Explain why an auditor would be interested in the terms

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Reference no: EM133326802

Question 1: The conceptual framework states that 'not all assets and liabilities are necessarily recognized'. Discuss.

Question 2: State the priority of measurement bases from the most relevant and desired to the least.

Question 3: Explain the 'earning processes. How does the earning process concept relate to the operational view of revenue?

Question 4: When should revenue be recognized for the following businesses?

(a) A soft-drink manufacturer

(b) A legal firm

(d) A magazine publisher producing monthly titles

(e) A gold-mining company

(f) A farmer who grows wheat

(g) A company which sells houses on an instalment plan; term of payment extending to 20 years; buyers assumes all risks of ownership; buyers pay a deposit of 25% of the sales price

(h) A contractor building a bridge for the government

Question 5: Explain why an auditor would be interested in the terms of the senior executives' remuneration contracts, in particular, how bonuses for outstanding performance are calculated.

Question 6: What is meant by 'revenue cut-off'? Why the auditors verify the date of sales transactions around the end of a financial period?

Reference no: EM133326802

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