EBK BUSINESS STATISTICS
7th Edition
ISBN: 9780134462783
Author: STEPHAN
Publisher: PEARSON CUSTOM PUB.(CONSIGNMENT)
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Internal auditors are often used to review an organization’s financial statements, such as balance sheets, income statements, and cash flow statements, prior to public filings. Auditors seek to verify that the financial statements accurately represent the financial position of the organization and that the statements follow accepted accounting principles. Many errors that are discovered by auditors are minor errors that are easily corrected. However, some errors are serious and require substantial time to rectify. Suppose that the financial statements of 567 public companies are audited. The following table contains the number of errors discovered during the internal audit of each of 567 these public companies that were classified as “serious.”
Number of Serious
Errors (x)
Frequency
0
237
1
93
2
52
3
40
4
80
5
56
6
7
Number of Serious
Errors (x)
Frequency
Probability f(x)
0
237
1
93
2
52
3
40
4
80…
Illu.16 : On 31st Lecember, 2003 Andhra Traders Lid, shored in thei accouts
the following balances :
Rs.
1.50.000
Debenture Redemption Fund
Debenture Redemption Fund Investments
1.50,000
5% Debentures
150,000
On 1st March, 2004, the Company sold the investments for Rs.150,500 and the
debentures were paid off. Prepare (a) Debenture A/e (b) Debenture Redemption Fud
a/c (c) Debenture Redemption Fund Investment a/e.
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Illu.7: Journalise the following transactions at the time of issue.
i. Rs.1,00,000 debentures of Rs.100 each issued at par and redeemable at par.
ii. Rs.1,00,000 debentures of Rs.100 each issued at Rs.95 and redeemable at ar
iii. Rs.1,00,000 debentures of Rs.100 each issued at Rs.95 and redeemable at Rs,105
each.
CS Scanned with CamScanner
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