Homework Answers
answer is B
prevention or detection and timely correction of errors and fraud is related to responsibility of auditor
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please i need help dont know is thats the correct answer
Which of the following are...
What is the most likely opportunity for theft or fraud by employees? Multiple Choice The belief...
What is the most likely opportunity for theft or fraud by employees? Multiple Choice The belief that the theft is a common practice. Needlessly complex transactions. Access to assets that are easily traced. Stock options that expire soon after the release of financial statements. What objectives of controls are of primary interest to an auditor performing a financial statement audit? Multiple Choice Effective and efficient operations Accurate and reliable financial reporting Compliance with applicable laws and regulations Prevention or detection...
Hello - I need assistant with this problem please: When completing a financial statement audit, the...
Hello - I need assistant with this problem please: When completing a financial statement audit, the auditors are concerned with which category of internal control? Controls over the reliability of financial reporting Controls related to the efficiency and effectiveness of operations Controls related to the company's compliance with applicable laws and regulations All of the above
Which of the following is not considered part of a company's "Monitoring"activities (as defined by COSO)?...
Which of the following is not considered part of a company's "Monitoring"activities (as defined by COSO)? I. Regluar management & supervisory activities. II. Monthly reports of activities or performance. III. Fraud prevention & detection activities. IV. Annual performance reviews. a. Only I and IV are not a part of monitoring activities. b. Only I and III are not a part of monitoring activities. c. Only II and III are not part of moiitoring activities. d. None of the above (all...
Don't miss th Inaccurate and unreliable information can spell financial disaster for businesses and persons who...
Don't miss th Inaccurate and unreliable information can spell financial disaster for businesses and persons who use this information for decision-making purposes. From the standpoint of a business, accurate and reliable information is necessary in order for a potential investor to have when they are considering investing with the company. If the information is not accurate and reliable, this will potentially harm the investor Inaccurate financial information may be due to the incompetence of the accountant who prepared the financial...
Novak Corporation sells coffee beans, which are sensitive to price fluctuations. The following inventory information is...
Novak Corporation sells coffee beans, which are sensitive to
price fluctuations. The following inventory information is
available for this product at December 31, 2018:
Coffee
Bean
Units
Unit Cost
Net Realizable
Value
Coffea arabica
11,700 bags
$5.60
$5.55
Coffea robusta
5,700 bags
3.40
3.50
Inventory at the lower of cost and net realizable value
$
84315
Prepare any journal entry required to record the LCNRV,
assuming that Novak uses a perpetual inventory system. (Round
answer to the nearest whole dollar,...
1. Consider the following statements: I. Per COSO, Control Activities are the policies and procedures...
1. Consider the following statements: I. Per COSO, Control Activities are the policies and procedures that help insure that management’s directives are carried out. II. A Reliance Strategy is used when control risk is considered High. 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. Management's attitude toward aggressive financial reporting and its...
1.Which of the following statements is TRUE: i) Internal audit’s role is to assess if financial...
1.Which of the following statements is TRUE: i) Internal audit’s role is to assess if financial statements are true and fair ii)External auditors are responsible for the identification of all fraud iii)Internal auditors report their audit opinions to shareholders a)i and ii only b)i and iii only c)ii and iii d)None of the above 2.Ruby, an external auditor, has been asked by the Finance Director of Aberdeen Ltd. if she will be the company’s external auditor. Before agreeing to the...
3) Answer the following 5 multiple Choice 1) The objectives of internal control are to a....
3) Answer the following 5 multiple Choice 1) The objectives of internal control are to a. provide reasonable assurance that assets are safeguarded and used for ess purposes, financial reports are accurate, and laws and regulations are complied with Ob. provide control over "internal use only" reports and employee internal conduct OC. control the internal organization of the Accounting Department personnel and equipment O d. prevent fraud and promote the social interest of the company 2) A bank reconciliation should...
Review the Audit report (found in the 10-K) for the following two companies. Highlight or summarize...
Review the Audit report (found in the 10-K) for the following
two companies. Highlight or summarize
differences between the reports (other than the name of Company,
Audit Firm, Financial statement
period covered).
Note:
1. Each Company may have two audit reports (one opinion on
financial statements and one for
audit of internal controls) or the two opinions may be combined
into one report.
2. You are not required to review the entire 10-K. Find the
audit report in the 10-K...
j Please I need help with these 2 multiple choice Q's. Thanks! " ACCOUNTING" Which of...
j
Please I need help with these 2 multiple choice Q's. Thanks! "
ACCOUNTING"
Which of the following note disclosures relates to items that would be described as "not an arms length transaction". subsequent event transactions errors, fraud and illegal acts fair value measurements related party transactions 3 Which of the following is NOT true of comparative financial statements submitted annually to the SEC. Publicly traded companies should submit the annual 10K within 60 days of the fiscal year end...
Don't miss th Inaccurate and unreliable information can spell financial disaster for businesses and persons who use this information for decision-making purposes. From the standpoint of a business, accurate and reliable information is necessary in order for a potential investor to have when they are considering investing with the company. If the information is not accurate and reliable, this will potentially harm the investor Inaccurate financial information may be due to the incompetence of the accountant who prepared the financial...
Novak Corporation sells coffee beans, which are sensitive to
price fluctuations. The following inventory information is
available for this product at December 31, 2018:
Coffee
Bean
Units
Unit Cost
Net Realizable
Value
Coffea arabica
11,700 bags
$5.60
$5.55
Coffea robusta
5,700 bags
3.40
3.50
Inventory at the lower of cost and net realizable value
$
84315
Prepare any journal entry required to record the LCNRV,
assuming that Novak uses a perpetual inventory system. (Round
answer to the nearest whole dollar,...
3) Answer the following 5 multiple Choice 1) The objectives of internal control are to a. provide reasonable assurance that assets are safeguarded and used for ess purposes, financial reports are accurate, and laws and regulations are complied with Ob. provide control over "internal use only" reports and employee internal conduct OC. control the internal organization of the Accounting Department personnel and equipment O d. prevent fraud and promote the social interest of the company 2) A bank reconciliation should...
Review the Audit report (found in the 10-K) for the following
two companies. Highlight or summarize
differences between the reports (other than the name of Company,
Audit Firm, Financial statement
period covered).
Note:
1. Each Company may have two audit reports (one opinion on
financial statements and one for
audit of internal controls) or the two opinions may be combined
into one report.
2. You are not required to review the entire 10-K. Find the
audit report in the 10-K...
j
Please I need help with these 2 multiple choice Q's. Thanks! "
ACCOUNTING"
Which of the following note disclosures relates to items that would be described as "not an arms length transaction". subsequent event transactions errors, fraud and illegal acts fair value measurements related party transactions 3 Which of the following is NOT true of comparative financial statements submitted annually to the SEC. Publicly traded companies should submit the annual 10K within 60 days of the fiscal year end...
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