User Account

All Pages

Explain accounts that are at risk of material misstatement

Assignment Help Accounting Basics
Reference no: EM132716353

Question: Your audit client's inventories on hand represent a significant portion of current assets. The inventories consist of thousands of items that have values from $10 to $1,000. The merchandise items change according to the season and the promotional theme adopted by the stores' management for the year. The company has to pay the suppliers substantial deposits upon placement of these special orders. Merchandise is ordered up to three months in advance from overseas suppliers.

Identify and explain the accounts that are at risk of material misstatement.

Reference no: EM132716353

Questions Cloud

How much total amount due to z as of the date of retirement : X. Y. and Z are partners dividing profits and losses in the ratio of 5:3:2 and whose capital balances as of January 1, 2013 were P600,000, P400,000.
What are the limitations of assurance : What are differences between reasonable assurance and limited assurance. Explain in detail with both types of relevant examples.
Plex systems cloud community founded : Plex Systems Cloud Community Founded in 1995, Plex Systems developed out of a project initiated at an automotive supplier.
Do sample auditors report showing stating unqualified audit : Do a sample auditors report showing stating unqualified audit opinion. It is very usual that the auditor issues a standard unqualified opinion
Explain accounts that are at risk of material misstatement : Your audit client's inventories on hand represent a significant portion of current assets. The inventories consist of thousands of items that have values from.
Stockholders and management interests : Explain two or more motivational tools that can aid in aligning stockholder and management interests.
Which of the situations in the purchasing process : Which of the following situations in the purchasing process creates the highest risk of fraud by making payments to a fictitious supplier?
Describe a corporation for a limited liability company : Describe a corporation, a Limited Liability Company, a General Partnership, a Limited partnership, and a Sole Proprietorship. Discuss the tax characteristics
Which is characteristic of management fraud : Which is characteristic of management fraud? Victimization of investors through the use of materially misleading financial statements

Reviews

Write a Review

Accounting Basics Questions & Answers

  Jane amp joan form a partnership by combining the assets of

jane amp joan form a partnership by combining the assets of theirseparate businesses. jane contributes accounts

  Briarcrest condiments is spice-making firm recently it

briarcrest condiments is a spice-making firm. recently it developed a new process for producing spices. the process

  What would be earnings per share for the three alternatives

If earnings before interest and taxes are currently $1.5 million, what would be earnings per share for the three alternatives, assuming no immediate increase.

  Which is their par value

On February 1, 2013, Garzon purchased 6% bonds issued by PBS Utilities at a cost of $ 40,000, which is their par value.

  How much were basic earnings per share

During 2010 no new common shares were issued and no preferred stock was converted. How much were basic earnings per share

  As required to complete course project 1 one must follow

as required to complete course project 1 one must follow the cycle that includes 10 steps to complete the accounting

  What are the ethical considerations in the case

Imagine you are the assistant controller in charge of general ledger accounting at Linbarger Company. Your company has a large loan from an insurance company.

  What challenges the two sides may face with the merger

A US based company is attempting to merge with a French National conglomerate. With IFRS and GAAP being so different, what would be some of the challenges.

  How do primary debt and equity market transactions benefit

how do primary debt and equity market transactions benefit corporations? why do secondary market transactions for

  If you had been an accountant for this company

If you had been an accountant for this company, how would you have acted?  Explain why.What might have been done to prevent the controversy?

  What is the maximum amount stanford can deduct

Total investigation costs related to the restaurant $41,750. What is the maximum amount Stanford can deduct in 2020 for investigation expenses

  How do taxes affect the choice between lifo and fifo

Does LIFO or FIFO give the best-most current-balance sheet value for the ending inventory? Why? How do taxes affect the choice between LIFO and FIFO?

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