Beginning balance Ending balance Transferred in Transferred out 7,200 6,400 7,600 10,400 10,400 10,800 8,500 5,500 52,500

Q: When reviewing a current audit file, what should you look for?

A: A financial audit is a review of financial accounts to ensure they are accurate.

Q: What type of internal control would recalculating the totals on a computer report be?

A: Step 1:   The rules and procedures implemented by a company to ensure the integrity of the…

Q: Distinguish between costs included in inventories and costs recognized as expenses in theperiod in…

A: Product cost is the cost incurred for manufacturing a product i.e.; it is the total amount of direct…

Q: Define inventory costing system.

A: Inventory cost flow assumptions: These are the methods used by the companies to compute the cost…

Q: Which of the following is Appraisal cost? A. Recalls and warranty repairs B. Line Inspection and…

A: Cost accounting:- Cost accounting helps to record overall cost of the firm including variable and…

Q: What happen when the inventories increasing or deacresing

A: Inventories form a part of assets of the entity and comprises of stock of raw material, work in…

Q: Explain whether or not analytical review procedures would be sufficient for the audit of the…

A: Auditing is the examination and verification of the financial statements prepared by the entity and…

Q: The general ledger clerk receives summary data from which departments?what form of summary data?

A:

Q: Compare and contrast the terms storage, filing, storage method, and records management. List and…

A: a.Storage, filing, storage method, and records management are integral aspects of organizing and…

Q: Which one of the following accounts is an asset similar to work-in-process inventory? Group of…

A: An asset refers to the resource of the business that can be utilized for the purpose of revenue…

Q: what are the audit asssertions related to inventory?

A: Audit is the process of checking and examining books of accounts and financial statements so that it…

Q: The finished goods inventory account is used to record which of the following? Group of answer…

A: Finished goods are materials or products which have received the final increments of value through…

Q: Enumerate and define the five major categories of Inventories. Provide at least 3 samples for each…

A: Raw materials, work-in-progress, Finished Goods, packaging material, and maintenance, repair, and…

Q: Provide a very clear and detailed introduction on the repossession procedure.

A: Repossession in the accounting or for a business is taken goods back or getting back the assets or…

Q: List and describe the eight general types ofaudit procedures for gathering evidence

A: Definition: Audit: Audit is the process of verification of the compliance of the financial…

Q: A В D REQUIRED: IDENTIFY THE ASSERTION[S] RELATED TO EACH AUDIT PROCEDURE ASSERTION[S] E= existence…

A: Audit Procedure:- An audit procedure is referred as the procedure which is used by the auditor to…

Q: What is the beginning inventory of direct materials

A: Direct material is the cost of materials incurred on the making of the goods. It is part of prime…

Q: two methods of recording prepayments

A: Prepayments are the advance amount paid for expenses to be incurred.

Q: What guidance does the Codification provide concerning reporting inventories above cost?

A: Inventory management: Inventory management is defined as a set of processes clearly determined for…

Q: Discuss the objects of the cut off on the sales and collection cycle.

A: The cash collection cycle is the number of days it takes to recover accounts receivable. The…

Q: The most probable audit processes to verify receivables written off as uncollectible include Explain…

A: Procedure for auditing: Audit procedures are the processes, strategies, and methods used by auditors…

Q: Inventories can be classified into: a. Product, material, item b. raw material, work-in progress,…

A: Inventory:- Inventory is classified includes all the raw material, work-in-progress and finished…

Q: What is done in the post-audit?

A: Audit: Audit is the process of verification of the compliance of the financial statements. It…

Q: Analyze some common internal controls over inventories. Explain the significant inherent risks…

A: Introduction: Depreciation is an accounting procedure that distributes the cost of an item over its…

Q: Use the graph in order to answer the following question Name three data sources that would need to…

A: Following are the three data sources that would need to access the product and inventory

Q: TASKS Prepared supporting documents for Requested Materials to Purchase such as: (1) Purchase…

A: In this discussion below, we will look at a variety of critical administrative jobs that necessitate…

Q: Replenishment planning helps to determine what materials are to be procured and when. Select on

A: Replenishment planning is a delicate balance of three factors: The amount of inventory required to…

Q: what is the importance of each assertion in the audit of inventories

A: Audit of inventory has the following assertions which are enumerated as below:

Q: How do I tell what the adjusting entries are on a partial work sheet?

A: Adjusting entries are listed in a separate column in the worksheet. The adjusted trail balance is…

Q: Under FIFO method, what was the actual units of the Work in Process beginning inventory?

A: Normal wastage or material loss is the loss that is unavoidable due to the fundamental character of…

Q: A person's personnel file should include what kinds of documents

A: Answer: Person Personnel file is the record that is maintained by employer for the employee that…

Q: Items that are used in the production of an item but are not necessarily the primary items being…

A: Direct inventory includes materials directly used in manufacturing a product, like raw materials and…

Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.