Managerial Accounting
15th Edition
ISBN: 9781337912020
Author: Carl Warren, Ph.d. Cma William B. Tayler
Publisher: South-Western College Pub
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Chapter 16, Problem 10DQ
To determine
Describe two reports provided by independent auditors in the annual report to shareholders.
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Auditors have a responsibility related to management’s disclosure of new informationrelated to subsequent events untila. The date of the financial statements.b. The date of the auditor’s report.c. The audit report release date.d. The following year’s date of the financial statements
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In relation to subsequent events, the 'authorisation date' for companies is the date:
Select one:
a. The date when the reports are given final approval by the governing body or management of the entity, whichever is applicable
b. The date when the financial reports are accepted by the taxation office.
c. The date auditor signs the audit report.
d. The date financial reports are signed off by the accountant in the presence of the auditor's representative.
Chapter 16 Solutions
Managerial Accounting
Ch. 16 - Prob. 1DQCh. 16 - What is the advantage of using comparative...Ch. 16 - Prob. 3DQCh. 16 - Prob. 4DQCh. 16 - Prob. 5DQCh. 16 - What do the following data, taken from a...Ch. 16 - Prob. 7DQCh. 16 - Prob. 8DQCh. 16 - The dividend yield of Suburban Propane Partners,...Ch. 16 - Prob. 10DQ
Ch. 16 - Prob. 1BECh. 16 - Prob. 2BECh. 16 - The following items are reported on a companys...Ch. 16 - Prob. 4BECh. 16 - Prob. 5BECh. 16 - Prob. 6BECh. 16 - Prob. 7BECh. 16 - Prob. 8BECh. 16 - Prob. 9BECh. 16 - Prob. 10BECh. 16 - Prob. 11BECh. 16 - Prob. 1ECh. 16 - The following comparative income statement (in...Ch. 16 - Prob. 3ECh. 16 - Prob. 4ECh. 16 - Prob. 5ECh. 16 - The following data were taken from the balance...Ch. 16 - PepsiCo, Inc. (PEP), the parent company of...Ch. 16 - Current position analysis The bond indenture for...Ch. 16 - Prob. 9ECh. 16 - Accounts receivable analysis Xavier Stores Company...Ch. 16 - Prob. 11ECh. 16 - Prob. 12ECh. 16 - Ratio of liabilities to stockholders equity and...Ch. 16 - Hasbro, Inc. (HAS), and Mattel, Inc. (MAT), are...Ch. 16 - Recent balance sheet information for two companies...Ch. 16 - Prob. 16ECh. 16 - Prob. 17ECh. 16 - Prob. 18ECh. 16 - Prob. 19ECh. 16 - Prob. 20ECh. 16 - Prob. 21ECh. 16 - Prob. 22ECh. 16 - Prob. 23ECh. 16 - Prob. 24ECh. 16 - Prob. 25ECh. 16 - Comprehensive income Anson Industries, Inc.,...Ch. 16 - Prob. 1PACh. 16 - Prob. 2PACh. 16 - Prob. 3PACh. 16 - Measures of liquidity, solvency, and profitability...Ch. 16 - Prob. 5PACh. 16 - Prob. 1PBCh. 16 - Prob. 2PBCh. 16 - Prob. 3PBCh. 16 - Prob. 4PBCh. 16 - Prob. 5PBCh. 16 - Prob. 1MADCh. 16 - Prob. 2MADCh. 16 - Deere Company (DE) manufactures and distributes...Ch. 16 - Marriott International, Inc. (MAR), and Hyatt...Ch. 16 - Prob. 1TIFCh. 16 - Real-world annual report The financial statements...Ch. 16 - Prob. 3TIF
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- 14. The auditors' report may be addressed to the company whose financial statements are being examined or to that company's: Select one:a. President.b. Chief financial officerc. Chief operating officerd. Board of Directors.arrow_forwardThe annual financial statements of all large, publicly owned corporations are audited.a. What is an audit of financial statements?b. Who performs audits?c. What is the purpose of an audit?arrow_forwardWhich of the following is a requirement of the Sarbanes–Oxley Act of 2002?a. Registration of all auditing firms with the Public Company Accounting Oversight Board.b. Annual inspection of all auditing firms registered with the Public Company Accounting Oversight Board.c. A monetary fee assessed on organizations issuing securities.d. Overall assessment of the work of the SEC each year.arrow_forward
- Who is responsible for preparing financial statements? Discuss the responsibility and functions of CPA with evidence from annual report regarding auditing of financial statements. Also name the different Financial statements that are audited by external auditors at Zamil industrial.arrow_forwardThe substance of annual report are a) the management analysisb ) the charts and tablesC ) the audited financial statementsd ) grossly pictures and cover pagearrow_forwardAs a general rule, the registered company auditor is appointed by the shareholders at the annual general meeting. A registered company auditor must be: Select one: a. Free from material obligations. b. A graduate of a prescribed university or other prescribed institution in Australia. c. A member of the Financial reporting council. d. A member of the Auditing & Assurance standards board.arrow_forward
- Which of the following is true regarding the organization of the comprehensive annual financial report?a. The three major sections are introductory, financial, and statistical.b. The management’s discussion and analysis is considered to be part of the introductory section.c. The auditor’s report is considered to be part of the statistical section.d. Basic financial statements include the government-wide statements, the budgetary statement, and the notes to the financial statements.arrow_forwardThe fair presentation of financial statements in conformity with applicable financial reporting framework is the responsibility of the Shareholders Management Auditors Board of Directorsarrow_forwardAn auditor issues a report dated 2/12/Year 2 on financial statements for the year ended 12/31/Year 1. Which best describes the auditor's responsibility for an event occurring on 2/1/Year 2 and an event occurring on 3/1/Year 27 A. The auditor has an active responsibility to investigate both events. B. The auditor has an active responsibility to investigate the 2/1/Year 2 event, but no responsibility concerning the 3/1/Year 2 event. C. The auditor has an active responsibility to investigate the 2/1/Year 2 event, and must also consider the effect of the 3/1/Year 2 event if it comes to his/her attention. D. The auditor has no responsibility for either event, since both occur after the date of the financial statements.arrow_forward
- Choose the correct.Which of the following is a requirement of the Sarbanes–Oxley Act of 2002?a. Registration of all auditing firms with the Public Company Accounting Oversight Board.b. Annual inspection of all auditing firms registered with the Public Company Accounting Over-sight Board.c. A monetary fee assessed on organizations issuing securities.d. Overall assessment of the work of the SEC each year.arrow_forwardFollowing the date of the financial statements, auditors complete the substantive processes. Identify the most common actions that auditors do.arrow_forwardThe following audit procedures are commonly performed by auditors in the verification of owners’ equity: 1.Review articles of incorporation and bylaws for provisions about owners’ equity. 2.Analyze all owners’ equity accounts for the year and document the nature of any recorded change in each account. 3.Confirm capital stock transactions with the stock registrar and transfer agent. 4.Confirm shares issued and outstanding with the stock registrar and transfer agent. 5.Review the minutes of the board of directors’ meetings for the year for approvals related to owners’ equity. 6.Recompute earnings per share. 7.Review debt provisions and senior securities with respect to liquidation preferences, dividends in arrears, and restrictions on the payment of dividends or the issue of stock. Required State the purpose of each of these seven audit procedures. List the type of misstatements the auditors can uncover by the use of each audit procedure.arrow_forward
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