Financial audit Q&A What risks that may occur during assertion testing, but cannot be prevented due to the lack of time?

Q: XYZ Inc. manufactures a component D12, and two main products F45 and P67. The following details rela...

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Q: An enterprise provides each of its directors with a car. The company purchases these at £40,000 each...

A: The reducing balance method is also know as declining balance method where rate of depreciation is c...

Q: TOuonals? January 8 Sold merchandise on account to C. Cline, $1,000, plus sales tax of $50. Sale No....

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

Q: With the information given below from ABC Ltd,prepare cash flow from financing activities. 1. Redemp...

A: Cash flow from financing activity forms part of cash flow statement prepared by an entity where all ...

Q: The following information applies to the questions displayed below.] Mason (single) is a 50 percent ...

A: Income tax- The tax on a person's or organization's earnings/ income received/ earned in the previou...

Q: X, Y, Z share profits and losses in the ratio of 20%, 30%, 50%, respectively. During the year, their...

A: Partnership is the business which is established and formed by at least two or more than more person...

Q: A high-precision programmable router for shaping furniture components is purchased by Henredon for $...

A: Purchase price = $190,000 Expected life = 12 years  Salvage value = $5,000  

Q: XYZ Drinks makes three products:  iced tea, soda, and lemonade.  The following data are available: ...

A: Lets understand the basics. When there is more than one alternatives are there and there is scare re...

Q: On January 1, 2018, Jane Company purchased an equipment with an estimated useful life of 8 years. ...

A: Depreciation Expenses - Depreciation Expenses are the expense incurred on the wear and tear of the f...

Q: X, Y, Z share profits and losses in the ratio of 20%, 30%, 50%, respectively. During the year, their...

A: Ending Capital Balance=Beginning Capital Balance+Share in Profit-Drawings

Q: Accounting Variable manufacturing costs are $93 per unit, and fixed manufacturing costs are $130,20O...

A: Costing is an important aspect of Accounting it generally consists of two methods i.e fixed and vari...

Q: ovanni established an irrevocable life insurance trust in 2014 and funded it with a $1 million face ...

A: This is the Multiple choice question in which we have to select the correct option  We have been giv...

Q: How do pollution taxes vary across space? Pollution Taxes in Rural and Urban Areas  

A: Pollution is the major problem that is impacting human health and the environment.

Q: Brokeback Towing Company is at the end of its accounting year, December 31, 2021. The following data...

A: The adjustment entries are prepared at year end to adjust the revenue and expenses of the current pe...

Q: Q.4 Whethera company uses process costing or job-order costing depends on its industry. A number of ...

A: Job costing refers to the method of costing which is used while calculating the cost of a special or...

Q: The XYZ Partnership shows a net profit of P600,000 during the year. If partners X, Y, Z has income r...

A: Given, Net Profit = P600,000 Income of X, Y and Z = 50%, 30% and 20% Z's share from the net income o...

Q: QUESTION 30 The person recognized by law as the manager of a decedent's (dead persons') affairs (und...

A: Common Law: In regulation, precedent-based regulation is the assemblage of regulations made by judge...

Q: P2,000,000                                              P480,000                                    ...

A: No, i wont agree with his presentation. because even if we stop the production from southern divisio...

Q: Information for Bonanza Company's direct labor cost for February is as follows:    Actual direct la...

A: Labour cost variance shows difference between standard labour cost and actual labour cost. It can be...

Q: A new operations system requires an initial investment of $100,000 and will generate $70,000 in reve...

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Q: Evaluate the ethical issues related to the payment of income taxes. in other words, if there is a le...

A: Tax saving is the option which the taxpayer uses in order to use the option and reduce the amount of...

Q: BUSINESS TRANSACTIONS FOR ACCOUNTING PROCESS In December of the current year, the following transact...

A: 1. Income Statement 2. Balance Sheet 3. Statement of Cash Flow The first statement shows the income ...

Q: Which U.S. court's summary opinion may not be treated as precedent for another case? O U.S. Tax Cour...

A: Here given the details of the opinion based decision which are taken consideration for treatment of ...

Q: Exercise 6-21 (Algo) Long-term contract; revenue recognition over time; loss projected on entire pro...

A: Introduction:- A journal entry is the act of recording or keeping track of any financial or non-fina...

Q: On July 1, 2020, Major Ltd. pays £15,120 to Orlow Insurance for a 3-year insurance contract. Both co...

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized i...

Q: Avery Corporation Balance Sheet For year ending December 31 2019 2020 2021 ssets Cash & securities 1...

A: Common size balance sheet is one of the method of financial statement analysis, under which each ite...

Q: Binus and Associates is an auditing firm that uses job order costing to capture the costs of its aud...

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for y...

Q: TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried...

A: Direct labour price variance shows difference in standard labour cost and actual labour cost due to ...

Q: Which of the following statements is correct when obtaining an understanding about the client's busi...

A: After the acceptance of the engagement, auditor shall obtain following information.

Q: Chickadee had the following external transactions. Required: Using the external transactions below, ...

A: Retained Earnings: It is  the accumulated net income of the corporation that is retained as at the e...

Q: nswer this question, focus on the understandability and usefulness of the disclosures to the users o...

A: Answer: Typically, the balance sheet displays the historical cost of assets and liabilities. Certain...

Q: Düring the months of January, Pearson Corporation sold goods to cus events was as follows: Date Tran...

A: Gross profit is one of the operational performance indicators. Higher the GP % better is the perform...

Q: The following variable production costs apply to goods made by Zachary Manufacturing Corporation: Co...

A: Total variable cost = Variable cost per unit x Units produced

Q: Question 4: Following balances have been extracted from the ledger of Titan Plc at 31 December 2020 ...

A: The calculation of the amount to be shown in financial statements is being done of Land and Building...

Q: Trial Balance to be correced Account Titles Cash in Bank Debit Credit 25,000 ccounts Receivable uppl...

A: Trial Balance: After posting the ledgers the balances of those accounts are posted in Trial balance....

Q: Instruction: For the following items, determine the date of the adjustments and make an appropriate ...

A: Journal is the book of original entry in which all the transactions of the business are recorded ini...

Q: ВЕЗ.1 (LO 1) Indicate why adjusting entries are needed. The ledger of Althukair Company includes the...

A: Hi student Since there are multiple questions, we will answer only first question 

Q: 5.4 DIY Balance Sheet PRACTICE Assignment Given the following information for Jane Brown, lawyer, ca...

A: An accounting equation refers to a mathematical representation of the transaction. It indicates that...

Q: Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles. The snowmobiles were delivered on Jan...

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

Q: Company A reported the following results for 2021: Sales $4,000,000 Variable costs 3,200,000 Co...

A: Calculation of net income for 2021 : Particulars  Amount  Sales $4,000,000 Less : Variable c...

Q: PDQ Repairs has 200 auto-maintenance service outlets nationwide. It performs primarily two lines of ...

A: Calculation of WACM So the contribution from Oil changes= 60%*25%= 0.15  So the contribution from Br...

Q: 21.Zhane Company exchanged a car from its inventory for a computer system to be used in its technolo...

A: Solution: In case of exchange of assets having commercial substance, both assets acquired and asset ...

Q: 1. Prior to 2020, taxable income and pretax financial income were identical. 2. Pretax financial inc...

A: Pretax financial income = $1,359,000 Equipment Purchased = $1,260,000 Life = 5 years Depreciation on...

Q: The declaration, record, and payment dates in connection with a cash dividend of $37,000 on a corpor...

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...

Q: On July 1, 2021, S Furniture, sold to B tables and chairs for a price of P500,000 for the latter's c...

A: S will not bear the loss because there is an exception to res perit domino rule

Q: Why does Swift's narrator indicate that he gains nothing proposal?

A: Solution:- The main purpose of Swift's narrator is satirical essay is to call attention to the probl...

Q: An example of sampling for attributes would be estimating the A.Peso value of accounts receivable B....

A: In the given case an example for attribute sampling will be based on the population of the sample .....

Q: What is Basis of accounting

A: The system by which revenues and expenses are recognized in a company's financial statements is refe...

Q: On January 1, 2018, Jane Company purchased an equipment with an estimated useful life of 8 years.   ...

A: Depreciation is considered as an expense charge on the value of the Asset. It can be calculated by u...

Q: Flora's Flats produces comfortable and portable women's shoes designed to be worn as a second pair o...

A: Break even point = Fixed costs /Contribution margin per unit  where, Contribution margin per unit = ...