Fill in the missing items for the following inventories: A $14,200 12,400 44,000 Beginning balance Ending balance Transferred in Transferred out type your answer... Remember the cost flow formula: BB + TI - TO = EB B $33,500 28,000 type your answer... 85,000 C $17,000 16,000 type your answer... 19,000

Q: What actions to be taken on error/fraud discovery?

A: An auditor is a person who is held responsible for fraud or error detection as he or she is auditing…

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: s data independence? why is it important in a comparison of the application and centralised database…

A:

Q: What are the causes of information risk

A: Information risk is related to the risk of three elements in any business, these are…

Q: What challenges that may arise during implementation of Data Analytics?

A: The first challenge that may arise during the implementation of data analytics is understanding the…

Q: What are Check Digits?

A: CHECK DIGITS  A check digit is a form of control input that is used to detect mistakes that happen…

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

A:

Q: How long must audit workpapers be maintained?

A: Definition:   Audit planning: Audit planning includes the designing of audit strategy for the…

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: Identify and provide examples of controls related to the use of files and data.

A: INTRODUCTION Data control is the administration of information policy for the data of an…

Q: How can a poorly designed database result in unintentional loss of critical records?

A:

Q: two methods of recording prepayments

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

Q: What are Post-audit Tasks?

A: An audit is conducted on the accounting records and financial statements of a firm. The purpose of…

Q: Describe the accounting for correction of errors.

A: The accounting for correction of errors will be explained:

Q: What very important precautions must be taken during the data conversion procedures?

A:

Q: Why are denormalized tables used in data ware-houses?

A: Data Warehouse:   Data warehouse is also termed as enterprise data warehouse. It can be defined as…

Q: Describe the accounting for correction of errors.

A: Accounting errors refer to the errors made while recording, classifying or summarizing accounting…

Q: Define Inventories.

A: Introduction: Balance sheet: All Assets and liabilities are shown in balance sheet. It tells the net…

Q: List Common Types of Analytical Procedures

A: Definition:   Analytical procedures: Analytical procedures are a method by which standard balances…

Q: Describe the alternative approach to record prepayments.

A: Prepayments are the amounts paid in advances for expenses of future period. Alternative approach to…

Q: How do computer-assisted procedures complete the analytical procedure audit

A: CAATS- CAATS are known as Computer Assisted Audit Techniques. These are the techniques used to…

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.