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You are the senior manager or audit engagement partner on Care For Kids Inc., a not-for-profit organization that has a December 31 year-end. While performing year-end substantive procedures, the engagement team identified an error in the entity’s year-end adjusting entries. Care For Kids Inc. had inadvertently not recorded an unrealized gain of $5 million in one of its many investment portfolios. The investments total approximately $200 million. Through inquiry of client management, the engagement team learned that the accounting department had not reviewed the broker’s statement for this particular portfolio. The portfolio, which consisted of traded securities, had increased in market value by $5 million. Materiality for the audit was $10 million. As part of the audit, you must assess the operating effectiveness of controls related to the misstatement.
Required: What factors would you consider to determine if a deficiency, significant deficiency, or material weakness exists? What additional information, if any, is needed to complete your assessment? What, if any, communications would you be required to make to those charged with governance?
Find Variable expense per unit, and total fixed expenses. Would you advise adopting this plan?
Based on your experience, you think the unit sales, variable cost, and fixed cost projections given here are probably accurate to ±11 percent. Determine the upper or lower bounds of these projections
Accounting fundamentals involves completion of accounting cycle and Barber-Williams, Inc. sells, installs, and services a variety of industrial equipment from several manufacturers.
Locate Note 35 in BA's financial statements. What three items comprise “Other reserves” as reported in the balance sheet? If British Airways used U.S. GAAP, illustrate what would be the likely account titles for the three items?
Using T accounts enter the beginning balances in the ledger accounts and post the April transactions and Tot. trial balance $8,254. Gross profit $463
If similar equipment would cost $150,000 to replace and the partners agree on a valuation of $40,000 for the contributed equipment, what amount should be debited to the equipment account?
some managers prefer absorption-cost pricing also others prefer variable-cost pricing, the department provides information under both approaches using a markup of 45% on absorption cost and a markup of 68.51% on variable cost.
Kathy’s Blooms purchased a delivery van for $20,000. The company was given a $2,000 cash discount by the dealer, and paid $1,000 sales tax. Annual insurance on the van is $500. As a result of the purchase, by how much will Kathy’s Blooms increas..
Lou was overjoyed that the deal was completed and told Judy to go out to diner with her husband and charge it to the bank as a reward for a job well done. To make it a “reimbursable” expense he told Judy to indicate she had diner with one of Ac..
Discuss which conceptual framework is more coherent or relevant or applicable and explain why. Evaluate the likelihood that IASC will someday replace the FASB.
What should be the effects of the determination that the decline was other-than-temporary on Kopp's 2011 net noncurrent assets and net income? Decrease in both net noncurrent assets and net income
Classification of items - Classify each of the above accounts as an asset (A), liability (L), stockholders' equity (SE), revenue (R), or expense (E) item.
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