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ABC still have 30% of the inventory from the upstream sale. What should ABC report as investment income
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Delta Corporation pays $500,000 to acquire 40% of the equity securities of Wiley Technologies on May 5, 2015. Which of the following will be included in the journal entry to record this transaction?
Jackal Energy purchased a transport truck on January 1, 2020, for $271,300 cash. Calculate depreciation expense for the year ended December
The break-even point is $346,800 and the variable expenses are 45% of sales. Given this information, what the actual profit
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