User Account

All Pages

Examine a client accounts receivable balance

Assignment Help Accounting Basics
Reference no: EM131626003

Question: Upper Limit on Misstatements Calculation: Monetary Unit Sampling. Jordan Thomas is using MUS to examine a client's accounts receivable balance. Using a sample size of 100 items and a sampling interval of $12,300, Thomas identified the following misstatements:

Item             Recorded Balance                Audited Balance

1                     $15,000                            $12,500

2                       10,000                               4,000

3                         3,000                               2,000

Required: a. Calculate the upper limit on misstatements assuming a risk of incorrect acceptance of (1) 5 percent and (2) 10 percent.

b. Based on your calculations in (a), comment on the relationship between the risk of incorrect acceptance and the upper limit on misstatements.

Reference no: EM131626003

Questions Cloud

Derivative of the average cost function : The average cost of producing a pair of shoes is given by A(n)=C(n)/n. What is the derivative of the average cost function?
Analyze two ethical issues facing institutions : Analyze two ethical issues facing institutions that deliver online courses for credit and propose two ways to alleviate the potential challenges they present.
How would we model price volatility using a supply : How would we model price volatility using a supply and demand graph? Explain and use a graph as necessary.
What ethical issues have you identified : What do you think of the entry and contracting process? Do you think that the consultants sufficiently addressed the issues?
Examine a client accounts receivable balance : Upper Limit on Misstatements Calculation: Monetary Unit Sampling. Jordan Thomas is using MUS to examine a client's accounts receivable balance.
Discuss three key skills you learned from doing the project : Discuss three key skills you learned from doing the project, and then propose how you might use the project in your current or future workplace.
Unemployment rate decreased for whites : Among the major worker groups, the unemployment rate decreased for Whites to 3.8 percent in July, while the unemployment rates for adult men.
Do a comparison analysis identifying the merits of a product : Think of a product or service that interests you and read the ratings and comments for different companies that offer the same product or service.
Provide discussion questions based on information presented : Provide (a) two discussion questions based on the information presented for Weeks 4-6 and (b) required activities in the weekly schedule.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

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

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

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.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

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 and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd