Reference no: EM131295086
With the double entry accounting system, testing one account balance produces audit evidence concerning another account balance or class of transactions. For example, testing for overstatement of current marketable securities may uncover an understatement of long-term investments due to a misclassification, which would affect the presentation and disclosure assertion.
For each of the following tests of account balances, indicate at least two other account balances or classes of transactions for which evidence is also provided and the related management assertions that would be affected by the tests.
1 Testing inventory for overstatement (E (Existence) and VA (Valuation and Allocation))
2 Testing revenue for understatement (CO (Completeness)).
3 Testing accounts receivable for overstatement (E).
4 Testing accrued salaries for understatement (CO)
5 Testing repairs and maintenance expense for overstatement (E).
6 Testing the adequacy of the allowance for doubtful accounts (VA).
|
Who was ultimately bailed out from the mexican crisis
: What is NAFTA? How did it change the world? Who was ultimately bailed out from the Mexican crisis? What is contagion? Why was LTCM bailed out?
|
|
Find the current through the resistor when connected across
: The conductance of a particular semiconductor resistor is 0.05 mS. Find the current through the resistor when connected across a 1:5-V source. 2-7 In Figure P2-7 the resistor dissipates 25 mW. Find Rx.
|
|
After-tax rate of return and federal long-term tax-exempt
: Zeta Corporation is interested in acquiring Tau Corporation through a "Type A" reorganization on January 2 of the current year. Zeta is valued at $50 million and generates taxable income of $5 million per year, whereas Tau is valued at $7 million and..
|
|
What could reasonably be predicted as understandable policy
: Distinguish the unique influence of your subject with what could reasonably be predicted as understandable policy behavior. Even so, offer some critical assessment of what is otherwise claimed as unique.
|
|
With the double entry accounting system
: With the double entry accounting system, testing one account balance produces audit evidence concerning another account balance or class of transactions. For example, testing for overstatement of current marketable securities may uncover an understat..
|
|
Representatives of a company
: Avatars are virtual characters that can be used as representatives of a company that is using the Internet as a distribution channel. For instance, avatars can be used as shopping assistants, website guides, or as identification figures.
|
|
Describe the culture of either current place of employment
: describe the culture of either your current or past place of employment.Symbols of culture are called artifacts. Artifacts are the most visible and accessible level of culture.
|
|
Show that the entropy production rate per unit volume
: Show that the entropy production rate per unit volume (σ) is always positive for a thermocouple regardless of the values of α, dT/dx, and d?/dx.
|
|
Determine dollar sales volume required to earn target profit
: McKee Corporation has annual fixed costs of $12 million. Its variable cost ratio ( VC/P ) is .70. Determine the company’s break-even dollar sales volume. Determine the dollar sales volume required to earn a target profit of $8 million.
|