detify and explain the 3 main uses of analytical procedres during the audit
Q: Niosoki Auto Parts sells new parts for foreign automobiles to auto dealers. Company policy requires ...
A: Internal controls : It is the mechanism , rules and procedures that are implemented by a company to...
Q: Identify the normal balance (debit or credit) for each of the following accounts. Nomal Ending Balan...
A: Note: generall all the asseta nd expenses have the debit balances and all the income and liabilities...
Q: Kindly answer bolded questions. Thanks Greek Manufacturing Company produces and sells a ...
A:
Q: Seere Company provided the following income statement for last year. Sales Less: Variable expenses C...
A: >Return on Investment or ROI is the rate of return earned on given average invested assets. &...
Q: A company has provided the following data: Sales Sales price Variable cost Fixed cost If the dollar ...
A: There are two type of costs incurred in the business. One is fixed costs and other is variable costs...
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A: In order to determine the Breakeven sales, the fixed cost is required to be divided by the contribut...
Q: Ron Landscaping's income statement reports net income of $76,200, which includes deductions for inte...
A: Facts in the given question are as follows: Net Income reported - $76,200 Interest Expenses - $12,80...
Q: A business purchases $600 worth of furniture. They debit their Furniture Account $600 correctly, but...
A: Lets understand the basics. When journal entry is made which is incorrect then it gets impacted on t...
Q: On December 1, Daw Co. accepts a $10,000, 45-day, 6% note from a customer. (1) Prepare the year-end ...
A: Accrued interest = Face value of notes x rate of interest x no. of days in calendar year/ 360 days P...
Q: White has a reportable segment if the segment's revenue will total to what amount? * The following i...
A: It refers to all of the procedures involved in the manufacture of commodities during a given time pe...
Q: Sheffield Corp. had the following information in its financial statements for the years ended 2020 a...
A: Book value per share is a ratio of total common stockholders' equity and total outstanding shares at...
Q: Cash $ 30,000 Marketable securities $ 25,000 Accounts Receivable Invento...
A: The balance sheet is a statement of assets, liabilities and stockholders' equity at a particular dat...
Q: XYZCorporation, is preparing a quarterly sales budget. ABC predicts sales of 40,000 games in Q1 at ...
A: The question is based on the concept of Cost Accounting.
Q: A company's board of directors votes to declare a cash dividend of $1.55 per share of common stock. ...
A: The dividend is the part of profit that can be either of current year or prior year accumulated prof...
Q: (a) Prepare a personal cash flow. .
A: A personal cash flow statement measures your cash flow (earnings) and cash outflows (expenditures) t...
Q: Zhang Company reported Cost of goods sold of $847,000, beginning Inventory of $39,600 and ending Inv...
A: Merchandise inventory is the value of goods in the stock whether it is finished goods, raw material ...
Q: Whispering Steel Company, as lessee, signed a lease agreement for equipment for 5 years, beginning D...
A: Liabilities: In monetary bookkeeping, a liability is characterized as the future penance of financia...
Q: A2 Equity transactions: An examination of the ledger of Goodrich Metals revealed the iollowng b Prep...
A: Treasury stock is the company’s own stock purchased from the investors. A stock dividend is the stoc...
Q: Refer to the following selected financial information from Phantom Corp. Compute the company's days'...
A: Introduction:- First we need to calculate inventory turnover ratio Inventory turnover ratio =Cost of...
Q: Selling Land for $50,000 more then what the business originally purchased the Land for would result ...
A: Selling land for a price greater than its acquisition cost would result in a net profit. Statement ...
Q: Hayes Companies and Softee Sodas are two of the largest and most successful beverage companies in th...
A: Ratio Analysis - The ratio is the technique used by the prospective investor or an individual or str...
Q: Enviro Company issues 8%, 10-year bonds with a par value of $250,000 and semiannual interest payment...
A: Premium on bonds payable = Cash proceeds from issuance of bonds - Par value of bonds Semi annual bon...
Q: rmer Company reports the following amounts on its statement of cash flow: Net cash provided by opera...
A: Ending Cash balance = Cash Flow from operating Activities + Cash Flow from Investing activities + Ca...
Q: An inventory of supplies showed $1,000 were used up. 2. There was $600 of depreciation on Furniture...
A: The financial statements of the business include the income statement and balance of the firm which ...
Q: 2. As supervisor of a facilities engineering department, you consider mobile cranes to be critical e...
A: PW Method The present worth approach is frequently used in various industry because it reduces all ...
Q: Timmer Company signs a lease agreement dated January 1, 2019,that provides for it to lease equipment...
A: Lease refers to the contractual agreement where user pay the owner for using the asset and the asset...
Q: Question 5 Breakeven point Product 1 Product 2 Product 3 Product 4 Product 5 11 11 20 11 14 Selling ...
A: Lets understand the basics. Break even point is a point at which no loss no profit contribution aris...
Q: On January 1, 2021, PAPASA BA AKO Company purchased 5-year bonds with face value of P8,000,000 and s...
A: Present Value of Bond = Present Value of Coupon Payments + Present Value of Redemption Value Present...
Q: partnership, they each had their own sole proprietorship. The partners contribute the following prop...
A: GIVEN Lemon, Lime, and Orange, three cash method, calendar year individuals, form Starburst Genera...
Q: What is the value today of receiving $4,000 at the end of each year for the next 5 years, assuming a...
A: Year Cash received Present value factor @ 8% Present value 1 4,000 0.926 3704 2 4,000 0.857 3428...
Q: The chief accountant for Julius Co. provides you with the company's most recent income statement and...
A: Cash flows from operating activities is one of the important section of cash flows statement which s...
Q: A machine has a first cost of P97,198.62 and has an expected salvage value after 10 years P11,240.93...
A: Depreciation is the allocation of cost of asset over the useful life of the asset. Under declining b...
Q: X Solutions , a division of XYZ Corporation buys and installs aluminum windows. For the most recent ...
A: >Return on Investment or ROI is the rate of return earned on given average invested assets. &...
Q: ABC Company prepares financial statements under IFRS. At December 13, Year 4, ABC's income for finan...
A: Net income: P100,000 Depreciation for accounting purposes: P10,000 Depreciation for tax purposes: P1...
Q: On 1 July 2010 Davis Ltd acquired all the share capital in Mitchell Ltd for $230,000 cash. At the da...
A: When an asset is revalued at the time of consolidation, an entry needs to be passed.
Q: | McGloire Construction is analyzing its capital expenditure proposals for the purchase of equipment...
A:
Q: Required information [The following information applies to the questions displayed below.] Evergreen...
A: Journal entry - It refers to the process where the business transactions are recorded in the books o...
Q: Byxie and Katey formed a partnership on March 1, 2022 with Byxie investing the following: Inventory...
A: >Partnership is the business entity where there are two or more than two owners, known as partner...
Q: sells a line of product that are sold usually all year round. The company has a maximum production c...
A: The question is related to Cost Volume Profit Analysis. The Basic equation of Cost Volume Profit Ana...
Q: Define Temporarily Restricted Contributions based on the U.S. GAAP SFAS.
A: Statements of Financial Reporting Standards were created to address particular accounting concerns w...
Q: differentiate internal user from external user of accounting information
A: Accounting is the detailed process of recording, classifying, summarising and reporting accounting i...
Q: hat was the division’s R
A: In this question, we have to compute the ROI for the year.
Q: $ 270,e00 (210, еe0) $ 60,000 $ 180,000 (100, еee) $ 80,000 $ 380,000 (100, eeе) $ 280,e00 Equipment...
A: Equipment A/c ( Gross Basis ) Particulars Amount Particulars Amount To balance b/d $270,000 ...
Q: A company has 31,000 shares of common stock outstanding. The stockholders' equity applicable to comm...
A: Book value per share= (Shareholder's equity- Preferred stock )/ Common stock shares
Q: ation is as fol
A: Market value of Plan Asset $1,155,300 Benefit Obligation $1,375,000 Current Service cost is $196,00...
Q: How much must be invested now at 9% interest to accumulate to $23,000 in seven years? (FV of $1, PV ...
A: GIVEN invested now at 9% interest to accumulate to $23,000 in 7 years
Q: Fair value of plan assets, Jan. 1 Contributions to the retirement fund during the year Benefits paid...
A: A plant asset is an asset that has a service life of more than one year and is used to produce reven...
Q: Problem 7 On January 1, 2012 Outlandish Company entered into a franchise agreement with Jollibee Com...
A: A franchise is acknowledged as a form of business where a particular organization provides a license...
Q: 5. A retailer buys an article from the wholesaler at OMR 80 and the wholesaler charges a sales tax a...
A: a) Price that consumer have to pay would be- 100+8%of 100= 108. b) Input Tax: 80*8%= 6.4 Output...
Q: GO RUSH Co.'s check register shows the following entries for the month of December: Date Checks...
A: Bank Reconciliation Statement is the statement in the tabular format that shows the difference in ea...
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- In which stage of audit the audit program will be created ? a. Fieldwork b. Reporting c. Planning d. Followup1. Identify 3 procedures in auditing system development life cycle and identify what particular phase is being audited and the objective. 2.The auditing assesses the reliability and sufficiency of the information through _____________ a. Comparison b. Testing c. Evaluation d. Judgement
- An audit plan is : a. The blueprint for conducting the audit and accomplishing the audit objectives. b. The flowchart for conducting the audit and accomplishing the audit objectives. c. The footprint for conducting the audit and accomplishing the audit objectives. d. The gannchart for conducting the audit and accomplishing the audit objectives.Based on the information in scenario C, classify the information (1-8) according to the elements of an audit finding (criteria, condition,cause, effect and recommendations)Explain audit risk and its components by providing TWO (2) examples for each component of the audit risk.
- During substantive procedures, performing analytical procedures satisfies which primary audit objective: Cutoff Accuracy Existence Completeness 4Choose the documents which should be included in the audit documentation a. Summaries of significant matter O b. Issue memoranda O c. Audit program O d. All the optionsAn audit procedure that involves taking a sample of recorded transactions and obtaining original source documents supporting the recorded transactions is referred to as what? a. vouching b. directional testing c. a walk-through d. tracing
- Analytical procedures are a critical part of audit work. Describe at least three different analytical procedures and explain how to perform each.Define and explain the following. Provide two references A: Audit data analytics B: Audit data analytics procedures.All of the following are included in the scope of audit except a. Evaluation b. Computation с. Judgement d. Comparison