An audit program relates to the acquisition, fixed assets, notes payable and equity cycles and accounts.
Discuss audit tests of notes payable and related accounts and transactions. How does this apply to your chosen organization?
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An audit program relates to the acquisition, fixed assets, notes payable and equity cycles and accounts....
An audit program relates to the acquisition, fixed assets, notes payable and equity cycles and accounts. Discuss audit tests of notes payable and related accounts and transactions.
An audit program relates to the cash, sales and receivables cycles and accounts. Discuss audit procedures for the audit of accounts receivable. How does this apply to your chosen organization?
Requirement a. Identify the phase of the audit in which each activity occurs. Phase of Audit Set acceptable audit risk and decide preliminary judgment about materiality 1. and performance materiality Understand internal control and assess 2. control risk. I. Plan and Design an Audit Approach Perform substantive analytical 3. procedures for accounts payable. II. Perform Tests of Controls and Substantive Tests of Transactions JII. Perform Substantive Analytical Procedures and Tests of Details of Balances 4. Confirm accounts payable. IV. Complete...
Assets Current Assets Cash Accounts receivable Liabilities and Stockholders' Equity Current liabilities Accounts payable 640,000 Notes payable to banks 120,000 150,000 ($ less Accrued wages allowance for doubtful accounts of $10,000) 1,170,000 80,000 1,190,000 Inventory Taxes Owed Total current liabilities Long-term debt 1,620,000 $ 020, TO Total current assets Land Plant and equipment ($2,330,000 less accumulated depreciation 1,400,000 4,610,000 Stockholders' equity Common stock ($1 par, 610,000 shares authorized, 580,000 outstanding) Retained earnings Total stockholders' equity $ Total liabilities and equity...
Explain the relationship between tests of acquisition and payment cycle and tests of accounts payable. Give examples of how these two types of tests affect each other. It will be also valuable if you have any personal experience related to this topic.
Explain the relationship between tests of acquisition and payment cycle and tests of accounts payable. Give examples of how these two types of tests affect each other. It will be also valuable if you have any personal experience related to this topic.
QUESTION 53 You are assigned to audit accounts over the capital acquisition and repayment cycle. What are the primary audit objectives you would most focus on? a. accuracy and completeness. b. accuracy and valuation c. completeness and existence. d. occurrence and valuation. 2 points QUESTION 54 Retained earnings, bonds payable and accrued interests are examples of common accounts in the acquisition and repayment cycle. A primary characteristic of all accounts in this cycle include a. Many transactions affect the...
Liquidation Southwestern Wear Inc. has the following balance sheet: Current assets $1,875,000 Accounts payable $375,000 Fixed assets 1,875,000 Notes payable 750,000 Subordinated debentures 750,000 Total debt $1,875,000 Common equity 1,875,000 Total assets $3,750,000 Total liabilities and equity $3,750,000 The trustee's costs total $256,250, and the firm has no accrued taxes or wages. Southwestern has no unfunded pension liabilities. The debentures are subordinated only to the notes payable. If the firm goes bankrupt and liquidates, how much will each class of...
Discuss tests of controls and substantive tests of transactions for the payroll and personnel cycle. How does this apply to your chosen organization?
Southwestern Wear Inc. has the following balance sheet: Current assets $1,875,000 Accounts payable $375,000 Fixed assets 1,875,000 Notes payable 750,000 Subordinated debentures 750,000 Total debt $1,875,000 Common equity 1,875,000 Total assets $3,750,000 Total liabilities and equity $3,750,000 The trustee's costs total $257,000, and the firm has no accrued taxes or wages. Southwestern has no unfunded pension liabilities. The debentures are subordinated only to the notes payable. If the firm goes bankrupt and liquidates, how much will each class of investors...