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Problem 1: In providing tests of carrying amount of trading securities, the auditor would usually:
a. Refer to the quoted market prices of the securities
b. Value the securities at cost regardless of their market price
c. Ask management to estimate the market value of the securities
d. Count the securities
Problem 2: Which of the following is the least effective audit procedure regarding the existence assertion for the securities held by the auditee?
a. Examination of paid checks issued in payment of securities purchased
b. Confirmation from the custodian
c. Vouching all changes during the year to supporting documents
d. Simultaneous count of liquid assets
Cecil Company as of June 30, 2018, the end of the company. Prepare journal entries to adjust the books of Cecil Company at June 30, 2018.
basic accounting involving journal entries.arista company adjusts its accounts at the end of each month. the following
Milan Company reported P9,000,000 income before provision for income tax. What amount of current income tax liability should be reported at year-end
What is the balance in the warranty liability account at the end of year 2?
A health care facility is planning its personnel budget for the coming year. One nurse with a salary of $1000 per week is required for every 5 patients. The average patient census is $300, as shown below.
Calculate the Expected Return for the Noll Company: Alpha = 1%; Beta = 0.8; T-Bill Rate = 4%; S&P 500 average return rate= 9%; WACC = 5%
Make all the tax related journal entries for 2017. YTQ is in desperate need of cash due to the loss suffered in 2017
Using the completed-contract method, compute the estimated gross profit that would be recognized during each year of the construction period.
Where does the convergence process currently stand between IFRS and US GAAP on the accounting for transactions? Explain global accounting harmonization
Explain the financial statement assertions which will be affected by the information. Inventory is stored in several warehouses around South Africa.
What do you understand from the one section of auditor report? In our opinion the ?nancial statements present fairly, in all material respects
Explain the differences between job enlargement
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