User Account

All Pages

Why do auditors care about prenumbering and gap detection

Assignment Help Accounting Basics
Reference no: EM132903685

Problem - Your audit team is performing audit procedures related to a client's revenue for the month of April 2019. The visualization titled "Gap Detection - All Invoices" presents the client's master sequence of invoices with "null" indicating a missing invoice. The visualization titled "Gap Detection - Missing Invoices" presents the same data, but only the invoices that are missing ("null"). Beginning invoice number on April 1st, 2019 is #2816, and ending invoice number, April 26th, 2019 is #7845. Why do auditors care about prenumbering and gap detection?

Reference no: EM132903685

Questions Cloud

What is total amount of after-adjustment unearned revenue : On October 1, 2020, the company's accountant recorded $2,000 in service revenue for services. What is total amount of after-adjustment unearned revenue
What is the importance of each of these financial statements : Look for an example of the three main financial statements, What is the importance of each of these financial statements
Where did the first financial contracts emerge : Where did the first financial contracts emerge? Describe the concept of interest and its first application in an agrarian (farming) setting.
For what purposes does the CPA make : For what purposes does the CPA make and record test counts of inventory quantities during his or her observation of the taking of the physical inventory
Why do auditors care about prenumbering and gap detection : Beginning invoice number on April 1st, 2019 is #2816, and ending invoice number, Why do auditors care about prenumbering and gap detection
Develop the control system of an automatic vending machine : Develop the control system of an automatic coffee-vending machine. Insertion of a coin and pushing of buttons provides a paper cup with coffee that can be black
Calculate the company current ratio and quick ratio : Use the following income statement and balance sheet to answer the following questions. Calculate the company current ratio and quick ratio
Possible causes of direct and indirect material variances : Describe 4 measures of direct material usage.
How much interest expense would sam record for first year : Sam's Safaris, Inc. leased Jeeps under terms of a $20,000 first payment upon signing the lease. How much interest expense would Sam record for first year

Reviews

Write a Review

Accounting Basics Questions & Answers

  Does management''s assessment of the financial condition

Does management's assessment of the financial condition agree with your assessment from the Financial Statements Paper Part I? Explain your response. Support your answer using trend analysis, vertical analysis, or ratio analysis.

  Determine the inventory cost and the cost of merchandise

Determine the inventory cost and the cost of merchandise sold by three methods

  Which of the following are characteristics of an effective

which of the following are characteristics of an effective manual accounting system but not characteristics of an

  Compare key differences between us gaap and ifrss position

Compare the key differences between U.S. GAAP and IFRS's position on both intangible research and development costs and tangible depreciable assets.

  Compute Culver compensation expense

Culver, Inc. established a stock-appreciation rights (SARs) program on January 1, 2020, Compute Culver's compensation expense for 2020 and 2021

  Prepare the journal entries on the books of windsor

Prepare the journal entries on the books of Windsor Leasing to reflect the payments received under the lease and to recognize income for the years 2017 and 2018

  Advertising campaign cost in total

This is the remaining balance of a twelve-month advertising campaign purchased on August 31 in the current year. Assuming the cost is spread equally over each month how much did this advertising campaign cost in total?

  What amount should be reported as cost of goods sold

What amount should be reported as cost of goods sold on the income statement if 5,000 units are produced and 4,000 are sold?

  What is the income reported by regal

What is the income reported by Regal during 2012 pertaining to the Air investment?

  Prepare Monty journal entries to record the purchase

Prepare Monty's journal entries to record (a) the purchase of the investment, (b) the dividends received, and (c) the fair value adjustment

  Noncash financing and investing activities

The accounting principle that requires important noncash financing and investing activities be reported on the statement of cash flows or in a footnote is the:

  How should the contingency be reported

Shinobi Inc. had a manufacturing plant in Darfur, which was destroyed in the civil war. How should the contingency be reported in the financial statements

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