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Question - The following is an independent and material situation: A client changes its method of accounting for the cost of inventories from FIFO to weighted average. As the change has a material effect on the financial report and has not been disclosed as required by Australian accounting standards, the auditor requests the client's management to disclose the information but the request was rejected by the client.
Required - Indicate the appropriate type of audit opinion you would issue and justify your decision for issuing that particular audit opinion?
Supposing that all other factors remain unchanged, determine how a firm's breakeven point is affected by each ofthe following:
What are the budgeted purchases for July? What is the desired inventory for September?
pyramid corporation paid 16200 for a 90 interest in steel corporation on january 1 2011 when steels stockholders
The company acquired a machine on January 1 at an original cost of $60,000. The machine's estimated residual value is $10,000, and its estimated life is 10,000 service hours.
Miguel, Inc. reported net income of $2.5 million in 2017. Depreciation for the year was $160,000, accounts receivable decreased $350,000, and accounts payable.
Jessie, Inc., which uses a predetermined overhead rate based on direct labor hours, estimated total overhead for the year to be $7,500,000 and total direct labor hours to be 125,000 hours.
Problem: Chaney acquires 100% of the voting shares of Roberts on January 1, 2010 in a transaction structured as an acquisition. Assume that using the acquisition method, goodwill of $2,000,000 resulted. In addition to the initial payment to Robert..
Using the Framework for Audit Opinions studied in this unit, explain the most appropriate auditor's opinion for Laksa Imports for the year ended 30th June 2020.
What is the fair market value of the machine received? On March 1, 2016, the GABRIEL Company sold machine for P 155,000. The machine costs P 100,000.
Cooke notices that goods were damaged and returns the entire shipment. Prepare the journal entries to record each transaction under the perpetual method
Describe how cash and accrual accounting differs for each of the events listed in the above scenario and describe the proper accrual accounting.
Cambridge Company purchased a truck on January 1, 2018. Cambridge paid $24,000 for the truck. The truck is expected to have a $4,000 residual value.
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