Auditing And Assurance Services
Auditing And Assurance Services
17th Edition
ISBN: 9780134897431
Author: ARENS, Alvin A.
Publisher: PEARSON
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Chapter 11, Problem 20.2MCQ

Actions, policies, and procedures that reflect the overall attitude of management, directors, and owners of the entity about internal control relate to which of the following internal control components?

  1. (1) Control environment
  2. (2) Information and communication
  3. (3) Risk assessment
  4. (4) Monitoring
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Calculating Equivalent Units: Conte Chemical Company uses the weighted average method. All materials are added at the start of the production process. Labor and Overhead are added evenly at the same rate throughout the process. Conte's records indicate the following data for May: Beginning Workin Process, May 1 (50% complete): 1,000 units Started in May: 5,000 units Completed and transferred: 4,000 units Ending work in process, on May 31: is 75% completed as to labor and factory overhead. Make the following calculations: a. Equivalent units for direct materials b. Equivalent units for labor and overhead.
In determining the market value of ending inventory, which of the following is NOT considered as a possible market value? a) Replacement cost of the inventory. b) Ceiling price, calculated as the Selling price less costs to complete or selling costs. c) Net realizable value d) Floor price, calculated as the Ceiling price less the profit margin. Selling price without any adjustments.
Provide general accounting solution.
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Internal Control Components; Author: Accounting Instruction, Help, & How To;https://www.youtube.com/watch?v=D8SSaqpE6L8;License: Standard Youtube License