Homework Answers
MCQ Number 1: Option No. 1 ie. Daily is correct.
MCQ Number 2: Option No. 5 i.e Operating an effective accounting system for underlying sales. Since it will add cross checks in the work done by others. For example, if one person collects cash other records it and is handed to cashier.
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1 points QUESTION 7 1. At Waren, how often is the general ledger updated? c daily...
QUESTION 1 1. Which of the following transactions would be recorded in the general journal? sales...
QUESTION 1 1. Which of the following transactions would be recorded in the general journal? sales return and credit memo c purchase of supplies inventory (done frequently) c recording of payroll checks C depreciation recorded annually c transfer of goods from work-in-process inventory to finished goods inventory 1 points QUESTION 2 1. For which of the following forms is an in-house authorization separate from the preparer most important at Waren? Receiving report Credit memo Customer order Deposit slip Prelist
1 points QUESTION 10 1. The pre-closing trial balance contains all information necessary to prepare which...
1 points QUESTION 10 1. The pre-closing trial balance contains all information necessary to prepare which of the following? o the statement of cash flows o the statement of retained earnings o the income statement Cb and c only ca, b and c 1 points QUESTION 11 1. Which of the following statements is true? o Original entries are recorded in journals, and journal totals are posted to ledgers. Original entries are recorded in ledgers, and ledger totals are posted...
1. Auditors often follow a "cycle" approach to the gathering of evidence. Of the following accounts,...
1. Auditors often follow a "cycle" approach to the gathering of evidence. Of the following accounts, which typically would NOT be part of the sales cycle? a. Accounts receivable b. Allowance for doubtful accounts c. Inventory d. Sales returns and allowances e. None of the above 2. The assertion COMPLETENESS involves a. Overstatement. b. Ownership. c. Professional Skepticism. d. Understatement. 3. To be appropriate, evidence should be relevant and reliable. Under...
a. Identify whether each of 1 through 7 is a control test deviation, a monetary misstatement,...
a. Identify whether each of 1 through 7 is a control test deviation, a monetary misstatement, or both. b. For each exception, identify which transaction-related audit objective was not met. c. What is the audit importance of each of these exceptions? d. What follow-up procedures would you use to determine more about the nature of each exception? e. How would each of these exceptions affect the rest of your audit? Be specific. f. Identify internal controls that should have prevented...
Each of the points listed next represents an internal control that may be implemented within a...
Each of the points listed next represents an internal control that may be implemented within a company’s accounting information system to reduce various risks. For each point, identify the appropriate business process (revenue, expenditure, conversion, administrative). (Hint: Review study objective 1,2,7 in Chapter 1). Customer credit must be authorized before a business transaction takes place. An authorized price list of goods for sale is provided. A shipping report is prepared for all shipments of goods so that customers may be...
matching QUESTION 1 b. Attestation c. Audit Indicate the letter of the term that best agrees...
matching
QUESTION 1 b. Attestation c. Audit Indicate the letter of the term that best agrees with the statement. Each term is used only once and each statement requires only one letter. Professional services where an auditor testifies as an expert witness Assurance services in accounting, auditing, or tax matters. • A list of audit procedures for testing accounts receivable. The auditor examines the effectiveness of organizations, programs, d. Performance Audit activities, or functions of an entity. e Compliance Audit...
Cloud 9 - Continuing Case Sharon Gallagher and Josh Thomas have assessed the internal controls at...
Cloud 9 - Continuing Case Sharon Gallagher and Josh Thomas have assessed the internal controls at Cloud 9 as being effective at an entity level. This means that, at a high level, the company demonstrates an environment where potential material misstatements are prevented or detected. Answer the following questions based on the information presented for Cloud 9 in the appendix to this text and the current and earlier chapters. You should also consider your answers to the case-study questions in...
REVIEW QUESTIONS 3-1 (Learning objective 3-1) What is cash larceny? 3.2 (Learning objective 3-2) How do...
REVIEW QUESTIONS 3-1 (Learning objective 3-1) What is cash larceny? 3.2 (Learning objective 3-2) How do cash larceny schemes differ from fraudulent disbursements? 3-3 (Learning objective 3-3) What is the difference between cash larceny and skimming? 3.4 (Learning objective 3-4) Where do cash larceny schemes rank among cash misappropriations in terms of frequency? In terms of median loss? 3-5 (Learning objective 3-5) What are the main weaknesses in an internal control system that permit fraudsters the opportunity to commit cash...
Create a system flowchart and review the controls in the process. See attached document for details....
Create a system flowchart and review the controls in the
process. See attached document for details.
Flowchart Assignment Business Process Diagramming and Control Evaluation The project is based on the business processes and controls for Order Entry/ Shipping and Billing / Cash Receipts at NashGulch Furnishings. NashGulch Furnishing sells high end, i.e. expensive and unique, home and office furnishings to design studios, building contractors, and architects. Customers place orders over the phone to the NashGulch customer fulfillment center, Nash Gulch...
n gomerni ng CSE-Accounting 1-Fall19 InitialsTV Exam 2-(Chs. 5-6) Problems: There are 3 problems, Please complete...
n gomerni ng CSE-Accounting 1-Fall19 InitialsTV Exam 2-(Chs. 5-6) Problems: There are 3 problems, Please complete all three: these are worth 10 Points each in order to receive full credit you must answer all parts of the question and show all of your work (A) The bank statement for Cole Co. indicates a balance of $3012.00 on May 31, 2007. After the ourmals for May had been posted, the cash account had a balance of $3,165.00. (1) Prepare a bank...
QUESTION 1 1. Which of the following transactions would be recorded in the general journal? sales return and credit memo c purchase of supplies inventory (done frequently) c recording of payroll checks C depreciation recorded annually c transfer of goods from work-in-process inventory to finished goods inventory 1 points QUESTION 2 1. For which of the following forms is an in-house authorization separate from the preparer most important at Waren? Receiving report Credit memo Customer order Deposit slip Prelist
1 points QUESTION 10 1. The pre-closing trial balance contains all information necessary to prepare which of the following? o the statement of cash flows o the statement of retained earnings o the income statement Cb and c only ca, b and c 1 points QUESTION 11 1. Which of the following statements is true? o Original entries are recorded in journals, and journal totals are posted to ledgers. Original entries are recorded in ledgers, and ledger totals are posted...
matching
QUESTION 1 b. Attestation c. Audit Indicate the letter of the term that best agrees with the statement. Each term is used only once and each statement requires only one letter. Professional services where an auditor testifies as an expert witness Assurance services in accounting, auditing, or tax matters. • A list of audit procedures for testing accounts receivable. The auditor examines the effectiveness of organizations, programs, d. Performance Audit activities, or functions of an entity. e Compliance Audit...
REVIEW QUESTIONS 3-1 (Learning objective 3-1) What is cash larceny? 3.2 (Learning objective 3-2) How do cash larceny schemes differ from fraudulent disbursements? 3-3 (Learning objective 3-3) What is the difference between cash larceny and skimming? 3.4 (Learning objective 3-4) Where do cash larceny schemes rank among cash misappropriations in terms of frequency? In terms of median loss? 3-5 (Learning objective 3-5) What are the main weaknesses in an internal control system that permit fraudsters the opportunity to commit cash...
Create a system flowchart and review the controls in the
process. See attached document for details.
Flowchart Assignment Business Process Diagramming and Control Evaluation The project is based on the business processes and controls for Order Entry/ Shipping and Billing / Cash Receipts at NashGulch Furnishings. NashGulch Furnishing sells high end, i.e. expensive and unique, home and office furnishings to design studios, building contractors, and architects. Customers place orders over the phone to the NashGulch customer fulfillment center, Nash Gulch...
n gomerni ng CSE-Accounting 1-Fall19 InitialsTV Exam 2-(Chs. 5-6) Problems: There are 3 problems, Please complete all three: these are worth 10 Points each in order to receive full credit you must answer all parts of the question and show all of your work (A) The bank statement for Cole Co. indicates a balance of $3012.00 on May 31, 2007. After the ourmals for May had been posted, the cash account had a balance of $3,165.00. (1) Prepare a bank...
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