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4
The following information applies to the questions displayed below) The auditors of Landi Corporation wish...
5 The auditors of Landi Corporation wish to use a structured approach to nonstatistical sampling to...
5
The auditors of Landi Corporation wish to use a structured approach to nonstatistical sampling to evaluate the ndihas 12,400 receivable accounts with a total book value of $2,665,000 The auditors have assessed the combined level of inherent and control risk at a moderate level and believe that their other substantive procedures are so limited as to require a "maximum" risk assessment. After considering the overall audit plan, the auditors believe that the test's tolerable misstatement is $61.295. Use Fiqure...
17 Saved Rachel Robertson wishes to use mean-per-unit sampling to evaluate the reasonableness of the book...
17
Saved Rachel Robertson wishes to use mean-per-unit sampling to evaluate the reasonableness of the book value of the accounts receivable of Smith, Inc. Smith has 10,800 receivable accounts with a total book value of $1,575,000. Robertson estimates the population's standard deviation to be equal to $21. After examining the overall audit plan, the auditors believe that the account's tolerable misstatement is $69,000, and that a risk of incorrect rejection of 10 percent and a risk of incorrect acceptance of...
3. A financial audit is related to which economic factor of production? a. Allocation of financial...
3. A financial audit is related to which economic factor of production? a. Allocation of financial capital b. Labor c. Land d. Manufacturing 4. Which of the following terms is associated with the auditing standard stating: In rare circumstances, the auditor may judge it necessary to depart fron a relevant presumptively mandatory requirement. In such circumstances, the auditor should perform alternative procedures to achieve the intent of the requirement. AU-C200.26 a. Can b. May d. Should c. Must 5....
You are the auditor of Jexel, an auto air-conditioner service and repair company, and you have de...
You are the auditor of Jexel, an auto air-conditioner service and repair company, and you have decided to use the mean-per-unit method to test the existence and gross valuation of recorded accounts receivable. The client's records include 10,200 accounts with a total book value of $1,275,000. You decide to use tolerable misstatement of $162,000, an incorrect acceptance risk of 10 percent, and an incorrect rejection risk of 5.0 percent. Using Excel, you estimated the standard deviation of the population as...
Which of the following matters would an auditor most likely consider to be a significant deficiency to be communicated to the audit committee
1. Which of the following matters would an auditor most likely consider to be a significant deficiency to be communicated to the audit committee? A. Management's failure to renegotiate unfavorable long-term purchase commitments.B. Recurring operating losses that may indicate going concern problems.C. Evidence of a lack of objectivity by those responsible for accounting decisions.D. Management's current plans to reduce its ownership equity in the entity. 2. After obtaining an understanding of internal control and arriving at a preliminary assessed level...
11A–1.A summary of the controls for the revenue and cash receiptscycle of Keystone Computers...
11A–1.A summary of the controls for the revenue and cash receipts
cycle of Keystone Computers & Networks, Inc., appears in this
appendix.For the following three controls over sales, indicate one type
of error or fraud that the control serves to prevent or detect.
Organize your solution as follows:ControlError or Fraud ControlledApplication controls are applied when customer orders are
entered by the sales order clerk.The computer assigns numbers to sales invoices when they are
prepared.Monthly statements are mailed to customers.For the...
1. Consider the following statements: I. Clearly trivial and not material are terms that can...
1. Consider the following statements: I. Clearly trivial and not material are terms that can be used interchangeably. II. The higher the dollar amount of (performance) materiality the less audit evidence is required. a. I is true; II is true b. I is true; II is false c. I is false; II is true d. I is false; II is false 2. Consider the following statements: I. Per auditing standards, the successor [new]...
Required information The following information applies to the questions displayed below) Vanishing Games Corporation (VGC) operates...
Required information The following information applies to the questions displayed below) Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $12. At the start of January 2018, VGC's income statement accounts had zero balances and its balance sheet account balances were as follows: Cash Accounts Receivable Supplies pent Building Land Accounts Payable Deferred Revenue Notes Payable due 2025) Common stock Retained Earnings $1,590.000 265,000 17,800 922.000 435,000 1,250.000 137.000 140,000 01.000 2.800,000 1,301.800...
Required information (The following information applies to the questions displayed below.) Part 2 of 4 At...
Required information (The following information applies to the questions displayed below.) Part 2 of 4 At the beginning of Year 2, the Redd Company had the following balances in its accounts: 0.4 points Cash Inventory Land Common stock Retained earnings $ 6,900 15,000 7,000 15,000 13,900 During Year 2, the company experienced the following events: 1. Purchased inventory that cost $5,200 on account from Ross Company under terms 1/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of...
[The following information applies to the questions displayed below. Vanishing Games Corporation (VGC) operates a massively...
[The following information applies to the questions displayed below. Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $10. At the start of January 2018, VGC's income statement accounts had zero balances and its balance sheet account balances were as follows: Cash Accounts Receivable Supplies Equipment Buildings Land Accounts Payable Deferred Revenue Notes Payable (due 2025) Common Stock Retained Earnings $2,860,000 202,000 19,200 905,000 518,000 1,100,000 143,000 110,000 69,000 2,000,000 2,482,200 In addition...
5
The auditors of Landi Corporation wish to use a structured approach to nonstatistical sampling to evaluate the ndihas 12,400 receivable accounts with a total book value of $2,665,000 The auditors have assessed the combined level of inherent and control risk at a moderate level and believe that their other substantive procedures are so limited as to require a "maximum" risk assessment. After considering the overall audit plan, the auditors believe that the test's tolerable misstatement is $61.295. Use Fiqure...
17
Saved Rachel Robertson wishes to use mean-per-unit sampling to evaluate the reasonableness of the book value of the accounts receivable of Smith, Inc. Smith has 10,800 receivable accounts with a total book value of $1,575,000. Robertson estimates the population's standard deviation to be equal to $21. After examining the overall audit plan, the auditors believe that the account's tolerable misstatement is $69,000, and that a risk of incorrect rejection of 10 percent and a risk of incorrect acceptance of...
You are the auditor of Jexel, an auto air-conditioner service and repair company, and you have decided to use the mean-per-unit method to test the existence and gross valuation of recorded accounts receivable. The client's records include 10,200 accounts with a total book value of $1,275,000. You decide to use tolerable misstatement of $162,000, an incorrect acceptance risk of 10 percent, and an incorrect rejection risk of 5.0 percent. Using Excel, you estimated the standard deviation of the population as...
11A–1.A summary of the controls for the revenue and cash receipts
cycle of Keystone Computers & Networks, Inc., appears in this
appendix.For the following three controls over sales, indicate one type
of error or fraud that the control serves to prevent or detect.
Organize your solution as follows:ControlError or Fraud ControlledApplication controls are applied when customer orders are
entered by the sales order clerk.The computer assigns numbers to sales invoices when they are
prepared.Monthly statements are mailed to customers.For the...
Required information The following information applies to the questions displayed below) Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $12. At the start of January 2018, VGC's income statement accounts had zero balances and its balance sheet account balances were as follows: Cash Accounts Receivable Supplies pent Building Land Accounts Payable Deferred Revenue Notes Payable due 2025) Common stock Retained Earnings $1,590.000 265,000 17,800 922.000 435,000 1,250.000 137.000 140,000 01.000 2.800,000 1,301.800...
Required information (The following information applies to the questions displayed below.) Part 2 of 4 At the beginning of Year 2, the Redd Company had the following balances in its accounts: 0.4 points Cash Inventory Land Common stock Retained earnings $ 6,900 15,000 7,000 15,000 13,900 During Year 2, the company experienced the following events: 1. Purchased inventory that cost $5,200 on account from Ross Company under terms 1/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of...
[The following information applies to the questions displayed below. Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $10. At the start of January 2018, VGC's income statement accounts had zero balances and its balance sheet account balances were as follows: Cash Accounts Receivable Supplies Equipment Buildings Land Accounts Payable Deferred Revenue Notes Payable (due 2025) Common Stock Retained Earnings $2,860,000 202,000 19,200 905,000 518,000 1,100,000 143,000 110,000 69,000 2,000,000 2,482,200 In addition...
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