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Question :
a) Get a cutoff bank statement subsequent to the balance sheet date - gives assurance that the amount of cash shown on the balance sheet was not overstated by omission of one or more checks from the list of checks outstanding.
b) Compare paid checks returned with bank statement to list of outstanding checks in preceding reconciliation - by performing this comparison the auditors will be assured that cancelled check on the bank statement compared to the list of outstanding checks on the bank resolution are being maintained by the cutoff period and that nothing is being hidden on cash mismanagement.
c) Trace all bank transfers during the last week of the audit year and the first week of the subsequent year - This is known as kitting and tracing a short period before and after the fiscal year end may confirm that there are no checks being drawn from one bank to another and that all transactions are confirmed at legitimate transactions.
d) Investigate any checks shows large or unusual payments to related parties - This may elevate any fraud possibilities from board members or executives for large amounts of funds that are not tied to authorize transactions which would have to be properly documented and disclosed. Reviewing these large transactions and the documentation related with them will reveal any fraudulent activity in these high risk areas.
illustrate what you've learned about accounting practices and policies, how can you incorporate this type of analysis and awareness into your professional work in a way that enhances
Other costs incurred were freight charges of $240, repairs of $420 for damage during installation, and installation costs of $270. What is cost of the equipment?
Callie is admitted to the Adams & Beal Partnership under the bonus method. Callie contributes cash of $20,000 and non-cash assets with a market value of $30,000 and book value of $15,000 in exchange for a 20% ownership interest in the new partners..
Paul and Donna Decker are married taxpayers, ages 44 and 42, who file a joint return for 2013. The Deckers live at 1121 College Avenue, Moab, Utah 84632. Paul is an assistant manager at Moab Motor Inn, and Donna is a teacher at Carmel Elementary S..
Find out the amount that RIM invested in capital assets for that year. Assume a seven-year life and a 12% internal rate of return. What is the amount of cash flows that RIM must earn on these new projects?
Determined with absorption costing and direct costing and When the high-low method of estimating a cost behavior pattern
If Telconnect has applied the partial equity method, what Entry *C is needed for a 2011 consolidation. What noncontrolling interest balance will appear in consolidated financial statements for 2011?
question the role of internal audit in the organizationon march 4 2013 the sec announced that the nasdaq stock market
Assuming the employee's time value of money is 9% annually, what lump sum at employment date would make him indifferent between the two options.
D3 is a dummy variable that is equal to one in the third quarter and zero otherwise. Forecast the level of sales in the second quarter of time period ten
The directors of Snapper Ltd want to calculate both the factory and the land at fair value as at 30 June 2010 Show how you would measure these fair values
Evaluate the company's predetermined overhead rate for the year. Logan's actual manufacturing overhead for the year was $749,346 and its real total direct labor was 28,500 hours.
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