Sample size is the basic unit of the audit to collect the data and sampling interval is the ratio of the population to the sample size. Requirement 1 To calculate : The sample size and sampling interval.

Question

Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory and the accrued factory payroll (Factory Wages Payable) has not been recorded. Debit Credit Notes payable Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Common stock Retained earnings (prior year) Sales Cost of goods sold $ 75,000 44,000 27,000 0 12,000 4,000 $ 9,800 12,800 40,000 76,000 221,400 Factory overhead General and administrative expenses Totals 118,000 27,000 53,000 $ 360,000 $ 360,000 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52: Labor time ticket 53: $ 4,500 direct materials to Job 402 $ 7,000 direct materials to Job 404 $ 2,100…

Answer 1

Question

Chapter 8, Problem 31RQSC

A

To determine

Introduction: Sample size is the basic unit of the audit to collect the data and sampling interval is the ratio of the population to the sample size.

Requirement 1

To calculate : The sample size and sampling interval.

B

To determine

Introduction: Misstatement is an error part in the transaction area.

Requirement 2

Analyze each difference detection, if there is misstatement or not.

C

To determine

Introduction: Misstatement is defined as the difference between presentation, final amount and classification. The total estimated misstatement is the balance of the account.

Requirement 3

To calculate : Total estimated misstatement of the audit.

D

To determine

Introduction:Misstatement is defined as the difference between presentation, final amount and classification. The total estimated misstatement is the balance of the account.

Requirement 4

Discuss the nature of the auditing procedures.

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Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory and the accrued factory payroll (Factory Wages Payable) has not been recorded. Debit Credit Notes payable Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Common stock Retained earnings (prior year) Sales Cost of goods sold $ 75,000 44,000 27,000 0 12,000 4,000 $ 9,800 12,800 40,000 76,000 221,400 Factory overhead General and administrative expenses Totals 118,000 27,000 53,000 $ 360,000 $ 360,000 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52: Labor time ticket 53: $ 4,500 direct materials to Job 402 $ 7,000 direct materials to Job 404 $ 2,100…

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General accounting

Answer 2

Question

Chapter 8, Problem 31RQSC

A

To determine

Introduction: Sample size is the basic unit of the audit to collect the data and sampling interval is the ratio of the population to the sample size.

Requirement 1

To calculate : The sample size and sampling interval.

B

To determine

Introduction: Misstatement is an error part in the transaction area.

Requirement 2

Analyze each difference detection, if there is misstatement or not.

C

To determine

Introduction: Misstatement is defined as the difference between presentation, final amount and classification. The total estimated misstatement is the balance of the account.

Requirement 3

To calculate : Total estimated misstatement of the audit.

D

To determine

Introduction:Misstatement is defined as the difference between presentation, final amount and classification. The total estimated misstatement is the balance of the account.

Requirement 4

Discuss the nature of the auditing procedures.

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Answer 3

Question

Chapter 8, Problem 31RQSC

A

To determine

Introduction: Sample size is the basic unit of the audit to collect the data and sampling interval is the ratio of the population to the sample size.

Requirement 1

To calculate : The sample size and sampling interval.

B

To determine

Introduction: Misstatement is an error part in the transaction area.

Requirement 2

Analyze each difference detection, if there is misstatement or not.

C

To determine

Introduction: Misstatement is defined as the difference between presentation, final amount and classification. The total estimated misstatement is the balance of the account.

Requirement 3

To calculate : Total estimated misstatement of the audit.

D

To determine

Introduction:Misstatement is defined as the difference between presentation, final amount and classification. The total estimated misstatement is the balance of the account.

Requirement 4

Discuss the nature of the auditing procedures.

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Answer 4

Question

Chapter 8, Problem 31RQSC

A

To determine

Introduction: Sample size is the basic unit of the audit to collect the data and sampling interval is the ratio of the population to the sample size.

Requirement 1

To calculate : The sample size and sampling interval.

B

To determine

Introduction: Misstatement is an error part in the transaction area.

Requirement 2

Analyze each difference detection, if there is misstatement or not.

C

To determine

Introduction: Misstatement is defined as the difference between presentation, final amount and classification. The total estimated misstatement is the balance of the account.

Requirement 3

To calculate : Total estimated misstatement of the audit.

D

To determine

Introduction:Misstatement is defined as the difference between presentation, final amount and classification. The total estimated misstatement is the balance of the account.

Requirement 4

Discuss the nature of the auditing procedures.

Expert Solution & Answer

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Answer 5

Chapter 8, Problem 31RQSC

A

To determine

Introduction: Sample size is the basic unit of the audit to collect the data and sampling interval is the ratio of the population to the sample size.

Requirement 1

To calculate : The sample size and sampling interval.

B

To determine

Introduction: Misstatement is an error part in the transaction area.

Requirement 2

Analyze each difference detection, if there is misstatement or not.

C

To determine

Introduction: Misstatement is defined as the difference between presentation, final amount and classification. The total estimated misstatement is the balance of the account.

Requirement 3

To calculate : Total estimated misstatement of the audit.

D

To determine

Introduction:Misstatement is defined as the difference between presentation, final amount and classification. The total estimated misstatement is the balance of the account.

Requirement 4

Discuss the nature of the auditing procedures.

Answer 6

Chapter 8, Problem 31RQSC

A

To determine

Introduction: Sample size is the basic unit of the audit to collect the data and sampling interval is the ratio of the population to the sample size.

Requirement 1

To calculate : The sample size and sampling interval.

Answer 7

Chapter 8, Problem 31RQSC

A

To determine

Introduction: Sample size is the basic unit of the audit to collect the data and sampling interval is the ratio of the population to the sample size.

Requirement 1

To calculate : The sample size and sampling interval.

Answer 8

B

To determine

Introduction: Misstatement is an error part in the transaction area.

Requirement 2

Analyze each difference detection, if there is misstatement or not.

Answer 9

B

To determine

Introduction: Misstatement is an error part in the transaction area.

Requirement 2

Analyze each difference detection, if there is misstatement or not.

Answer 10

C

To determine

Introduction: Misstatement is defined as the difference between presentation, final amount and classification. The total estimated misstatement is the balance of the account.

Requirement 3

To calculate : Total estimated misstatement of the audit.

Answer 11

C

To determine

Introduction: Misstatement is defined as the difference between presentation, final amount and classification. The total estimated misstatement is the balance of the account.

Requirement 3

To calculate : Total estimated misstatement of the audit.

Answer 12

D

To determine

Introduction:Misstatement is defined as the difference between presentation, final amount and classification. The total estimated misstatement is the balance of the account.

Requirement 4

Discuss the nature of the auditing procedures.

Answer 13

D

To determine

Introduction:Misstatement is defined as the difference between presentation, final amount and classification. The total estimated misstatement is the balance of the account.

Requirement 4

Discuss the nature of the auditing procedures.

Answer 14

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Answer 25

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

Sample size is the basic unit of the audit to collect the data and sampling interval is the ratio of the population to the sample size. Requirement 1 To calculate : The sample size and sampling interval.

Solution Summary: The author explains sample size, sampling interval, and misstatement. Misstatement is defined as the difference between presentation, final amount and classification.

Concept explainers

Introduction: Sample size is the basic unit of the audit to collect the data and sampling interval is the ratio of the population to the sample size.

Requirement 1

To calculate : The sample size and sampling interval.

Introduction: Misstatement is an error part in the transaction area.

Requirement 2

Analyze each difference detection, if there is misstatement or not.

Introduction: Misstatement is defined as the difference between presentation, final amount and classification. The total estimated misstatement is the balance of the account.

Requirement 3

To calculate : Total estimated misstatement of the audit.

Introduction:Misstatement is defined as the difference between presentation, final amount and classification. The total estimated misstatement is the balance of the account.

Requirement 4

Discuss the nature of the auditing procedures.

Chapter 8 Solutions

Sample size is the basic unit of the audit to collect the data and sampling interval is the ratio of the population to the sample size. Requirement 1 To calculate : The sample size and sampling interval.

Solution Summary: The author explains sample size, sampling interval, and misstatement. Misstatement is defined as the difference between presentation, final amount and classification.

Concept explainers

Introduction: Sample size is the basic unit of the audit to collect the data and sampling interval is the ratio of the population to the sample size. Requirement 1 To calculate : The sample size and sampling interval.

Introduction: Misstatement is an error part in the transaction area. Requirement 2 Analyze each difference detection, if there is misstatement or not.

Introduction: Misstatement is defined as the difference between presentation, final amount and classification. The total estimated misstatement is the balance of the account. Requirement 3 To calculate : Total estimated misstatement of the audit.

Introduction:Misstatement is defined as the difference between presentation, final amount and classification. The total estimated misstatement is the balance of the account. Requirement 4 Discuss the nature of the auditing procedures.

Chapter 8 Solutions

Introduction: Sample size is the basic unit of the audit to collect the data and sampling interval is the ratio of the population to the sample size.

Requirement 1

To calculate : The sample size and sampling interval.

Introduction: Misstatement is an error part in the transaction area.

Requirement 2

Analyze each difference detection, if there is misstatement or not.

Introduction: Misstatement is defined as the difference between presentation, final amount and classification. The total estimated misstatement is the balance of the account.

Requirement 3

To calculate : Total estimated misstatement of the audit.

Introduction:Misstatement is defined as the difference between presentation, final amount and classification. The total estimated misstatement is the balance of the account.

Requirement 4

Discuss the nature of the auditing procedures.