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Question - During the audit of COVID Ltd, you identified the following misstatements in the sales and collection cycle:
1. In several instances cash receipts were posted to the incorrect customer accounts.
2. Several accounts receivable balances in the master file were not included in the aged trial balance.
3. A shipment made in the subsequent period is recorded as a current period sale.
4. Several accounts receivable balances are in dispute as a result of claims of defective merchandise.
5. Goods were returned for credit on the last day of the fiscal year, but the sales return was not recorded until the following fiscal year.
6. An account receivable balance in the master file is included twice on the aged trial balance.
Required - As auditor, identify one test of details of balances audit procedure you would use to detect each misstatement?
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.
Accounting problems, Draw a detailed timeline incorporating the dividends, calculate the exact Payback Period b) the discounted Payback Period. the IRR, the NPV, the Profitability Index.
Term Structure of Interest Rates
Write a report on Internal Controls
Prepare the bank reconciliation for company.
Create a cost-benefit analysis to evaluate the project
Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR
Distinguish between liquidity and profitability.
Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.
Simple Interest, Compound interest, discount rate, force of interest, AV, PV
CAPM and Venture Capital
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