Solution-Ping and pong are assigned to perform the audit

Ping and pong are assigned to perform the audit

Assignment Help Accounting Basics

Reference no: EM13880108

Ping and Pong are assigned to perform the audit of Paddle Company. During the audit, it was discovered that the amount of sales reported on Paddle income statement was understated because one week sales transactions were not recorded due to a computer glitch. Ping claims that this problem represents a violation of the management assertion regarding existence, because the reported account balance was not real. Pong argues that the completeness assertion was violated, because relevant data was omitted from the records. Which auditor is correct? Explain your answer

Reference no: EM13880108

Questions Cloud

Find the firm''s optimal markups if the bcb distribution : The histogram of best (i.e., lowest) competing bids in Table B of Problem 11 mirrors closely a normal distribution with a mean of 60 and a standard deviation of 30. Create a spreadsheet modeled on the sample given to find the firm's optimal bi..

Identify whether audit tests are used to evaluate : Identify whether audit tests are used to evaluate internal access controls external access controls or both

Compact fluorescent lamps-break-even cost per kilowatt-hour : Compact fluorescent lamps (CFLs) have become more popular in recent years, but do they make financial sense? Suppose a typical 60-watt incandescent lightbulb costs $0.55 and lasts for 1,000 hours. A 15-watt CFL, which provides the same light, costs $..

Income created during the reporting period : 1.How do we report components of comprehensive income created during the reporting period?

Ping and pong are assigned to perform the audit : Ping and Pong are assigned to perform the audit of Paddle Company. During the audit, it was discovered that the amount of sales reported on Paddle income statement was understated because one week sales transactions were not recorded due to a comp..

Contrast idiosyncratic and systematic risk : Define and contrast idiosyncratic and systematic risk and risk premium required for taking each on. Can beta be helpful in this instance? Explain.

Pay for the building and lot at the present time : Your firm is considering purchasing an old office building with an estimated remaining service life of 25 years. Recently, the tenants signed long-term lease, which leads you to believe that the current rental income of $220,000 per year will remain ..

Forecasts of revenues over the lifetime of project : These are the forecasts of revenues over the lifetime of a project. Assume all cash flows occur at the end of the year. Yearly expenses from year 1 to year 3: $30 Million Yearly revenues from year 1 to year 3: $0 Yearly expenses from year 4 to year 1..

Compare and contrast plea-bargaining versus going to trial : Compare and contrast plea-bargaining versus going to trial

User Account

All Pages

Ping and pong are assigned to perform the audit

Reference no: EM13880108

Reference no: EM13880108

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT