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- a) An error in accounting records is an irregularity that renders the financial statements not valid. i) List five (5) accounting errors that do not affect the agreement of the trial balance. ii) List five (5) accounting errors that affect the agreement of the trial balance. b) Explain briefly with illustrations the following types of errors: I) Error of commission V) Compensating error VI) II) Error of principle original entry III) Error of transposition complete reversal of entries IV) Error of omission Error of VII) Error of c) The trial balance of Yeme Enterprise as at 31* March, 2018 has an excess of credits over debits of GH¢5,000. Further investigations revealed the following errors: (1) The total sales day book for March 2018 had been overstated by GH¢4,500. (2) Discount received of GH¢2,500 in January 2018 had been posted to the debit of the discount allowed account. (3) Payment by cheque to a creditor for GH¢3,150 had been entered in the cash book as GH¢1,350. (4) Wages of…6-An audit of an entity records for its first year of operations determined that the following errors were made at the balance sheet date. Failed to accrue 50000 interest expenses failed to record depreciation expense on office equipment of 80000 failed to amortize prepaid rent expense of 100000 failed to defer recognition of prepaid advertising expense of 60000. The net effect of these errors was to overstate net profit by A. 130000 B. 170000 C. 230000 D. 29000036. In the following liabilities, the payee is known, however, the amount may have to be estimated. Which is the exception? a. provision for restructuring costs b. provision for decommissioning costs c. provision for staff bonus d. liability on customer loyalty credits
- In how many days shall the notice of removal of the auditor is to be send by the company? 21 14 28 30Ques 20: Holiday Co.’s audit went without incident except that you are convinced that its deteriorating cash position and its poor position in a declining industry will make it highly unlikely that it will be in business this time next year. Num. Type of Audit Opinion Num. Other Modifications to add to Audit Opinion A Adverse 1 Emphasis of matter paragraph B Disclaimer 2 Other matter paragraph C Qualified 3 Basis for modification other than additional paragraph D Unmodified 4 Make modification other than additional paragraph 5 Make no modificationMuffler Incorporated produces floor mats for cars and trucks. The owner, Kenneth Muffler, asked you to assist him in estimating his maintenance costs. Together, Mr. Muffler and you determined that the single best cost driver for maintenance costs was machine hours. Below are data from the previous fiscal year for maintenance expense and machine hours: Month 1 2 3 4 5 6 7 8 9 10 11 12 Multiple Choice O O о Maintenance Expense $ 3,440 O O Using the high-low method, total monthly fixed cost is calculated to be (Round final answer to full dollar amount with no decimal places): $212. $153. $520. $462. 3,630 3,810 3,940 3,940 4,320 3,930 $280. 3,740 3,460 3,080 2,940 3,200 Machine Hours 2,360 2,460 2,560 2,590 2,440 2,600 2,580 2,550 2,370 2,240 1,670 2,230
- 49) ____________ is a mistake or error committed by an accountant during the process of recording and posting the transactions. a. Adjusting entry b. Closing entry c. Accounting error d. NoneMuzna Salim Mob Which of the following should be disclosed as a note to financial. statements as a contingent liability? Damages awarded against a company by court, for wrongful dismissal of an employee A customer's claim for injuries suffered on company premises with 5% chance of success A customer's claim which, according to legal opinion, has a 75% chance of success A customer's claim that is unlikely to succeed finition of rovenue stated hy JERS15 which of the following statements is correct?Question No: 02 This is a subjective question, hence you have to write your answer in the Text-Field given below. An insurance company has been having several claims applications during the last several months. The company has been experiencing losses over these claims. Given the scenario, explain in detail at least three key differences between business intelligence and data science.
- What is the objective in testing for cut-off? Select one: O a. That no transactions of the current period have been delayed and recorded in a fu O b. Whether transactions are recorded in the proper period ○ c. That no transactions from the prior period are included in the current period's bala O d. Whether all of the current period's transactions are recordedDescribe the process of correcting an error when it’s discovered in a subsequent reporting period.6. An excerpt from an internal audit observation indicates that travel advances exceeded prescribed maximum amounts. Company policy provides travel funds to authorized employees for travel. Advances are not to exceed 45 days of anticipated expenses. Company procedures do not require justification for large travel advances. In this audit observation, the element of an audit finding known as “effect” is: Group of answer choices Advances are not to exceed estimated expenses for 45 days Unauthorized employees are given travel advances Employees accumulate large, unneeded advances Travel advances exceed prescribed maximum amounts