EBK INTERMEDIATE ACCOUNTING
EBK INTERMEDIATE ACCOUNTING
3rd Edition
ISBN: 9780136946465
Author: SANNELLA
Publisher: VST
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Chapter 1, Problem 1.9Q
To determine

Whether the promulgation of financial accounting standards can be referred to as a political process.

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Accounting records are maintained on a computer using proprietarysoftware.Your assistant is a newly recruited business graduate who has done an accounting course buthas no practical experience.Because of the small size of the company there is limited opportunity for segregation ofduties. You decide, as in previous years, that the appropriate audit strategy is to obtainevidence primarily through the performance of substantive procedures. You also plan toperform the audit around the computer as the proprietary software is known to be reliable anddetails of all transactions and balances can be readily printed out.On arriving at the company's premises in December 2019 to perform the final audit on the 31October 2019 financial statements, you obtain a copy of the year end bank reconciliationprepared by the bookkeeper and checked by the managing director. This is reproduced below. Balance per bank statement 31 October 2019:      $36752.00Deposits outstanding:30 October…
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