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You have a new client "XYZ Ltd" operating in a retail industry. You are testing the quality of the firm's controlling systems on its bank accounts. After you interview the bank's management, you find that both the staff members performing the bank reconciliations and the supervisor have taken a long leave. In addition, you also find no evidence that bank reconciliations have been used to detect and amend the company's reports.
Problem 1: Explain the aim of the control tests on the client.
Problem 2: Explain the impacts of the staff leave in the quality of the controlling systems.
Problem 3: What is your audit strategy on your sustentative tests on the client's cash balance during substantive tests?
The current market rate of interest for bonds of similar risk is 8%. What amount will Clancey receive when it issues the bonds?
At the start of the current year, the company received an order for 3,000 drives. What will be the effect on profit of accepting the order?
Magic Corporation, an amusement park, is considering a capital investment in a new exhibit. The exhibit would cost $136,000 and have an estimated useful life of 5 years. It will be sold for $65,000 at that time. (Amusement parks need to rotate exhibi..
Annual yield rate of R and an inflation rate of 1.9%. At the end of 12 years, the purchasing power increased by 45%. Calculate the annual yield rate R.
Complete the Journal Entries for all transactions listed for Shoes for You, Inc. for the first quarter ending March 31, 2016. Be sure to include a date for each journal entry.
What are the advantages of the use of commercial paper? What risk is involved in the use of commercial paper as a source of short-term credit?
Why do companies use a separate account for payroll? Pick a company, tell the constants and the items that are constant in payroll.
Carson Company purchased a depreciable asset for $280,000. The estimated salvage value is $14,000, and the estimated useful life is 10,000 hours. Carson used the asset for 1,500 hours in the current year. The activity method will be used for deprecia..
On April 1, Peterson Company paid $9300. Journalize the adjusting entry on December 31. Note: Assume that the advertising is used evenly throughout the year.
A pion is created in the higher reaches of Earth's atmosphere when an incoming high-energy cosmic-ray particle collides with an atomic nucleus. As measured in a frame fixed with respect to Earth, how far (on the average) will such a pion move throu..
Total stockholders' equity and total assets using the two different sets of accounting principles over the two year period.
Do you agree with the current practice of testing Goodwill for impairment or would you prefer the previous practice of amortizing Goodwill over 40 years? Defend your position.
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