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Question a. As applied to the audit of inventory and cost of goods sold, discuss the following audit tests performed by the auditor to express an opinion on the faithful presentation of inventory and cost of goods sold in financial statements
1. Planning & risk assessments
2. Tests of internal control or compliance's tests. What are the prerequisites for the tests of internal control? Audit procedures used for tests of internal control.
3. Substantive tests. Is substantive test avoidable? What is the extent of substantive test made for a strong internal control?
4. Analytical procedure tests. Comment on the purpose & appropriateness of this test. Is there any limitation for this test?
5. Tests of detail. When & where this test is is appropriate? Use two audit procedures for test of details to prove or disprove management assertions existences?
Sparrow Corporation (a calendar year, accrual basis taxpayer) had the following transactions in 2015, its second year of operation. Taxable Income $330,000 Federal income tax liability paid 112,000. During 2015, Sparrow received a $15,000 payment on ..
Describe six different subjects a risk manager should include in a curriculum designed for physicians to engage them in patient safety practices. Describe what might be included in each of these modules. Before you do that, take a look at the "Are Yo..
question 1big problem ltd. an oil refining business uses an allowance system to account for bad debts. at the
A corporate taxpayer has an income tax expenditure recorded on its preliminary financial statements if $13,000,000. How could the $1,000,000 be reflected in the financial accounting income statement?
A firm's current ratio is above of the previous year; however, the firm's quick ratio is below the previous year What does these ratio suggest about the firm?
For an item (cost or revenue) to be relevant to a decision, it must: Which of the following is not an enhancing qualitative characteristic
Describe some of the issues with not having an industry wide standard price for a medicine. Should not-for-profit organizations be held accountable for medicine valuations? Why or why not?
John Boyd Corporation manufactures and sells 1,000 tractors each month. The primary component in each tractor is the motor. John Boyd has the monthly capacity to produce 1,300 motors. Assuming John Boyd wants to earn a pretax profit of $10,000 on thi..
What is the company's cost of equity capital?- What is the company's unlevered cost of equity capital?- What would the cost of equity be if the debt-equity ratio were 2?
1.During the year, Sereno Co. recorded prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts.
What type of capital stock does CVS have? What is the par value? How many shares were authorized, issued, and outstanding at the end of fiscal 2011?
Prepare simple job-order cost sheets for Jobs #703 and #704. Prepare the journal entries for events (f) and (h) above.
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