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Question - You are the auditor of Freeman Ltd, a manufacturer of cordless landline telephones. The following information was gathered by your audit senior.
Ratio analysis has indicated the inventory turnover has gone from 5.05 in 2020 to 3.72 in 2021. Inventory represented 16% of sales in 2020 and is now 21% of sales in 2021.
Management of Freeman recently decided to relax credit terms for debtors. This involved increasing the number of days to pay from 60 days to 90 days and increasing credit limits. Creditors are recorded in a ledger that is produced monthly. Freeman's staff have been having problems with the ledger because it has reached the maximum number of creditor accounts. Management have approved an upgrade to a new system, but in the meantime Freeman's staff are relying on manual accounting records.
Required - For each point 1-3 above, identify the account area at risk of material misstatement, the key assertion at risk for this account, AND an appropriate audit procedure to address this risk.
After reading the journal article for this week, identify 2-3 'best practices' discussed by the authors that you feel would have the greatest impact on the improvement of a business process.
At the same time H purchased a new passenger vehicle for $46,000 plus HST. What is the maximum CCA deduction that H can claim in the current year
rooney company uses a flexible budget for manufacturing overhead based on direct labor hours. variable manufacturing
At end of year, Cartman actually sold 16,000 units (bags) and used 22,500 gallons of ingredients and paid $2.10 per gallon. What is the material price variance
Add a section to your paper, outlining how you would implement capital budgeting in your company. Why would you use this for your business?
How should Darr Equipment classify the lease in its accounting records? (minimum information should include ASC citation
Determine the overhead in the Finishing Department for each unit of Product A if Blue Ridge Marketing Inc. uses a multiple department rate system
What are the essential of the allowance method of accounting for bad debts?
What were the equivalent units for conversion costs for February if the beginning inventory was 70% complete as to conversion costs and the ending inventory was 40% complete as to conversion costs?
Gain reported for federal tax purposes $8,000. What is the proper adjustment to Sch. M-1 to calculate Federal Taxable Income (Book to Tax Adjustment)
Corporation issued 100,000 shares of $20 par value, cumulative, 8% preferred stock on January 1, 2009, for $2,100,000. In December 2011, AI declared its first dividend of $500,000.
James replaced a broken window in the kitchen for $85 and repainted the property for $750. How much did James spend on repairs
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