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Problem 1: Which one of the following tests of details would be appropriate to test the completeness assertion of receivables:
Option 1: Test the mathematical accuracy of the sales transaction file. Option 2: Vouch recorded sales to the records of products ordered and shipped. Option 3: Compare the current year s to the prior year s allowance for doubtful debts as a percentage of receivables and sales.Option 4: Trace the postings of the totals in sales transaction file to the general Ledger.
Problem 2: The auditor calculates the inventory turnover ratio and compares it with those of previous years as a test of inventory obsolescence. This procedure is best described as:
Option 1: Tracing.Option 2: Inspection.Option 3: Vouching.Option 4: Analytical procedure.
Jerold is the executor of his wife's estate. He maintains the household where he, Travis, and Macy live, and Jerold furnished all of their support. During 2014 and 2015, Travis is a full-time student, while Macy earns $7,000 each year from a part-..
Briefly describe the change from the current and prior years in each of these key areas and determine if the changes would be positive or negative.
Operating expenses are: Salaries, $49000; Depreciation, $11900; Rent, $15300; and Utilities, $15000. How much is Sheridan budgeted balance for Accounts Payable
Gemstone Corporation has a sales budget for next month of $600,000. Cost of goods sold is expected to be 30 percent of sales. All goods are purchased in the month used and paid for in the month following purchase.
the president of eastvaco is considering recommending to the board of directors expanding into the asian market. he
John provided all the support for Peter. May John claim Peter as a dependent
What might contribute to RadioShack's need to record a valuation allowance? In RadioShack's 2013 annual report, the company reported
Emilio and René Santos own Club Fandango. From its inception, Club Fandango has sold merchandise on either a cash or credit basis.
The exit interviews are estimated to cost $100 per employee in additional to normal separation costs of $5000. How much will the company pay in separation costs
How do management's responsibilities and the auditors' responsibilities differ in terms of the financial statements presented?
The preferred stock pays an annual dividend of $5 per share. DiCenta's tax rate is 40%. Compute DiCenta's 2014 diluted earnings per share
for a recent year officemax and staples are two companies competing in the retail office supply business. officemax had
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