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Question - For each situation listed below, identify the component of audit risk that is most directly exemplified.
Note: To record your answer, please just write the number that corresponds to situation, followed by the name of the component of audit risk. For example, if you believe that the first situation is an example of detection risk, write: Detection Risk.
Situation -
1. The client changed its business model during the year to focus on online sales to the expanding overseas market.
2. Credit checks were performed by a staff member who was not independent of the sales department.
3. Separation of duties over cash handling is inadequate.
4. The auditor did not personally attend the client's stock take, as required by the relevant auditing standard.
Develop the MACRS deductions (assuming 200% declining-balance rate), followed by switching to straight-line with the half-year convention.
Mr. and Mrs. Ybarra, a retired couple in their late 70s, come in to meet with you. They are very friendly and living a comfortable retirement due.
For each of the transactions, prepare journal entries. Be sure to categorize each account as an asset (A), liability (L), stockholders' equity (SE), revenue (R), or expense (E).
assume that hitech is currently using a volume-based costing system with manufacturing overhead applied to products
beta corporation purchased 240000 worth of land by paying 24000 cash and signing a 216000 mortgage. immediately prior
On January 1, 2013, Datalink Inc. issued $100,000, Prepare the journal entry to record the issuance of the bonds on January 1, 2013
What will be your decision-making process? Discuss and evaluate the different techniques that could be used in capital budgeting decisions
Prepare the journal entries on the lessee's books to reflect the signing of the lease agreement and to record the payments and expenses related to this lease
Prepare a balance sheet in good form, adjusting the amounts in each balance sheet classification as affected by the information given above
Identify two of the biggest risks to companies who use E-commerce, along with controls to prevent these risks.
the company was late in paying its state contributions of 3.6% and is subject to the FUTA credit reduction. Determine the amount of net FUTA tax
Prepare the journal entries that should be made in 2010 and 2011 to record the transactions related to the premium plan of the Sycamore Candy Company
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