User Account

All Pages

Identify the weaknesses point and control activities

Assignment Help Accounting Basics
Reference no: EM133171897

Question - You are auditing the inventory of Meteor Ltd for the year ended 31 Dec. 2020. Raw materials are imported from China and the purchasing clerk prepares costing sheets, including the costs required to bring the inventory to its location, and the translation of foreign currency using appropriate foreign exchange rates. The costing sheets for work-in-progress and finished goods are completed by the assistant management accountant, as they also require the difficult allocation of overheads. All costing sheets are approved by the management accountant.

REQUIRED -

Identify the weaknesses point and control activities over inventory valuation.

What kind of testing that the management needs to have to provide evidence supporting the assertions identified with the weakness' points?

Reference no: EM133171897

Questions Cloud

What is the net cash from operating activities : an increase in tax payable from the prior period of $11,000 and an increase in cash from the prior period of $21,800. What is net cash from operating activities
Discuss the pros of having lots of inventory on hand : Holding too much inventory can be a problem. As a future manager: Discuss the pros of having lots of inventory on hand
What was the dollar amount of goods purchased : Yang & Min had $100,000 of inventory at the beginning of the year. What was the dollar amount of goods purchased by Yang & Min during the year
Identify the purposes of each sentence : Identify the purposes of each sentence again. NOTE: this time more than one sentence may apply to a sentence purpose.
Identify the weaknesses point and control activities : Raw materials are imported from China and purchasing clerk prepares costing sheets, Identify weaknesses point and control activities over inventory valuation
What is the payback period : VM's Board of Directors currently requires a rate of return of 10%, and you expect inflation to remain relatively constant at 4%. What is the Payback period
What is industrial return on equity : Industrial Corporation has a net income-to-sales (profit margin) ratio of 0.03, a sales-to-assets - What is Industrial return on equity
Elements of the supply chain flow : Where can you find a summary of the elements of the supply chain flow that are discussed in chapter 6 - Where can you find an explanation for the differences
Construct a profit and loss statement : Construct a Profit and Loss Statement for "Best Lamps from California Company" from June 15, 2020 through January 15, 2021

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determine amount received by Gentry as a final distribution

Todd and Gentry share income and losses equally. Determine the amount received by Gentry as a final distribution from the liquidation of the partnership

  Prepare income statement and statement of owner equity

The owner of Feather Light Travelling Trains invested $7,800 into the business. Prepare income statement and statement of owner equity

  Describe the current business environment

Describe the current business environment, both financial and otherwise, including the initial reaction of the company to the situation and the initial position

  Discuss how understanding a companys business the first

discuss how understanding a companys business the first step in equity valuation might be useful in performing a

  How much is income tax due for mr sanchez

How much is his income tax due for 2024 if he did non opt for the 8% income tax rate based on gross sales/gross receipts and other non-operating income?

  Calculated the goodwill using the fair value method

Mr. Harry has acquired 35% shares of K Ltd for $8 million. He has also calculated the goodwill using the fair value method

  What is the difference between these two waccs

This debt currently has a market value of $50 million. What is the difference between these two WACCs

  Compute the cash payback period and net present value

The company's cost of capital is 8%. Compute the cash payback period and net present value of the proposed investment

  Register qb student trial edition after installation

How many days do you have to register QB Student Trial Edition after installation?

  Determine the average rate of return on the equipment

Average rate of return-cost savings - Determine the average rate of return on the equipment, giving effect to straight-line depreciation on the investment

  Estimate the cost equation using the high-low method

Is the cost function estimated using the high-low method a close approximation of the cost function estimated using the regression method? Explain briefly

  Explain why the reclassification adjustments are necessary

Briefly discuss how a transfer of securities from the available-for-sale category to the trading category affects stockholders' equity and income

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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