ACP AUDITING - RISK BASED APPROACH
10th Edition
ISBN: 9780357195079
Author: JOHNSTONE
Publisher: CENGAGE C
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Chapter 3, Problem 56RSCQ
To determine
Introduction: The internal control refers to the process where internal auditor and management assesses the organizationto ensure its operational efficiency, reporting reliability and compliance.
To define: The general computer control and its relationship with application control. Also, define the importance of considering general computer control by management.
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Foreign currency remeasurement—Total assets
A U.S.-based parent company acquired a European Union–based subsidiary many years ago. The subsidiary is in the service sector, and earns revenues and incurs expenses evenly throughout the year. The following preclosing trial balance includes the subsidiary’s original Euros-based accounting information for the year ended December 31, 2022, immediately prior to closing the company’s nominal accounts into the corresponding balance sheet accounts. It also includes the information converted into $US based on the indicated exchange rates:
$US Conversion
Weighted-
Debits (Credits)
Euros
Current
Average
Historical
Monetary Assets
€ 180,000.00
$216,000
$221,400
$234,000
Nonmonetary assets
720,000
864,000
885,600
936,000
Monetary Liabilities
(90,000)
(108,000)
(110,700)
(117,000)
Nonmonetary liabilities
(450,000)
(540,000)
(553,500)
(585,000)
Contributed capital
(216,000)
(259,200)
(265,680)
(302,400)
Retained earnings…
Chapter 3 Solutions
ACP AUDITING - RISK BASED APPROACH
Ch. 3 - Prob. 1TFQCh. 3 - Prob. 2TFQCh. 3 - Prob. 3TFQCh. 3 - Prob. 4TFQCh. 3 - Prob. 5TFQCh. 3 - The control environment is seen as the foundation...Ch. 3 - Prob. 7TFQCh. 3 - Prob. 8TFQCh. 3 - Prob. 9TFQCh. 3 - Prob. 10TFQ
Ch. 3 - Prob. 11TFQCh. 3 - Prob. 12TFQCh. 3 - Prob. 13TFQCh. 3 - Prob. 14TFQCh. 3 - Prob. 15TFQCh. 3 - Prob. 16TFQCh. 3 - Prob. 17TFQCh. 3 - Prob. 18TFQCh. 3 - Prob. 19TFQCh. 3 - Prob. 20TFQCh. 3 - Prob. 21MCQCh. 3 - Prob. 22MCQCh. 3 - What are the components of internal control per...Ch. 3 - Prob. 24MCQCh. 3 - Prob. 25MCQCh. 3 - Which one of the following components of internal...Ch. 3 - Prob. 27MCQCh. 3 - Prob. 28MCQCh. 3 - Prob. 29MCQCh. 3 - Prob. 30MCQCh. 3 - Prob. 31MCQCh. 3 - Prob. 32MCQCh. 3 - Prob. 33MCQCh. 3 - Prob. 34MCQCh. 3 - Prob. 35MCQCh. 3 - Prob. 36MCQCh. 3 - Prob. 37MCQCh. 3 - Prob. 38MCQCh. 3 - Prob. 39MCQCh. 3 - Prob. 40MCQCh. 3 - Prob. 41RSCQCh. 3 - Prob. 42RSCQCh. 3 - Prob. 43RSCQCh. 3 - Prob. 44RSCQCh. 3 - Distinguish between entity-wide and transaction...Ch. 3 - Refer to Exhibit 3.2. List the principles...Ch. 3 - Prob. 47RSCQCh. 3 - Prob. 48RSCQCh. 3 - Prob. 49RSCQCh. 3 - Prob. 50RSCQCh. 3 - Refer to Exhibit 3.3. For each risk assessment...Ch. 3 - Prob. 52RSCQCh. 3 - Prob. 53RSCQCh. 3 - Prob. 54RSCQCh. 3 - Prob. 55RSCQCh. 3 - Prob. 56RSCQCh. 3 - Prob. 57RSCQCh. 3 - Prob. 58RSCQCh. 3 - Authorization of transactions is a key control in...Ch. 3 - Prob. 60RSCQCh. 3 - Prob. 61RSCQCh. 3 - Prob. 62RSCQCh. 3 - Prob. 63RSCQCh. 3 - Prob. 64RSCQCh. 3 - Prob. 65RSCQCh. 3 - Prob. 66RSCQCh. 3 - Prob. 67RSCQCh. 3 - Prob. 68RSCQCh. 3 - Refer to Exhibit 3.9. What are the important...Ch. 3 - Refer to Exhibit 3.10 and Exhibit 3.11. Describe...Ch. 3 - Prob. 71RSCQCh. 3 - Prob. 72RSCQCh. 3 - Prob. 73RSCQCh. 3 - Prob. 74RSCQCh. 3 - Assume that management is gathering evidence as...Ch. 3 - Prob. 76RSCQCh. 3 - Prob. 77RSCQCh. 3 - Prob. 78RSCQCh. 3 - Prob. 79FFCh. 3 - Diamond Foods, Inc. (LO 8, 9) In February 2012,...
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- Foreign currency remeasurement—Stockholders’ equity A U.S.-based parent company acquired a European Union–based subsidiary many years ago. The subsidiary is in the service sector, and earns revenues and incurs expenses evenly throughout the year. The following preclosing trial balance includes the subsidiary’s original Euros-based accounting information for the year ended December 31, 2022, immediately prior to closing the company’s nominal accounts into the corresponding balance sheet accounts. It also includes the information converted into $US based on the indicated exchange rates: $US Conversion Weighted- Debits (Credits) Euros Current Average Historical Monetary Assets € 160,000.00 $192,000 $196,800 $208,000 Nonmonetary assets 640,000 768,000 787,200 832,000 Monetary Liabilities (80,000) (96,000) (98,400) (104,000) Nonmonetary liabilities (400,000) (480,000) (492,000) (520,000) Contributed capital (192,000) (230,400) (236,160) (268,800) Retained…arrow_forward? ? Financial accounting questionarrow_forwardThe 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 disagreearrow_forward
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