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Answer the following questions
1. The authors discuss accounts payable confirmation and how they are different from accounts receivable confirmation, discussed previously. Do you think accounts payable can be useful to the auditor? How? What are the limitations of accounts payable confirmation? What are some alternatives to accounts payable confirmation?
2. Which of these cycles would you, as an auditor, spend more time with? Would you suspect more misstatements in the revenues and collection cycle or in the purchases and payments cycle? Why? Give some examples to support you opinion.
3. What assertions is the auditor interested in when auditing Property, Plant, and Equipment? What are some possibilities for fraud in this particular account? What are some judgment decisions that the auditor needs to make in this account?
arcia corporation purchased a truck by issuing an 108000 4-year zero-interest-bearing note to equinox inc. the market
terri age 16 is claimed as a dependent on her parents 2011 return. during the year terri earned 5000 in interest income
You are planning to start a small business that youwant to run as a sole proprietor. A friend of yours, who has beenan employee of an IT consulting corporation for 3 years, suggests that the corporate form of ownership is more efficient from accou..
On March 1 2013 Jimenez purchased a one year insirance policy for 2400. On that date Jimenez debited prepaid insurance for 2400. If Jimenez desires to prepare financial statements at the end of March the adjusting journal entry would include:
On April 18, 2010 Jim sold 300 shares of Redwood Corporation common stock for $8400. Jim acquired the stock in 2006 at a cost of $10000. On May 9, 2010 he repurchased 150 shares of Redwood corporation common stock for $3600 and held them until Aug..
espresso express operates a number of espresso coffee stands in busy suburban malls. the fixed weekly expense of a
fleming corporation produces leather purses. the company is setting up a standard cost system and has collected the
Moneybaggs hires you as her financial consultant How will you advise her?
1.hill enterprises acquired a piece of machinery on january 3 2006. the total cost of the machinery was 138600. hill
apple apla is piling up boatloads of cash just not here in the u.s.a.those boatloads are increasing becoming docked in
Prepare the journal entries required on February 28, 2011, to accrue interest and to record the discounting (round all calculations to the nearest dollar) for Selkirk. Assume that the discounting is accounted for as a sale.
1. calculate the current ratio for ye 2109 and ye 13110.2. what were the diluted earnings per share for ye 2308?3. what
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