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Question - Audit procedure 1 - Valuation of warranty expense provision
Develop an independent point estimate of the provision for warranty based on the annual average of the past three years' actual warranty claims and compare it to the management's estimate of the total warranty expense provision. Based on that, the auditor concludes that the warranty provision is reasonably valued.
Audit procedure 2 - Occurrence of recorded trading sales
Select sample items from the general ledger and vouch to the sales journal, sales invoice and the relevant delivery orders acknowledged by the customers to ensure that the sales transactions have actually occurred.
Required -
(a) For each of the audit procedure above, identify and explain the possible circumstances where the audit procedure may not have achieved the planned audit objective.
(b) For each of the circumstances in part (a), identify an alternative or additional audit procedure, and explain how the proposed alternative or additional procedure would better achieve the planned audit objective and address the risks identified. Do not repeat the audit procedures.
Basque classifies all petty cash transactions as miscellaneous expense. What journal entry is made to record this activity
Mar. 12. Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. Journalize the entries to record the transactions
barry company purchased two identical inventory items. the item purchased first cost 7.00 and the item purchased second
which began operations on January 4, 2015, had the following subsequent transactions and events in its long-term investments
Megas Ltd. has an issued share capital of £50,000 ordinary shares and 10,000 7i per cent preference shares of £1 each. In addition, it has issued 10 per cent.
In MACRS, what is the depreciable life of an asset? How might the standardized depreciation schedules affect the timing of an asset's replacement?
If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account.
In a qualified Sec 351 transaction, when Corp D was formed, it issued 100 shares. Under Sec 351, what are the tax consequences to Tom, Mary, and R Corp?
Eddie Corporation made the first payment but did not make any other payments. How should Nancy Corporation account for forfeited payment
Find total cost of merchandise sold and Find total stock deductions (Outs) in retail and Find closing inventory at cost
blanket corporation sold equipment for cash of 39000. accumulated depreciation on the sale date amounted to 32500 and a
How to prepare the journal entries on the books of Blossom Leasing to reflect the payments received under the lease
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