Indicate the purpose of internal control.

Question

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Answer 1

Question

Chapter 21, Problem 16DQP

a.

To determine

Indicate the purpose of internal control.

b.

To determine

Indicate a list of test of control to test its effectiveness.

c.

To determine

Indicate the nature of the potential financial misstatements if the control is not in effect.

d.

To determine

List a substantive audit procedure to determine whether a material misstatement exists.

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Dynamic Production Services started the year with total assets of $130,000 and total liabilities of $50,000. The company is a sole proprietorship. The revenues and the expenses for the year amounted to $100,000 and $60,000, respectively. During the year, there were no new capital contributions, and the owner withdrew $45,000. Calculate Dynamic's net income for the year. a. $40,000. b. $100,000. c. $60,000. d. $130,000.

Financial accounting question

Answer 2

Question

Chapter 21, Problem 16DQP

a.

To determine

Indicate the purpose of internal control.

b.

To determine

Indicate a list of test of control to test its effectiveness.

c.

To determine

Indicate the nature of the potential financial misstatements if the control is not in effect.

d.

To determine

List a substantive audit procedure to determine whether a material misstatement exists.

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Answer 3

Question

Chapter 21, Problem 16DQP

a.

To determine

Indicate the purpose of internal control.

b.

To determine

Indicate a list of test of control to test its effectiveness.

c.

To determine

Indicate the nature of the potential financial misstatements if the control is not in effect.

d.

To determine

List a substantive audit procedure to determine whether a material misstatement exists.

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Answer 4

Question

Chapter 21, Problem 16DQP

a.

To determine

Indicate the purpose of internal control.

b.

To determine

Indicate a list of test of control to test its effectiveness.

c.

To determine

Indicate the nature of the potential financial misstatements if the control is not in effect.

d.

To determine

List a substantive audit procedure to determine whether a material misstatement exists.

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Answer 5

Chapter 21, Problem 16DQP

a.

To determine

Indicate the purpose of internal control.

b.

To determine

Indicate a list of test of control to test its effectiveness.

c.

To determine

Indicate the nature of the potential financial misstatements if the control is not in effect.

d.

To determine

List a substantive audit procedure to determine whether a material misstatement exists.

Answer 6

Chapter 21, Problem 16DQP

a.

To determine

Indicate the purpose of internal control.

Answer 7

Chapter 21, Problem 16DQP

a.

To determine

Indicate the purpose of internal control.

Answer 8

b.

To determine

Indicate a list of test of control to test its effectiveness.

Answer 9

b.

To determine

Indicate a list of test of control to test its effectiveness.

Answer 10

c.

To determine

Indicate the nature of the potential financial misstatements if the control is not in effect.

Answer 11

c.

To determine

Indicate the nature of the potential financial misstatements if the control is not in effect.

Answer 12

d.

To determine

List a substantive audit procedure to determine whether a material misstatement exists.

Answer 13

d.

To determine

List a substantive audit procedure to determine whether a material misstatement exists.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 21 - Prob. 1RQ Ch. 21 - Prob. 2RQ Ch. 21 - Prob. 3RQ Ch. 21 - Prob. 4RQ Ch. 21 - Prob. 5RQ Ch. 21 - Prob. 6RQ Ch. 21 - Prob. 7RQ Ch. 21 - Prob. 8RQ Ch. 21 - Prob. 9RQ Ch. 21 - Prob. 10RQ

Indicate the purpose of internal control.

Solution Summary: The author explains the purpose of internal control, such as keeping authentic records of all inventory received, using well-designed computerized systems for evaluation of perpetual inventory master files.

Concept explainers

Indicate the purpose of internal control.

Indicate a list of test of control to test its effectiveness.

Indicate the nature of the potential financial misstatements if the control is not in effect.

List a substantive audit procedure to determine whether a material misstatement exists.

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Chapter 21 Solutions