Identify transaction related audit objectives for each question if control is in effect.

Question

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Answer 1

Question

Chapter 14, Problem 24DQP

a.

To determine

Identify transaction related audit objectives for each question if control is in effect.

b.

To determine

Identify a test of control to the test the effectiveness of each control.

c.

To determine

Identify the nature of potential financial misstatements of each question.

d.

To determine

State substantive audit procedures for each of the potential misstatement to identify existence of material misstatement.

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At the beginning of the year, manufacturing overhead for the year was estimated to be $273,650. At the end of the year, the actual direct labor hours for the year were 27,400 hours, the actual manufacturing overhead for the year was $271,400, and the manufacturing overhead for the year was overapplied by $14,650. If the predetermined overhead rate is based on direct labor hours, then the estimated direct labor hours at the beginning of the year used in the predetermined overhead rate must have been___.

Answer 2

Question

Chapter 14, Problem 24DQP

a.

To determine

Identify transaction related audit objectives for each question if control is in effect.

b.

To determine

Identify a test of control to the test the effectiveness of each control.

c.

To determine

Identify the nature of potential financial misstatements of each question.

d.

To determine

State substantive audit procedures for each of the potential misstatement to identify existence of material misstatement.

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Answer 3

Question

Chapter 14, Problem 24DQP

a.

To determine

Identify transaction related audit objectives for each question if control is in effect.

b.

To determine

Identify a test of control to the test the effectiveness of each control.

c.

To determine

Identify the nature of potential financial misstatements of each question.

d.

To determine

State substantive audit procedures for each of the potential misstatement to identify existence of material misstatement.

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Answer 4

Question

Chapter 14, Problem 24DQP

a.

To determine

Identify transaction related audit objectives for each question if control is in effect.

b.

To determine

Identify a test of control to the test the effectiveness of each control.

c.

To determine

Identify the nature of potential financial misstatements of each question.

d.

To determine

State substantive audit procedures for each of the potential misstatement to identify existence of material misstatement.

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Answer 5

Chapter 14, Problem 24DQP

a.

To determine

Identify transaction related audit objectives for each question if control is in effect.

b.

To determine

Identify a test of control to the test the effectiveness of each control.

c.

To determine

Identify the nature of potential financial misstatements of each question.

d.

To determine

State substantive audit procedures for each of the potential misstatement to identify existence of material misstatement.

Answer 6

Chapter 14, Problem 24DQP

a.

To determine

Identify transaction related audit objectives for each question if control is in effect.

Answer 7

Chapter 14, Problem 24DQP

a.

To determine

Identify transaction related audit objectives for each question if control is in effect.

Answer 8

b.

To determine

Identify a test of control to the test the effectiveness of each control.

Answer 9

b.

To determine

Identify a test of control to the test the effectiveness of each control.

Answer 10

c.

To determine

Identify the nature of potential financial misstatements of each question.

Answer 11

c.

To determine

Identify the nature of potential financial misstatements of each question.

Answer 12

d.

To determine

State substantive audit procedures for each of the potential misstatement to identify existence of material misstatement.

Answer 13

d.

To determine

State substantive audit procedures for each of the potential misstatement to identify existence of material misstatement.

Answer 14

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Answer 15

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Answer 16

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Answer 17

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

Identify transaction related audit objectives for each question if control is in effect.

Solution Summary: The author identifies a transaction related audit objective for each question if control is in effect.

Identify transaction related audit objectives for each question if control is in effect.

Identify a test of control to the test the effectiveness of each control.

Identify the nature of potential financial misstatements of each question.

State substantive audit procedures for each of the potential misstatement to identify existence of material misstatement.

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Chapter 14 Solutions