Auditing and Assurance Services, Student Value Edition (16th Edition)
Auditing and Assurance Services, Student Value Edition (16th Edition)
16th Edition
ISBN: 9780134075754
Author: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Chris E. Hogan
Publisher: PEARSON
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Chapter 10, Problem 19.2MCQ
To determine

Identify the situations under which the auditor may increase the assessment on the risk of material misstatement due to fraud.

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In a certain standard costing system, the following results occurred last period: total labor variance, 2000 F; labor efficiency variance, 2,800 F; and the actual labor rate was $.20 more per hour than the standard labor rate. The number of direct labor hours used last period was __.
Solve this general accounting issue without any correction
The following information is from the materials requisitions and time tickets for Job 9-1005 completed by Great Bay Boats. The requisitions are identified by code numbers starting with the letter Q and the time tickets start with W. At the start of the year, management estimated that overhead cost would equal 110% of the direct labor cost for each job. Data Document Amount 7/1/2015 Q-4698 $ 1,250 7/1/2015 W-3393 $600 7/5/2015 Q-4725 $ 1,000 7/5/2015 W-3479 $ 450 W-3559 $ 300 7/10/2015 Determine the total cost on the job cost sheet for Job 9-1005.
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