User Account

All Pages

Which methods are used in doing substantive procedures

Assignment Help Managerial Accounting
Reference no: EM132987185

Problem 1: The following methods are used in doing substantive procedures for interest expense and discounts/premiums, except:

a. The Initial carrying amount of the bond is determine by deducting transaction cost from the present value of the bond or cash price equivalent

b. In doing the amortization table for the testing, if what is to be amortized is a premium, the formula should be "= interest payment less interest expense".

c. One cannot perform the goal-seek formula without having the amortization table formatted.

d. Effective interest rate for the bond is determined using the goal-seek formula in excel.

e. none of the above.

Problem 2: In testing relative party transaction for financial liability the auditor should do the following, except:

a. Confirmation should be made only to those related party transactions that are material.

b. Consider whether balances at large indicate the existence of a previously undisclosed related party.

c. None of the above

d. Consider if there are related party transactions not given appropriate accounting treatment.

e. Inquire for related party transaction from the client

Reference no: EM132987185

Questions Cloud

Leader acquire his or her capability : Describe the best leader you have known. How did this leader acquire his or her capability?
About processes for managing innovation : List at least two concerns they may have about processes for managing innovation.
Which auditor purpose in reviewing the renewal of notes : Which auditor's purpose in reviewing the renewal of notes payable shortly after the balance sheet date most likely is to obtain evidence concerning management
Which an auditor most likely will : In auditing long-term bonds payable, an auditor most likely will? Compare interest with the bond payable amount for reasonableness
Which methods are used in doing substantive procedures : Which methods are used in doing substantive procedures for interest expense and discounts/premiums, except? The Initial carrying amount of the bond
How to test the internal control for long term financial : How to test the internal control for Long Term Financial Liability? Look into the minutes of the board meeting to see if the financial liability transactions.
Which are assertions for the substantive testing : Which are assertions for the substantive testing of Long Term Financial Liability, except? In the analytical review of interest expense, the auditor should do
Marketing information systems : Identify the variables in the marketing environment that need to be monitored to recognize and predict trends.
Show effect on the capital accounts of a two-for-one stock : Show the effect on the capital accounts of a two-for-one stock split.

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Examine will also necessarily achieve high profitability

Find If the company is successful in achieving challenging targets for these performance measures, will it also necessarily achieve high profitability?

  Identify the different user groups who require accounting

Do you agree or disagree? Identify the different user groups who require accounting information and explain how this information is provided for them.

  Why should estimate overhead costs

Why should we estimate overhead costs, machine hours and direct labour hours in advance and what are the benefits for business?

  Compute the total budgeted fixed selling expenses

If the company has budgeted to sell 17,000 Debs in February, then compute the total budgeted fixed selling and administrative expenses for February

  How many planes does doghayneed to sell

How many planes does Doghayneed to sell in order to break-even? what strategies Doghaymight use to ensure profitable operations with increase in variable costs?

  Calculate AARR based on net initial investment

Century Lab's required rate of return is 14%. Calculate AARR based on net initial investment. Assume straight-line depreciation

  Determine calculate contribution per mile

Calculate the contribution per mile and total annual contribution associated with accepting FHP's proposal. What do you recommend?

  What undiscounted cash inflows vs cash outflow

Determine What is the difference between the total undiscounted cash inflows and cash outflows over the entire life of the machine?

  Find what amount that buildco will record acquisition cost

Filling and grading to flatten land for building 3,500. What is the amount that BuildCo will record the acquisition cost of the land as?

  What is the forecast sales for the coming week

$44,000, $40,000, and $36,000 for the past three weeks. Using a three-week moving average what is the forecast sales for the coming week?

  What is the margin of safety

Problem - Paramatta Company provided 500 repairs and had the total sales of $250,000 last year. What is the margin of safety

  What is the estimated overhead absorption rate

What is estimated overhead absorption rate for 20X7, based on machine hours (to the nearest penny)? Nagri Machine Productions Limited produces a single product

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd