Auditing And Assurance Services
Auditing And Assurance Services
17th Edition
ISBN: 9780134897431
Author: ARENS, Alvin A.
Publisher: PEARSON
Question
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Chapter 19, Problem 25DQP

a.

To determine

Explain a possible liability that can be uncovered from minutes of the board of director’s meeting and also the audit procedure to uncover it

b.

To determine

Explain a possible liability that can be uncovered from land and building and also the audit procedure to uncover it

c.

To determine

Explain a possible liability that can be uncovered from Rent expenses and also the audit procedure to uncover it.

d.

To determine

Explain a possible liability that can be uncovered from Interest expenses and also the audit procedure to uncover it.

e.

To determine

Explain a possible liability that can be uncovered from Cash surrender value of life insurance and also the audit procedure to uncover it.

f.

To determine

Explain a possible liability that can be uncovered from Cash in Bank and also the audit procedure to uncover it.

g.

To determine

Explain a possible liability that can be uncovered from officer’s travel and entertainment expense and also the audit procedure to uncover it.

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The income statement of a merchandising company includes Cost of Goods Sold (COGS) and gross profit, which are not found on a service company’s income statement. This is because merchandising companies sell physical products, while service companies provide intangible services. Service company income statements are simpler, usually showing revenue from services minus operating expenses like salaries, rent, and supplies. In short, the main difference is that merchandising firms track product costs and gross profit, while service companies do not. Respond to this post. agree or disagree
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