Join the files (1-3) to design the test of inventory using the data from the three files.

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Answer 1

Question

Chapter 12, Problem 27QRA

a.

To determine

Join the files (1-3) to design the test of inventory using the data from the three files.

b.

To determine

Suggest two data analytic tests to identify the (1) Excess quantities of inventory items and (2) Unusual transactions.

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The Tamarisk Marine Supply Company's bank statement for the month of November showed a balance per bank of $8,500. The company's Cash account in the general ledger had a balance of $5,536 at November 30. Other information is as follows: (1) Cash receipts for November 30 recorded on the company's books were $6,480 but this amount does not appear on the bank statement. (2) (3) (4) (5) (6) (7) The bank statement shows a debit memorandum for $50 for check printing charges. Check No. 119 payable to Riverbed Company was recorded in the cash payments journal and cleared the bank for $368. A review of the accounts payable subsidiary ledger shows a $18 credit balance in the account of Riverbed Company and that the payment to them should have been for $386. The total amount of checks still outstanding at November 30 amounted to $6,260. Check No. 138 was correctly written and paid by the bank for $506. The cash payment journal reflects an entry for Check No. 138 as a debit to Accounts Payable and…

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Answer 2

Question

Chapter 12, Problem 27QRA

a.

To determine

Join the files (1-3) to design the test of inventory using the data from the three files.

b.

To determine

Suggest two data analytic tests to identify the (1) Excess quantities of inventory items and (2) Unusual transactions.

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Answer 3

Question

Chapter 12, Problem 27QRA

a.

To determine

Join the files (1-3) to design the test of inventory using the data from the three files.

b.

To determine

Suggest two data analytic tests to identify the (1) Excess quantities of inventory items and (2) Unusual transactions.

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Answer 4

Question

Chapter 12, Problem 27QRA

a.

To determine

Join the files (1-3) to design the test of inventory using the data from the three files.

b.

To determine

Suggest two data analytic tests to identify the (1) Excess quantities of inventory items and (2) Unusual transactions.

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Answer 5

Chapter 12, Problem 27QRA

a.

To determine

Join the files (1-3) to design the test of inventory using the data from the three files.

b.

To determine

Suggest two data analytic tests to identify the (1) Excess quantities of inventory items and (2) Unusual transactions.

Answer 6

Chapter 12, Problem 27QRA

a.

To determine

Join the files (1-3) to design the test of inventory using the data from the three files.

Answer 7

Chapter 12, Problem 27QRA

a.

To determine

Join the files (1-3) to design the test of inventory using the data from the three files.

Answer 8

b.

To determine

Suggest two data analytic tests to identify the (1) Excess quantities of inventory items and (2) Unusual transactions.

Answer 9

b.

To determine

Suggest two data analytic tests to identify the (1) Excess quantities of inventory items and (2) Unusual transactions.

Answer 10

Expert Solution & Answer

Answer 11

Expert Solution & Answer

Answer 12

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Answer 13

Ch. 12 - Prob. 1RQ Ch. 12 - Explain the significance of the purchase order to...Ch. 12 - What segregation of duties would you recommend to...Ch. 12 - Prob. 4RQ Ch. 12 - Prob. 5RQ Ch. 12 - Prob. 6RQ Ch. 12 - Prob. 7RQ Ch. 12 - Prob. 8RQ Ch. 12 - Prob. 9RQ Ch. 12 - When perpetual inventory records are maintained,...

Join the files (1-3) to design the test of inventory using the data from the three files.

Solution Summary: The author suggests two data analytic tests to identify excess quantities of inventory items and unusual transactions.

Concept explainers

Join the files (1-3) to design the test of inventory using the data from the three files.

Suggest two data analytic tests to identify the (1) Excess quantities of inventory items and (2) Unusual transactions.

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Chapter 12 Solutions