Answered: several audits

Business

Accounting

several audits

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A big construction company has invested food and beverage sector and opened 3 different restaurant in three different city. Senior management has concerns about the internal controls of newly opened restaurants. You have been recruited as an internal auditor and you have to plan your engagement process to audit these restaurants. Please explain the engagement processes in scope of plan, perform and communicate and explain your role as an internal auditor in each step.
QUESTION 16 Susan and Scott were very happy to see how Ashton(Accountant) is designing the system of the company. The documentation done by Ashton will also help IT professional to understand the transaction processing of the company. Ashton documented payroll processing system and Susan and Scott approved it. The owners asked him to design a new system for the company. While studying the processes he got several new ideas that how technology could eliminate outdated procedures and make system more effective. For designing new system, he met employees of the company. THINK AND ANSWER (both questions) Q17.1 What made Ashton to prepare DFDs and flowcharts of S&S? What is the purpose of DFD and Flowcharts ? Q17.2 How documenting accounting cycles helped Ashton? As per the case summary, what were the source of information to design the new system?
! /transcript Skip to question Required information Alamo Power historically allocates IDC for its safety program to generation facilities in Cities A and B based on the number of employees. Last year, $300,000 was distributed and the employee count was 790 in city A and 450 in city B. Implementation of the ABC method took place this year to allocate IDC on the basis of number of accidents. City A reported 320 events and city B had 142 accidents reported. Determine the allocation based on the number of accidents. The allocation based on the number of accidents is as follows: City A = $191129.03 City B = $ 108870.91
You stopped by the accounts payable department and retrieved a series of recently submitted invoices for various trade expenses related to the auditorium construction project. “One of the things you wanted to accomplish was to understand how the accounting codes worked—what was capitalized, what was expensed, how it was recorded, etc.” So, you grabbed a stack of processed invoices with accounting codes and went to the construction site to meet with the vice president for an hour-long interview. As the two of you walked around the grounds, you asked the vice president if he could explain the accounting codes to you: “He stared at the [top] invoice for approximately 30 seconds and said: ‘That is not my signature on the invoice!’ As he looked through the stack, he found what appeared to be about three or four other forgeries. He was completely baffled.” The initial investigation revealed that all the forgeries were in the painting division, budgeted at approximately $800,000 a year. The…
Do it on ms word file only do requirmnts no 2 and 3 thanku.
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Net Promoter Score (NPS) Upon graduation, you and a friend established a computerconsultancy business. Your business has generally been successful, but you and your colleaguewish to expand the business significantly over the next 3 years. You have always assumed that theservice your firm rendered to clients was of sterling quality. However, up to this point you havenot attempted to measure customer satisfaction. Recently, you prepared and sent to your clients acustomer-satisfaction survey that, among other items, asked the following question: “How likely isit that you would recommend our services to a friend or business associate?” Customers respondedto this question using a 10-point scale, with 10 = “Extremely Likely,” 5 = “Neutral/Uncertain,” and1 = “Extremely Unlikely.” You received 290 responses to this question, which were as follows:[LO 17-5][LO 17-6]Score No. of Responses1 62 83 94 215 236 307 168 729 7010 35Final PDF to printerblo17029_ch17_713-774.indd 769 02/19/18 09:10…
What I Can Do Activity 9-4 As a senior high school in your school, you were required to undergo Work Immersion in a bank. You were assigned in accounting department and your immediate superior instructed you to conduct an audit to the following transactions: 1. The bank acquired Furniture and Fixtures last February 1, 2020 for P125,000. The said asset has a salvage value of P20,000 after its estimated useful life of 10 years. 2. The payment for one-year rent of P96,000 dated January 1, 2020 was debited to Prepaid Rent. 3. The Notes Receivable of P200,000 dated February 29, 2020 with 15% interest is collectible after six months. Prepare the adjusting journal entries as of June 30, 2020 (with computation in good form) Assessment Test I: True or False Write TRUE if the statement is corect and FALSE if the statement is incorrect. 1. All adjusting entries require to analyze the source document before they recorded. 2. Prepaid expense is an expense account with a debit normal balance. 17
Create CPA Accounting Critical Quantitative Analysis of the following, determine best recommendation and justify the decison criteria used for final decision: GBC Consultants, Inc., must replace its existing roof and is investigating whether it should replace its current roof with a long-lasting composite roof or a living roof. The management feel that a ‘green roof’ could enhance their performance in the new corporate ESG reports included in their annual report. They have hired your consulting firm to analyze the options and advise them on the choices available. You must make your final recommendation to the GBC executives as a presentation. A living roof is a roof of a building that is completely covered with grass or other vegetation planted over a waterproof layer (to protect the building interior). Why are green roofs good? Various studies have been done on the topic, and they found that green roofs are environmentally friendly. That is because of their ability to retain…
MANAGERIAL ACCOUNTING (You may use excel. RATE will be given. No long explanation needed) Show in tabular form (depreciation schedule) the computation for the depreciation expenses, accumulated depreciation, and book value per year for a machine worth Php 1,000,000 with a salvage value of 10% of the original cost and a depreciable life of 5 years using: a. straight-line method b. sum of year's digits method
Research and Development Costs (PAS 38) Required: Based on the result of your audit, determine the following for the year ended December 31,2011:____________1. Total Research Costs____________2. Total Development Costs____________3. Total Research and Development Costs____________4. Expenses which are not Research and Development Costs
Your Audit team is preparing to audit a new client in the electronic retail industry. The client imports items from manufacturers in several Asian countries and retails in a chain of shops located throughout the country. You and your team members have access to the client's following information. · Prior period financial reports · Anticipated results for the current year · Industry Averages Required: Explain how you would use the information to understand your new client.