How could technology impact the audit space?

Q: On December 30, 2014, Fine Corporation sold merchandise for P75,000 to Day Company. The terms of the…

A: Inventory is very important to the organization as it the raw materials which is holded by the…

Q: Which of the following statements is (are) FALSE? Select one or more alternatives: When sales of a…

A: This is an important criteria in order to understand the capital decisions regarding investment in…

Q: The following are items found in the records of ABC Corp at Dec 31, 20X1:     Cash in BPI , P102,000…

A: According to the given question, we need to compute the cash balance as of December 31, 20x1.  We…

Q: Prepare the net sales portion only of this company's multiple-step income statement.

A: Sales revenue: sales revenue is the revenue earned by the company through sales Gross sales: Gross…

Q: What are the three broad classes of cash flows. Why this classification is needed?

A: Cash Flow Statement - The cash Flow Statement is the Statement that represents the inflow and…

Q: 4. A, B, C, and D are partners, sharing earning in the ratio of 3/21, 4/21, 6/21, and 8/21,…

A: Answer:-  Partnership meaning:- A partnership can be defined as the formal agreement between two or…

Q: The warehouse had a fire on November 7, 2021, which resulted in the destruction of merchandise worth…

A: Loss by fire is one of the loss that is being incurred by the business on inventory lost by fire.…

Q: 8.The following are items found in the records of ABC Corp at Dec 31, 20X1:     Cash in BPI current…

A: Cash balance at the end of the accounting year is equal to the balances available in all the types…

Q: The following data were available for ABC Trading at Dec 31, 20X1: Trade accounts receivable…

A: Trade and Other Receivables - Trade Receivable is the amount due from the customer. Customer to…

Q: Investing activities include the acquisition and disposition of assets. Provide four specific…

A: Cash flow statement means the statement which shows the movement of cash in the business. It include…

Q: O Multiple product

A: Costing refers to the technique of calculating the cost incurred in a project such as budgets,…

Q: Case 1: Fraud examination Karen, a friend of yours, recently started her own business, The Bike and…

A: Introduction: In today's culture, fraud is an enormously costly problem. Fraud examinations are…

Q: Visayas Corporation has one temporary difference at the end of 2020 that will reverse and cause…

A: Journal entry: The first step in accounting is a journal entry, which is used to record a business…

Q: CVP Analysis and Special Decisions Smoothie Company produces fruit purees which it sells to smoothie…

A: Introduction: The break-even point is the moment at which the total cost of the firm equals total…

Q: A, B, C, and D are partners, sharing earnings in the ratio of 3/21, 4/21, 6/21 and 8/21,…

A: Liquidation of Partnership Firm: The process by which a connection between partners in a business is…

Q: ABC Co received from a customer a 3-year non-interest bearing note of P120,000 on Jan 1, 20X1.…

A: When sales are made in exchnage of non-interest bearing note, the sales are recorded at present…

Q: of her shares, as follows: Shares Dog Ltd Cat Ltd Bird Ltd Date purchased Cost of purchase 1 March…

A: In the context of the given question, we are required to compute the capital gains or loss of…

Q: Q1. What will be the value of accumulated depreciation in the year of 2021?

A: Depreciation refers to the loss in the value of a tangible asset over a period of time. There are…

Q: Presented below is the list of inventory items of ABC Corp at Dec 31, 20X1: a. Goods sold on…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

Q: The following condensed balance sheet is for the partnership of Miller, Tyson, and Watson, who share…

A: Introduction:- The following formula used to calculate as follows:- Loss required to eliminate…

Q: Sheffield's Book Warehouse distributes hardcover books to retail stores and extends credit terms of…

A: Journal entry is the primary step to record transaction in the books of account. The debit and…

Q: 1. Explain how value-added tax (VAT) works and its advantages and disadvantages from businesses,…

A: Disclaimer: "Since you have asked multiple questions in a single question we answered first question…

Q: Gwen is the managerial accountant in charge of Company A, which sells water bottles. She previously…

A: Hi student Since there are multiple subparts, we will answer only first three subparts.  Cost…

Q: Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The…

A: Manufacturing cost is the cost of production. It is the cost which involved the direct material,…

Q: On its year 1 financial statements, Seatax Corporation, an accrual-method taxpayer, reported federal…

A: As per the given information: Amount reported as federal income tax expense in financial statements…

Q: s, the theoretical minimum number of workstations

A: We can solve the given question ysing network diagrams. Also, theoritical minimum number of…

Q: 1 KPT Enterprises 2 COMPARITIVE INCOME STATEMENT 3 for years ended 31 December 4 5 Revenues and…

A: Net income is the amount earned by an entity after deducting the expenses from the revenues.

Q: 4.ABC Co received from a customer a 3-year non-interest bearing note of P120,000 on Jan 1, 20X1.…

A: Note means an instrument issued by company acknowledging the debt due from company to bond holder.…

Q: On January 1, 2020, Corgan Company acquired 80 percent of the outstanding voting stock of Smashing,…

A:

Q: Jack borrowed $4239 at 7.8% to buy a used car. He paid the maturity value of $5460. Find the time c…

A: Compound Interest: A= P(1+R/100)n Where, A= Amount on maturity P= Principal Amount R= Rate of…

Q: Miller Company's most recent income statement follows: Total Sales (20,000 units) Less: Variable…

A: Income Statement - it is the statement which represent the information about the financial result of…

Q: Dazzle, Incorporated produces beads for jewelry making use. The following information summarizes…

A: Introduction:- Direct costs include direct materials and direct labor. These costs are also known…

Q: Save-the-Earth Co. reports the following income statement accounts for the year ended December 31.…

A: Multi-step income statement is the one which is prepared in a step by step format. It is prepared…

Q: The following are not considered items of "Cash and Cash equivalents", except Select the correct…

A: Cash and cash equivalents means the assets which are available in the form of cash or can be readily…

Q: Required Information [The following information applies to the questions displayed below.] Beech…

A: A budget is a forecast of revenue and expenses for a certain future period of time that is generally…

Q: Problem 5: Ordinary Shares, constant growth rate: The expected rate of return of the shareholders is…

A: Shares refer to the unit issued by the company to raise funds from the market by transferring the…

Q: Prepare the journal entries to record the following transactions on Skysong, Inc.'s books using a…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: The journal entry to record this production activity includes a:

A: Journal entry: the Journal entry is the first step in bookkeeping here each transaction has 2…

Q: If an asset is written down because of an impairment, in USA GAAP, it cannot be written back up…

A: Answer:-  Asset meaning:- An asset can be defined as something that offers a person or other entity…

Q: costs of personnel                                 500,000    Outside consulting fees…

A: In Accounting it is very important to understand the cost which are included under research and…

Q: At the end of 2020, ABC Company had the following balances: $300,000 was paid for the sold…

A: Net income = Revenue - Expenses

Q: Record journal entries for the following transactions of Furniture Warehouse. July 5: Purchased 30…

A: Journal entries are the reporting of transactions in the books of accounts. These are recorded in…

Q: ForCo, a corporation that is incorporated in a foreign country that does not have a treaty with the…

A: Please Fallow the Below Answers to the above questions: 1. The correct statement is : A) $ 1.5…

Q: The US GAAP provides rules and guidance for what two primary financial reporting purposes?

A: US GAAP which is the acronym and abbreviation of generally accepted accounting principles has given…

Q: The following data pertain to an investment proposal (Ignore income taxes.):   Cost of the…

A: Net present value is the value which is calculated by discounting the future cash inflows and then…

Q: Sta Elena Construction & Development Corporation purchased a construction crane on January 1, 2019…

A: Introduction: If carrying value of an asset is more than the recoverable amount then the asset is…

Q: with examples. Balance Sheet of Sinaco Limited is given as follows: June 30 Head of Account Year…

A: Decrease in fixed asset is because of depreciation.  Net income is 25000 so increase in retained…

Q: D.cost of living adjustment

A: The provision of cost of living adjustment is included in group disability income contracts but not…

Q: US GAAP provides the "rulebook" to help ensure all for-profit and not-for-profit entities present…

A: US GAAP are the rules that govern accounting in  United States. These are issued and amended from…

Q: 32.ABC Store purchased P100,000 from XYZ Supplies on July 1, 20X1. Terms: 5%, 3%, 2/15, n/30. FOB…

A: Every business needs inventory for the purpose of use them in manufacturing purpose. Inventory may…

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.