Has assistant tested for occurrence

Assignment Help Accounting Basics
Reference no: EM132567858

You send your assistant out to verify the purchases for occurrence, and he returns, very pleased. It appears that Mr Shiftey was very helpful, and he followed Mr Shiftey's suggestions. You assistant explains that, as instructed, he used the random number table to select the items he would investigate. As advised by Mr Shiftey, he selected several invoices and traced them to the journal and from the journals to line items in the Purchases Ledger. All the items traced were correct.

Required:

Question 1: Has your assistant tested for occurrence? Explain in terms of your knowledge of auditing how a test for occurrence should be undertaken.

Reference no: EM132567858

Questions Cloud

Proposed amendment to US Constitution : Describe your proposed amendment to the U.S. Constitution. Do our founders ideas of what liberty means support you proposed amendment?
Discuss the auditor liability for losses suffered : Discuss the auditor's liability for losses suffered by Sunshine Shopping Centres investors, and other parties. Sunshine Shopping Centres has borrowed heavily
Compare the focal position with that predicted : Suppose a guassian laser beam with wavelength =532nm is collimated with a beam waist of 50 micrometer at the point
What amount should be reported for the patent : On January 1, 2016, Jericho Company purchased a patent for P7,140,000. What amount should be reported for the patent
Has assistant tested for occurrence : Has assistant tested for occurrence? Explain in terms of your knowledge of auditing how a test for occurrence should be undertaken.
What is the temperature of the steam : 0.05 kg of steam at 15 bar is contained in a rigid vessel of volume 0.0076- m3 . What is the temperature of the steam?
Security Management : Discuss what you feel are the important security management requirements that should be incorporated into a total security management program.
What risks currently exist that are of concern to auditors : The servers are housed in a room that has smoke detectors and associated sprinklers. What risks currently exist that are of concern to auditors
What one of the advantages of principles-based standards : What One of the advantages of principles-based standards is?they do not improve representational faithfulness of financial statements

Reviews

Write a Review

Accounting Basics Questions & Answers

  Explain what an llc is

An LLC may be taxed in different ways depending on the election made on the Form 8832 Entity Classification Election. Using a minimum of 450 words.

  Define the term reporting entity

Define the term reporting entity.

  Which of the following terms is used to identify the

which of the following terms is used to identify the process of expense recognition for property plant and

  Assume no change in accounts payable

Prepare the current liabilities section of the balance sheet at January 31, 2010. Assume no change in accounts payable.

  Beach realty rents a factory building for 20 years at an

beach realty rents a factory building for 20 years at an annual rental rate of 42000 beginning june 1 2004. the lease

  What is the break-even number of participants

Suppose you are the Manager of Training & Development at Corel. The course fee will be $500. What is the break-even number of participants

  The groovy movie chains has invested in a snack bar for its

the groovy movie chains has invested in a snack bar for its store where individual pizzas would be prepared and sold.

  Compute the cost of goods sold and ending inventory

Compute the cost of goods sold, ending inventory, gross profit, income tax expense and net profit assuming: FIFO cost flow, LIFO cost flow

  Declared semiannual dividends of 120 on preferred stock and

jan. 10 - split the common stock 4 for 1 and reduced the par from 100 to 25 per share. after the split there were

  How much more income tax will song pay

Song earns $125,000 taxable income as an interior designer. How much more income tax will she pay assuming that the income effect is descriptive?

  What is the purpose of preparing a bank reconciliation

What is the purpose of preparing a bank reconciliation? Do items reported as credits on the bank statement represent (a) additions made by the bank to the company's balance? Explain.

  What social and political issues arise with the use

What ethical, social, and political issues arise with the use of information systems?

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!

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