Financial audit Q&A What is the name of accounts that has materiality limit of 1/2% to 1% applied?
Q: nswer this question, focus on the understandability and usefulness of the disclosures to the users o...
A: Answer: Typically, the balance sheet displays the historical cost of assets and liabilities. Certain...
Q: P2,000,000 P480,000 ...
A: No, i wont agree with his presentation. because even if we stop the production from southern divisio...
Q: 29. The Cash Receipts Journal of the X & Y Co shows the following accounts and account balances: Sal...
A: A cash receipts journal is a type of journal that is used to record cash that a company receives fro...
Q: Blossom Company provides the following information about Its defined Behefit Service cost $ 91,800 C...
A: The amount charged to expenditure by a firm in regard to its liabilities for employee pensions is kn...
Q: Problem 3 Kyrie Company produces different sizes of basketballs. The following costs were incurred ...
A: The period cost comprises of selling and administrative cost, which are to be expensed in the period...
Q: P21.6 (LO 2, 3) (Lessee-Lessor Entries, Lease with a Guaranteed Residual Value) Glaus Leasing AG agr...
A: the present value of the minimum lease payment is simply the sum of all of the lease payments that a...
Q: ABC Co. have 1,000 kg of high quality iron ore stock in a warehouse that has been sitting there for ...
A: The comparability of a product's cost with an offer depends on the relevant cost. Relevant costs are...
Q: Vibrant Company had $950,000 of sales in each of Year 1, Year 2, and Year 3, and it purchased mercha...
A: The gross profit is calculated as difference between sales and cost of goods sold. Cost of goods sol...
Q: Hauswirth Corporation sold (or exchanged) a warehouse in year 0. Hauswirth bought the warehouse seve...
A: Here discuss about the topic of Amount Realized on the sale of assets and any kind of amount recogni...
Q: An unmarried taxpayer reports $17,000 of capital losses and $8,000 of capital gains Which amount sho...
A: Many countries have different rule is case of deduction of capital loss, some countries are allowing...
Q: lberg Associates, antique dealers, purchased goods for $38,700. Terms of the purchase were FOB shipp...
A: Solution: Cost of inventory includes all those costs which are incurred to bring the inventory in th...
Q: Financial audit Q&A Auditors also need to consider the subjective needs of users of financial statem...
A: Auditing involves an independent examination of financial records of an entity with a view to provid...
Q: Pardee Company makes 30% of its sales for cash and 70% on account. 60% of the account sales are coll...
A: Cash sales 30% + 70% credit sales = 100% sales out of the 70 % the collection is made as follows: ...
Q: The Warner Corporation has gross income of $560,000. It has business expenses of $325,000, a capital...
A: The portion of your total income that is used to calculate how much tax you owe in a given tax year ...
Q: Please see the pictures below. I am completely stumped on this problem and really need help with it....
A: Inventory refers to the stock that the company held for the resale purpose or is not sold by the com...
Q: What is the audit assertion underlying the tracing procedure?
A: Tracing is the opposite of vouching. In vouching, process started with accounting records and flow t...
Q: Statement 1: Any loss acquired when the costs related to processing, storing, and disposing of by-pr...
A: Let us first understand what are by products. By products are something that is incidental to the pr...
Q: X, Y, Z share profits and losses in the ratio of 20%, 30%, 50%, respectively. During the year, their...
A: Partnership is the business which is established and formed by at least two or more than more person...
Q: Compute the dividends BG CORPORATION ISSUED THE FOLLOWING; 950 COMMON STOCKS PAR VALUE P100 775 PART...
A: Dividend- A dividend is a portion of an organization's profit that is delivered to its shareholders....
Q: Q.5 S Corporation uses the following activity rates from its activity-based costing system to assign...
A: Activity based costing is one of the important costing technique, under which all indirect costs and...
Q: Required: • Cash Flow (should follow the given format)
A: Cash flows statement is one of the financial statement which is prepared in order to analyse all cas...
Q: On September 1, 2021, Middleton Corp. lends cash and accepts a $1,200 note receivable that offers 6%...
A: Interest revenue for the period from September 1, 2021 to December 31, 2021 will be recognized in th...
Q: For PFRS 15 to apply, a contract with a customer should meet which of the following conditions? I. T...
A: For PFRS 15 to apply, a contract with a customer should meet the following conditions : I. The part...
Q: describe the main differences between Vertical and Horizontal Analysis.
A: Vertical Analysis: In financial statements, vertical analysis refers to the approach of assessing ea...
Q: X, Y, Z share profits and losses in the ratio of 20%, 30%, 50%, respectively. During the year, their...
A: Ending Capital Balance=Beginning Capital Balance+Share in Profit-Drawings
Q: A proprietor (CHRISTIA) who just inherited a building is considering using it in a new business ven...
A: Relevant costs are costs that are considered at the time of decision making or any change in these c...
Q: The following income statements illustrate different cost structures for two competing companies: In...
A: Total fixed cost does not changes with the change in the level of output Variable cost per unit will...
Q: The stockholders’ equity section of Sweet Corporation appears below as of December 31, 2017. 8% p...
A: Earnings per Share - Earnings per share is the income earned by the company to the shareholder's of ...
Q: Mary Jarvis is a single individual who is working on filing her tax return for the previous year. Sh...
A: Taxable income means the base amount on which the government or the system of income tax imposes or ...
Q: The effects of financial choices can be understood by performing which of these? Check two. O Micro ...
A: Decision making is the most important function of management. But when it comes to financial choices...
Q: 32. Partners X, Y and Z had average capital account balances during the year of P400,000, P500,000 a...
A: Partnership is lawful association of two or more persons to carryout any business activity and share...
Q: Deemer Corporation has an activity-based costing system with three activity cost pools--Processing, ...
A: Solution Working note Total overhead cost = Equipment expenses + indirect labor . = 59000+ 12700 =...
Q: 70. The book recorded a check disbursement in November for P15,000, the correct amount is P25,000. ...
A: Error can be of 4 types Error of Omission: When transaction are completely or partially recorded in...
Q: Examples of when an entity has retained substantially all the risks and rewards of ownership of tran...
A: Following is the example of entity has retained substantially all the risk and rewards of ownership.
Q: ВЕЗ.1 (LO 1) Indicate why adjusting entries are needed. The ledger of Althukair Company includes the...
A: Hi student Since there are multiple questions, we will answer only first question
Q: E. Assuming the company closets it's books on December 31, prepare the journal entres for 12/31/2019...
A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...
Q: on sells products for $43 each that have variab ual fixed cost is $638,000. ontribution margin appro...
A: Breakeven point is where the fixed cost equals the contribution margin . At breakeven point there is...
Q: Risk can be defined as uncertainty concerning the actual return that an investment will g
A: In accounting, "uncertainty" refers to the difficulty of anticipating outcomes due to a lack of or i...
Q: Accounting Ledger Accounting Equation - - On September 1, 2010, the business agreed to cater 23 even...
A: The adjustment entries are prepared to adjust the revenue and expenses of the current period. The a...
Q: Why does Swift's narrator indicate that he gains nothing proposal?
A: Solution:- The main purpose of Swift's narrator is satirical essay is to call attention to the probl...
Q: AJ Manufacturing Company incurred $58,000 of fixed product cost and $46,400 of variable product cost...
A: Three components of the income statement are as follows: Gross profit component ( it gives details ...
Q: Additional information: a. Included in the cash account are the following: compensating cash fu...
A: Current assets refer to those resources of a company that can be easily converted into cash.
Q: The following information is available for Barone Corporation: January 1, 2022 Shares outst...
A: Issued shares are those shares which the owner decides to sell for cash. A company's outstanding sha...
Q: ago, your client gave his daughter Debbie his shares of Amazon stock valued that day at $35,000. It ...
A: Fred already utilised the exclusion amount of $ 1140000 as per given ...
Q: Skittles Pet store provides a dog wash service. Its highest and lowest bills of $3800 and $2400 were...
A: The answer for the multiple choice question and relevant working are presented hereunder : 500 dogs ...
Q: Pharoah Corporation issued 117,000 shares of $19 par value, cumulative, 7% preferred stock on Januar...
A: The preference shareholders get the dividend before any dividend paid to other shareholders.
Q: You are not required to monitor the investments held through your spouse's pension plan if those inv...
A: Pension plan is the plan which a person takes so that their old age life will be comfortable in term...
Q: At December 31,2020, a firm is evaluating a contingent liability as part of their annual financial r...
A: Contingent liabilities are the amount of obligation which depends on the uncertain future event that...
Q: What is an example of a like-kind exchange? Exchange of a computer server for two personal compu...
A: Like kind exchange is a form of exchange between two parties which is a tax deferred transaction and...
Q: The following information has been obtained for Sheridan Corporation. 1. Prior to 2020, taxable inco...
A: Calculation of taxable income 2021 Particulars Amount Pretax financial income 1,359,000 Less:...
Step by step
Solved in 2 steps
- {Auditing} 22. ________________involves checking the arithmetical accuracy of a source of document and accounting record. a. Observation b. Inspection c. Enquiry d. ComputationIn a common-size analysis, the auditor compares account balances with a single line item. In a balance sheet, this line item is generally current assets. O total equity. O total liabilities. O total assets.9. A working paper should contain, except: * A. Client's name B. Balance sheet date for real accounts C. Tick marks for audit procedures applied D. Appropriate cross-referencing E. None of them
- 10 Population is the set of accounts or transactions from which the auditor intends to draw a conclusion from Question 10 options: a) True b) False{Auditing} 19. Choose the statement/s, which explains the concept of true and fair view. a. All the options b. Accuracy in the accounting transaction and records c. Financial statements are free from material misstatement d. Presentation of financial statements according to accounting standards framework{Auditing} 25. _________________are tests involved in obtaining evidential matter on items included in an account balance or class of transactions. a. Test of Control b. Analytical procedures c. All the options d. Tests of details
- Auditor gives ________ regarding the financial statements a. Accurate view b. True and fair view c. Correct view d. Exact viewA recognition test assists with deciding whether items should be included in the financial statements. Which characteristic of a financial statement does this refer to? O A. Reliable O B. Complete OC. Material O D. Neutral Type here to searchAccounting & Finance - Auditing Question 3: Explain the main types of audit based on its objectives.
- Instructions Rubric Instructions In not less than five sentences, choose ONE FS item and explain what kind of audit procedure the auditor should do to address its corresponding FS assertion.Financial audit Q&A What is the file type of the customer confirmation that is related to the outstanding balance the client has?Discuss the meaning of the following terms and how they apply to auditing accounts receivable: a. tie-in b. completeness c. existence d. accuracy e. rights f. realizable value g. cutoff h. classification Please provide references.