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Questions -
Q1. The auditor checks the company's financial statements using sampling. There are 100 sales transactions made by the company. Of the 100 transactions, materiality is set at 5% or 5 transactions. The auditor took a sample of 40 transactions, and it turns out that of the 40 transactions examined, there were no deviations found. Based on the results of the sampling inspection, the auditor concluded that there was no material misstatement. When in fact, of the 100 transactions there were 10 transactions that occurred irregularities or errors, it's just a coincidence that the ten transactions were not taken in the sample. What we called the risk involved in this case example? Explain your answer!
Q2. You are an auditor and are examining the client's financial statements, you know with certainty that the client will use the financial statements to apply for a loan to the bank with a guarantee of fixed assets in the form of land and buildings. Materiality is set at 5%, after you have done the audit process there are found misstatements on land and buildings and after counting it turns out the misstatement is 3%. However, because you know that banks as users of financial statements will be concerned about the assets of land and buildings that will be used as collateral, then you consider these findings as material. Explain the concept of materiality in this case!
What is the amount of write-down, if any, using an item-by-item LCNRV evaluation. (If no write-down, enter 0 for the amounts.)
austin automotive sells an auto accessory for 180 per unit. the companys variable cost per unit is 30 for direct
Jordon and Heidi share income equally. For the current year, the partnership net income. What is Jordon's capital account balance at the end of the year.
A The following are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2017 2016
Alex designates the foreign currency option as cash flow hedge of a foreign currency receivable. Prepare journal entries for these transactions in U.S. dollars
pringle corporation has been authorized to issue 20000 shares of 100 par value 7 noncumulative preferred stock and
Semi-Annual Interest to Interest Unamortized Bond
Read the article When State Taxes And Interstate Compacts Collide. Are you surprised by the topic the author is focusing on? Why or why not?
what is the maximum investment a company would make in an asset expected to produce an annual cash inflow of 5000 a
Describe a variable, fixed, mixed and step cost in an organization. Would this organization be more likely to benefit from using a manufacturing cost hierarchy or a customer cost hierarchy for determining cost drivers?
How does the merchandising company account for the suits that Amy returns?Comment on the ethics exhibited by Amy and possible consequences of her actions.
Custom Cabinetry applies overhead at the rate of direct labor cost
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