Relationship between risk of material misstatement and detection of audit risk To explain: The direct relation between the risk of material misstatement and audit risk and detection risk.

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Answer 1

Question

Chapter 7, Problem 38RSCQ

a

To determine

Introduction: Relationship between risk of material misstatement and detection of audit risk

To explain: The direct relation between the risk of material misstatement and audit risk and detection risk.

b

To determine

Introduction: Relationship in the changes in the risk of material statement and the audit risk and detection risk.

To describe: The increase or decrease in the risk of material misstatement and the relationship and corresponding impact in the audit risk and detection risk.

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Aerotrino produces and sells popular t-shirts. Following is information about its t-shirts for 2014: Selling price $15.00 per t-shirt Variable costs: Production (manufacturing costs) - $3.50 per t-shirt Selling & administration - $1.00 per t-shirt Fixed costs: Production (manufacturing costs) - $1,000,000 per year Selling & administration - $2,000,000 per year During 2014, the company produced 400,000 t-shirts and sold 350,000 of them. Assume that there was no beginning inventory. How much is the net income under variable costing?

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ANSWER THIS GENERAL ACCOUNTING PROBLEM

Answer 2

Question

Chapter 7, Problem 38RSCQ

a

To determine

Introduction: Relationship between risk of material misstatement and detection of audit risk

To explain: The direct relation between the risk of material misstatement and audit risk and detection risk.

b

To determine

Introduction: Relationship in the changes in the risk of material statement and the audit risk and detection risk.

To describe: The increase or decrease in the risk of material misstatement and the relationship and corresponding impact in the audit risk and detection risk.

Expert Solution & Answer

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Answer 3

Question

Chapter 7, Problem 38RSCQ

a

To determine

Introduction: Relationship between risk of material misstatement and detection of audit risk

To explain: The direct relation between the risk of material misstatement and audit risk and detection risk.

b

To determine

Introduction: Relationship in the changes in the risk of material statement and the audit risk and detection risk.

To describe: The increase or decrease in the risk of material misstatement and the relationship and corresponding impact in the audit risk and detection risk.

Expert Solution & Answer

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Answer 4

Question

Chapter 7, Problem 38RSCQ

a

To determine

Introduction: Relationship between risk of material misstatement and detection of audit risk

To explain: The direct relation between the risk of material misstatement and audit risk and detection risk.

b

To determine

Introduction: Relationship in the changes in the risk of material statement and the audit risk and detection risk.

To describe: The increase or decrease in the risk of material misstatement and the relationship and corresponding impact in the audit risk and detection risk.

Expert Solution & Answer

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Answer 5

Chapter 7, Problem 38RSCQ

a

To determine

Introduction: Relationship between risk of material misstatement and detection of audit risk

To explain: The direct relation between the risk of material misstatement and audit risk and detection risk.

b

To determine

Introduction: Relationship in the changes in the risk of material statement and the audit risk and detection risk.

To describe: The increase or decrease in the risk of material misstatement and the relationship and corresponding impact in the audit risk and detection risk.

Answer 6

Chapter 7, Problem 38RSCQ

a

To determine

Introduction: Relationship between risk of material misstatement and detection of audit risk

To explain: The direct relation between the risk of material misstatement and audit risk and detection risk.

Answer 7

Chapter 7, Problem 38RSCQ

a

To determine

Introduction: Relationship between risk of material misstatement and detection of audit risk

To explain: The direct relation between the risk of material misstatement and audit risk and detection risk.

Answer 8

b

To determine

Introduction: Relationship in the changes in the risk of material statement and the audit risk and detection risk.

To describe: The increase or decrease in the risk of material misstatement and the relationship and corresponding impact in the audit risk and detection risk.

Answer 9

b

To determine

Introduction: Relationship in the changes in the risk of material statement and the audit risk and detection risk.

To describe: The increase or decrease in the risk of material misstatement and the relationship and corresponding impact in the audit risk and detection risk.

Answer 10

Expert Solution & Answer

Answer 11

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Answer 12

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Answer 13

Ch. 7 - Prob. 1TFQ Ch. 7 - Prob. 2TFQ Ch. 7 - Prob. 3TFQ Ch. 7 - Prob. 4TFQ Ch. 7 - Prob. 5TFQ Ch. 7 - Prob. 6TFQ Ch. 7 - Prob. 7TFQ Ch. 7 - Prob. 8TFQ Ch. 7 - Prob. 9TFQ Ch. 7 - Prob. 10TFQ

Relationship between risk of material misstatement and detection of audit risk To explain: The direct relation between the risk of material misstatement and audit risk and detection risk.

Solution Summary: The author explains the relationship between the risk of material misstatement and audit risk and detection risk.

Introduction: Relationship between risk of material misstatement and detection of audit risk

To explain: The direct relation between the risk of material misstatement and audit risk and detection risk.

Introduction: Relationship in the changes in the risk of material statement and the audit risk and detection risk.

To describe: The increase or decrease in the risk of material misstatement and the relationship and corresponding impact in the audit risk and detection risk.

Want to see the full answer?

Chapter 7 Solutions

Relationship between risk of material misstatement and detection of audit risk To explain: The direct relation between the risk of material misstatement and audit risk and detection risk.

Solution Summary: The author explains the relationship between the risk of material misstatement and audit risk and detection risk.

Introduction: Relationship between risk of material misstatement and detection of audit risk To explain: The direct relation between the risk of material misstatement and audit risk and detection risk.

Introduction: Relationship in the changes in the risk of material statement and the audit risk and detection risk. To describe: The increase or decrease in the risk of material misstatement and the relationship and corresponding impact in the audit risk and detection risk.

Want to see the full answer?

Chapter 7 Solutions

Introduction: Relationship between risk of material misstatement and detection of audit risk

To explain: The direct relation between the risk of material misstatement and audit risk and detection risk.

Introduction: Relationship in the changes in the risk of material statement and the audit risk and detection risk.

To describe: The increase or decrease in the risk of material misstatement and the relationship and corresponding impact in the audit risk and detection risk.