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Question - Substantive Procedures and the Financial Statement Audit
Imagine that you are a new auditor scheduled on a year-end audit engagement. Your senior has instructed you to test the Accounts Receivable account. The account is large and contains many customer balances, so you have been instructed to use sampling techniques for your testing.
Required:
1 - Describe the audit risk model explaining the relationships of tests of details of balances detection risk and analytical procedures detection risk.
2 - What is the detection risk related to your task of auditing Accounts Receivable?
3 - Does the risk of incorrectly rejecting the Accounts Receivable balance affect your audit risk when using the audit risk model? What negative impact does incorrect rejection have on the audit?
Problem - FIFO, LIFO costs under perpetual inventory system. What is the total cost of the ending inventory according to FIFO
anderson acquires 10 percent of the outstanding voting shares of barringer on january 1 2013 for 92000 and categorizes
father inc. buys 80 percent of the outstanding common stock of sam corporation on january 1 2013 for 760960 cash. at
singletary company had the following select transactions. apr. 1 2010 accepted wilson companys 1-year 12 note in
you may use any of the additional resources listed in the drop-down menu above to help you complete this activity but
Prepare journal entries to record the events and transactions. Be sure you indicate the fund in which they would be recorded
Prepare any necessary Balance Day Adjustment Journals for ACCF. Include a brief narration (explanation) for each journal entry
Madtack applies manufacturing overhead cost to jobs at the rate of 55% of direct labor cost incurred. The company does not close underapplied or overapplied manufacturing overhead to Cost of Goods Sold until the end of the year.
Broadbent Industries carries a part that is popular in the manufacture of automatic sprayers. Demand for this part is 8,700 units per year.
during 2010 jennifer industries reported cash provided by operations of 230000000 cash used in investing of 343000000
the following are monthly totals taken from the log of laser printer used by the hardcopy printing international. cost
at the beginning of the year a firm leased equipment on a capital lease capitalizing 60000 in both its lease liability
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