The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time. Requirement 1 To describe: For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

Question

Which one of the following best describes systematic risk in owning the common stock of the Ford Motor Automobile company? a) Lower car sales announced by the auto sector in general b) An increase in the price of steel used in automobiles c) Lower interest rates leading to an increase in the stock market in general d) The Ford Motor Company announcing a large new sales order.

Answer 1

Question

Chapter 6, Problem 49RSCQ

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 1

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 2

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 3

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 4

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 5

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 6

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 7

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

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Which one of the following best describes systematic risk in owning the common stock of the Ford Motor Automobile company? a) Lower car sales announced by the auto sector in general b) An increase in the price of steel used in automobiles c) Lower interest rates leading to an increase in the stock market in general d) The Ford Motor Company announcing a large new sales order.

Match the risk with the correct transaction (if any): v The DC appreciates, altering relative prices in the current account A. Risk from translation to the FC firm with DC operations v The DC depreciates, altering relative prices in the current account B. Risk to the seller of goods to the FC buyers v The DC depreciates, altering relative prices in the financial account C. Risk to the foreign investor invested domestically v The DC appreciates, altering relative prices in the financial account D. Risk to the buyer of inputs from FC firms v The DC appreciates, altering the spot FX rate E. RIsk form translation to the DC firm with FC operations F. Risk to the investor invested abroad

If a company decides to use FDI as its primary strategy to enter new foreign markets, a likely factor in their decisions is the comparatively low risk associated with FDI in comparison to other entry strategies. True false

Answer 2

Question

Chapter 6, Problem 49RSCQ

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 1

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 2

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 3

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 4

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 5

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 6

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 7

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

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Answer 3

Question

Chapter 6, Problem 49RSCQ

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 1

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 2

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 3

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 4

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 5

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 6

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 7

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

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Answer 4

Question

Chapter 6, Problem 49RSCQ

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 1

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 2

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 3

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 4

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 5

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 6

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 7

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

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Answer 5

Chapter 6, Problem 49RSCQ

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 1

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 2

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 3

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 4

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 5

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 6

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 7

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

Answer 6

Chapter 6, Problem 49RSCQ

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 1

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

Answer 7

Chapter 6, Problem 49RSCQ

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 1

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

Answer 8

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 2

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

Answer 9

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 2

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

Answer 10

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 3

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

Answer 11

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 3

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

Answer 12

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 4

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

Answer 13

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 4

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

Answer 14

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 5

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

Answer 15

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 5

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

Answer 16

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 6

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

Answer 17

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 6

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

Answer 18

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 7

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

Answer 19

To determine

Introduction:

The reports generated by a company that exhibit the financial performance during a particular period of time and show the financial position at a point of time.

Requirement 7

To describe:

For the disclosed risk factor, identify the relevant account that may have an effect on the balance. And for each such account, point out the effect on the audit evidence, and also the specific assertion that the auditor is primarily concerned about.

Answer 20

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Answer 21

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Answer 27

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Answer 31

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

Chapter 6 Solutions