User Account

All Pages

Is this considered an audit risk

Assignment Help Financial Accounting
Reference no: EM132982497

Question - Assume that there has been steady growth in sales in recent years and in April 20X1, the company acquired the premises next to its current workshops to enable them to expand their manufacturing capacity. The new premises are not yet in use as they are currently undergoing a significant refurbishment in order to make them suitable for use by the company. This acquisition was funded by a bank loan, repayable in monthly instalments over 15 years.

Is this considered an audit risk? If so what could be done to lower the risk and what type of audit risk is it?

Reference no: EM132982497

Questions Cloud

Compute the weighted average number of shares to be used : Oriole Corporation had 1,020,000 shares of common stock outstanding. Compute weighted average number of shares to used in computing earnings per share for 2021.
Journalize the transactions : Journalize the transactions - Cash of $6,880 is received for services to be provided in the next month
Compute what is the present value of the stream of payments : The first payment will be made 10 years from now. If the interest rate is 7%, what is the present value of this stream of payments?
Develop a procedure to address that risk : Provide the account level risk to be audited and develop a procedure to address that risk. Jim's ordered a significant amount of coffee beans from new supplier.
Is this considered an audit risk : This acquisition was funded by a bank loan, repayable in monthly instalments over 15 years. Is this considered an audit risk
Provide an account level risk to be audited : You, CPA, recently started working with Kelly and Partners, Provide an account level risk to be audited and develop a procedure to address that risk
List three expense accounts related to payroll : List three expense accounts related to payroll. Describe when you would expect the account to be cleared to zero. Explain the methods you could use
What concord diluted earnings per share would be : Concord's 2021 net income was $ 910000 and the income tax rate was 30%. What Concord's diluted earnings per share for 2021 would be
What is number of shares that should be used in computing : What is the number of shares that should be used in computing diluted earnings per share for the year ended December 31, 2021?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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