PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
6th Edition
ISBN: 9781337117005
Author: Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher: Cengage Learning
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Textbook Question
Chapter 3, Problem 4LO
Explain who needs to pay estimated taxes, when to file or amend your return, and how to handle an audit.
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Apply your knowledge to perform audit procedures in the revenue and collection cycleand evaluate the findings of your tests.
What is the net adjustment to Net Income as a result of the audit?
Describe a number of audit processes the auditor may use to evaluate whether all of the money received was properly documented..
Chapter 3 Solutions
PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
Ch. 3 - Discuss the basic principles of income taxes and...Ch. 3 - Prob. 2LOCh. 3 - Prob. 3LOCh. 3 - Explain who needs to pay estimated taxes, when to...Ch. 3 - Know where to get help with your taxes and how...Ch. 3 - Implement an effective tax planning strategy.Ch. 3 - Calculating marginal tax rates. Piper Wells is...Ch. 3 - ESTIMATING TAXABLE INCOME, TAX LIABILITY, AND...Ch. 3 - Prob. 3FPECh. 3 - Prob. 4FPE
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- What is the purpose of analytical reviews in the audit of revenue cycle accounts? Please give an example.arrow_forwardWhat are the types of evidence would you normally look during the performance of your Financial Statement audit?arrow_forwardAs an auditor, how would you audit the following Internal Control Revenuearrow_forward
- when auditing VAT payable account, what are the considerations that you need to remember and procedures that you need to do say that you have gained a reasonable assurance of its compliance with standards and regulatory protocols?arrow_forwardDescribe the financial statement's aims and purposes, and explain how the auditor intends to verify them via his audit plan for the financial statements (You can assume necessary details).arrow_forwardBefore paying a tax invoice for the purchase of goods, list steps you would take to check that the invoice is valid and accurate.arrow_forward
- Apply your knowledge to perform audit procedures in the finance and investment cycle and evaluate the findings of your tests.arrow_forwardExplain the types of auditor’s reports.arrow_forwardmy accounting - auditing class, the question in the justification of planning materiality: Basis (normalized net income, revenue, total assets, other). What is the basis? what are the different ones and how are they calculated?arrow_forward
- Why do GAGAS require a review for compliance with laws and regulations in conjunction with financial audits?arrow_forwardExplain the types of auditor’s report.arrow_forwardWhat substantive analytical procedures might an auditor use to perform an analytical procedure for accounts payable? Please provide reference(s).arrow_forward
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The Basics of Tax Preparation; Author: Roosevelt University;https://www.youtube.com/watch?v=EJpTwf9b82M;License: Standard Youtube License