Assume the following misstatements were found in a PPS sample.Sample Item Book Value Audit Value$650$5855400(a)1.12.23451,9002,2002,8000Calculate the projected misstatement assuming:1,6502.660The sampling interval was $1,800. $The sampling interval was $2,000. $

1. If Book value > sampling interval then; projected misstatement = actual difference2. If Book…

Assume the following misstatements were found in a PPS sample. Sample Item Book Value $650 540 (a) 1. 2 2. 3 4 5 1,900 2,200 2,800 Audit Value $585 0 0 Calculate the projected misstatement assuming: 1,650 2,660 The sampling interval was $1,800. $ The sampling interval was $2,000.

Assume the following misstatements were found in a PPS sample. Sample Item Book Value $650 540 (a) 1. 2 2. 3 4 5 1,900 2,200 2,800 Audit Value $585 0 0 Calculate the projected misstatement assuming: 1,650 2,660 The sampling interval was $1,800. $ The sampling interval was $2,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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