AUDITING & ASSURANCE SERV.>CUSTOM<W/AC
8th Edition
ISBN: 9781266045905
Author: LOUWERS
Publisher: MCG CUSTOM
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Chapter 8C, Problem 17MCQ
To determine
Identify the activity of department supervisor that would help to prevent or detect payroll fraud.
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Unearned Revenues is what type of account?
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Chapter 8C Solutions
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- What accounting principle requires using the same accounting methods and principles from one period to another?a) Materiality principleb) Consistency principlec) Matching principled) Revenue recognition principlearrow_forwardThe audited accounts of Lindsay Co. for year-end August 31, 2014 show a profit of $3,115,000 after charging the following: Depreciation 430,000 Rent 175,000Legal fees 1,350,000Audit fees 88,000 Donations 119,000Bad debts 242,000Foreign Travel 395,750Interest payments 62,375 Other Information: a. Legal fees are as follows: Expenses in respect of recovery of debts, $585,000 Expenses related to the increase private share capital, $765,000 b. Lindsay Co. donated $65,500 to UTECH University and $53,500 to HELP, a private charity registered under the Charities Act. c. Bad debts are as follows: • A loan of $76,130 to Derek Stan who failed to repayit. • $63,017, owed by Simplicity Ltd. which was declared bankrupt. • The balance is a percentage of receivables at year end which is deemed to be bad. d. Foreign travel expense included $268,210 for a vacation package for the marketing manager’s and his family plane tickets. The remaining…arrow_forwardWhat does the accounting equation (Assets = Liabilities + Equity) represent?a) The relationship between revenues and expensesb) The relationship between assets and liabilitiesc) The relationship between debits and creditsd) The relationship between resources and claims to those resourcesarrow_forward
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