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 14, Problem 21.1MCQ

An auditor is performing substantive tests of transactions for sales. One step is to trace a sample of debit entries from the accounts receivable master file back to the supporting duplicate sales invoices. What will the auditor intend to establish by this step?

(1) Sales invoices represent existing sales.
(2) All sales have been recorded.
(3) All sales invoices have been correctly posted to customer accounts.
(4) Debit entries in the accounts receivable master file are correctly supported by sales invoices.

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Chapter 14, Problem 21.3MCQ

Chapter 14, Problem 21.2MCQ

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Parsons Company is planning to produce 2, 100 units of product in 2017. Each unit requires 2.20 pounds of materials at $6.20 per pound and a half-hour of labor at $12.00 per hour. The overhead rate is 40% of direct labor. (a) Compute the budgeted amounts for 2017 for direct materials to be used, direct labor, and applied overhead. (b) Compute the standard cost of one unit of product.

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Superior Uniforms produce uniforms. The company allocates manufacturing overhead based on the machine hours each job uses. Superior Uniforms reports the following cost data for the past year: Direct labor hours Budget Actual 7,000 6,000 hours hours 7,000 6,300 hours hours Machine hours Depreciation on salespeople's autos Indirect materials Depreciation on trucks used to deliver uniforms to customers Depreciation on plant and equipment $23,000 $23,000 $ 49,000 $50,500 $13,500 $12,000 $ 64,000 $66,000 $ 43,500 $46,500 Indirect manufacturing labor Customer service hotline Plant utilities Direct labor cost $ 21,500 $23,000 $46,500 $ 47,500 $ 72,500 $85,500 Compute the predetermined manufacturing overhead rate.

Chapter 14 Solutions

Auditing and Assurance Services, Student Value Edition (16th Edition)

Ch. 14 - Describe the following documents and records and...Ch. 14 - Prob. 2RQ Ch. 14 - Prob. 3RQ Ch. 14 - Prob. 4RQ Ch. 14 - Prob. 5RQ Ch. 14 - Prob. 6RQ Ch. 14 - Prob. 7RQ Ch. 14 - Prob. 8RQ Ch. 14 - Prob. 9RQ Ch. 14 - Prob. 10RQ

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