Each of the following are input controls. Please give an example of how they may be used: Thank you:) Range check Reasonableness check Validity check

Q: Explain consistency concept.

A: Consistency: Consistency principle emphasizes that companies should adhere to same accounting…

Q: Jay Draperies makes and sells curtains. Information related to its performance in 2020 is given…

A: Flexible budget:- This budget is prepared by multiplying the actual number of units by the budgeted…

Q: Discuss the independence issue related to Generalized Audit Software

A: GAS stands for Generalized Audit Software, which is defined as the software created in order to…

Q: Brabham Enterprises manufactures tires for the Formula I motor racing circuit. For August 2020, it…

A: A flexible budget is prepared by considering the outcome or quantity of actual performance but by…

Q: Explain how an embedded audit module works.

A:

Q: WHAT IS IT ARegistered Retirement Savings Plan (RRSP) is a retirement savings plan that you…

A: Yes, the information is correct.

Q: Give one example of an error that a check digit control detects.

A:

Q: Question 1 ( Evidence is defined as any information used by the auditor to determine whether the…

A: The audit is the procedure of inspection of books of accounts of an organization by an auditor to…

Q: Choose only one answer as well as state their reasons/rationale for the answer chosen. 7) Which…

A: Size check restricts the length of the characters to be entered as an input in a particular field.…

Q: ADVANTAGES RRSP investments growth are tax-free - the returns are exempt from any capita gain tax or…

A: Registered retirement savings plan or RRSP is referred to as the financial account in Canada…

Q: Question 3 ( Audit planning is a vital area of the audit primarily conducted at the beginning of…

A: An auditor is appointed to check the accuracy of the financial statement.

Q: 23. Investments A and B are mutually exclusive and cost $2,000 each. The firm's cost of capital is…

A: Present Value = Cash Flow / (1 + r)^nWhere:n is the year of cash flowr is the cost of capital (9% or…

Q: Differentiate between general and application controls. Give two examples of each.

A: Internal Controls:   Internal controls are the controls established within an organization to check…

Q: 7. Spence Company is considering a project that has the following cash flow. What is the project's…

A: Year    Cash flow 0          -1050 1           400 2           400 3           400 4           400

Q: allocate his indirect expenses. His staff was complaining that the current method of taking a…

A: Total expenses include: Direct expenses Lab tests Utility expense

Q: 3. Risk registers would normally detail which of the following: (Select all that apply.) A. Risk…

A: Risk registers are used to keep a track of the risks and other setbacks in a project and how to…

Q: What is the objective of output controls? List and briefly describe different output controls.

A: Output control guaranteed that the program's result was precise and complete. Output control focuses…

Q: On October 31, the stockholders' equity section of Crane Company's balance sheet consists of common…

A: Stock dividend is a method of capitalizing the retained earning. Under this, no profit is…

Q: 32.3A show the journal entries needed to correct the following errors: (a) Purchases £1,410 on…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: You set up a registered retirement savings plan (RRSP) through a financial institution such as a…

A: Information given in the question : You set up a registered retirement savings plan (RRSP) through…

Q: ower Company owned a service truck that was purchased at the beginning of 2018 for $48,000. It had…

A: The accounting equation states that assets equals to sum of liabilities and shareholders equity.

Q: Which of the following is a component of general controls?       a.   processing controls       b.…

A: General controls are the IT/computerized controls that are applicable to the entire organization and…

Q: COSO to Assess IT Controls

A: Answer:  Internal control is very basic measure to minimize the risk in any organization. In today's…

Q: Andrea has prepared the folloving list of statements about corporations. Identify whether each…

A: A corporation is a form of business organization that is an association of individuals who come…

Q: Briefly provide your opinion whether an auditor wishing to assess the adequacy of separation of…

A:

Q: 8. Nichols Inc. is considering a project that has the following cash flow data. What is the…

A: The internal rate of return (IRR) is a financial metric that is used to evaluate the profitability…

Q: On 3 January 2019 Zandile's Boutique bought trade goods on credit from Nom's Wholesalers for R22…

A:

Q: (3) (5) Trade payables Bank charges Rent (6) Returns inwards. Returns outwards Salaries Wages…

A: 1. Income Statement 2. Balance Sheet   The first statement shows the income earned and loss incurred…