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Doug Iceberge, senior-in-charge of the audit of Fisher Industries, has decided to test the following two controls for Fisher's revenue process. 1) All sales invoices are supported y proper documentation, that is, a sales order and a shipping document. 2) All sales invoices are mathematically correct. Iceburege has decided to use a nonstatistical sampling approach based on the following judgments for each control and has judgmentally decided to us a sample size of 50 sales invoice packets. Control Procedure Parameters 1 2 Desired confidence level 95% 90% Risk of assessing control risk too low 5% 10% Tolerable deviation rate 6% 8% Expected population deviation rate 3% 3% After completing the examination of the 50 sample items, Iceberge noted one deviation for control 1 and two deviations for control 2.What should Iceberge conclude about each control? Justify your answer.
abco bread sells a box of bagels with a contribution margin of 62.5. its fixed costs are 150000 per year. how much
charter enterprises currently has 1 million in total assets and is totally equity financed. it is contemplating a
Identify two financial intermediaries. What are their respective functions? What are their major roles in the economy? What are the money markets and what are the capital markets? How do they differ? What are their respective activities?
A measure used by the MoHLTC to determine if a Hospital is operating efficiently is a calculation termed Average Cost Per Weighted Case. (CPWC) Case costing has generated considerable interest and enthusiasm.
On January 1, 2011 Miller Corporation had retained earnings of $18,000. During 2010, Miller reported net income of $25,000, declared and paid dividends of $20,000, and issued stock for $10,000. What were Miller's retained earnings on December 31, ..
How large would the annual net cash inflows from the intangible benefits have to be to make this a financially acceptable investment?
The bonds are dated January 1, 2010, and mature January 1, 2015, with interest payable December 31 of each year. Osborn Company allocates interest and unamortized discount or premium on the effective interest basis.
In the United States, about one in every four companies uses variable costing for internal reporting purposes. These companies must make adjustments to these reports for external-reporting purposes. Explain.
evaluate corporate managements comfort level with stable earnings trends and identify what you believe is the most
Which of the following methods of determining bad debt expense does not properly match expense against revenue?
As a result of these transactions, what is the amount of warranty expense for the year and what is the ending balance in Warranty Payable.
A customer of company ABC seems to be doubtful at balance sheet date.therefore company made the provision for the customer at the rate 5%.after the balance sheet date.customer paid 80% of the total amount.required:identify the type of event.2.what..
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