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Problem - Audit of Inventories and Cost of Sales
Q1. Explain the importance of each assertion in the audit of inventories.
Q2. What are the key factors that can lead to an under/overstatement of the inventory balance?
Q3. How is the directional risk of inventories applied in determining the appropriate audit procedures to be performed?
Q4. What are the different risks associated in the accounting of inventories?
Q5. How does inventory control deficiencies affect the development of audit procedures for inventories?
Q6. How do you assess the risk of material misstatement associated with the audit of inventories?
Q7. Are auditors allowed to issue an audit report without observing the physical inventory count?
Q8. What do you think are the issues involved if the auditor misses observing physical count because of health protocol restrictions given that we have covid19 pandemic?
If all the partners are insolvent and the non-cash assets were sold at P 50,000, How much did C absorb in the capital deficiency of the deficient partner?
What would be the journal entries to record the amortization at December 31, 2020? What would be the journal entry to record the acquisition of machinery?
On December 31, 20x1, the bonds are selling at a yield rate of 10%. How much is the unrealized gain (loss) recognized on December 31, 20x1
Bennet recently had the land that was held for future use appraised and determined that its fair value was $80,000. Bennet reported this land on its books.
Instructions - Calculate the current liability of AB Company's balance sheet, assuming P16.000 of the mortgage is payable next year
the macarthur company is a retail sporting goods store. facts regarding their operation are as follows sales are
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The transfer is made at an elected value of $67,500. Determine the amount to be included in Mr. Rosen's income as a result of the transfer
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He paid Social Security taxes of $7,492.70 from his primary job and $1,178.00 from his second job. What is the amount, if any, of Bob's excess SST
jorge company bottles and distributes b-lite a diet soft drink. the beverage is sold for 60 cents per 16-ounce bottle
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