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If a company’s control risk is assessed as low, the auditor needs to gather evidence on the operating effectiveness of the controls.
a. For each of the following control activities, indicate the audit procedure the auditor would use to determine its operating effectiveness.b. Briefly describe how substantive tests of account balances should be modified if the auditor finds that the control procedure is not working as planned. In doing so, indicate (a) what could happen because of the control deficiency, and (b) how the auditor’s tests should be expanded to test for the potential misstatement.1. Credit approval by the credit department is required before salespersons accept orders of more than $15,000 and for all customers who have a past-due balance higher than $22,000.2. All merchandise receipts are recorded on pre numbered receiving slips. The controller’s department periodically accounts for the numerical sequence of the receiving slips.3. Payments for goods received are made only by the accounts payable department on receipt of a vendor invoice, which is then matched for prices and quantities with approved purchase orders and receiving slips.4. The accounts receivable bookkeeper is not allowed to issue credit memos or to approve the write-off of accounts.5. Cash receipts are opened by a mail clerk, who prepares remittances to send to accounts receivable for recording. The clerk prepares a daily deposit slip, which is sent to the controller. Deposits are made daily by the controller.6. Employees are added to the payroll master file by the payroll department only after receiving a written authorization from the personnel department.7. The only individuals who have access to the payroll master file are the payroll department head and the payroll clerk responsible for maintaining the payroll file. Access to the file is controlled by computer passwords.8. Edit tests built into the computerized payroll program prohibit the processing of weekly payroll hours in excess of 53 and the payment to an employee for more than three different job classifications during a one-week period.9. Credit memos are issued to customers only on the receipt of merchandise or the approval of the sales department for adjustments.10. A salesperson cannot approve a sales return or price adjustment that exceeds 6% of the cumulative sales for the year for any one customer. The divisional sales manager must approve any subsequent approvals of adjustments for such a customer.
The NuPress Valet Corporation has an improved version of its hotel stand. The investment cost is expected to be $72 million and will return $13.5 million for five years in net cash flows.
Find the intrinsic value of a common stock that last paid a quarterly dividend of $.03 if there is no expected increament in dividends and your required rate of return is 10 percent.
Your corporation has a marginal tax rate of 35% and has purchased preferred stock in another company. The before-tax dividend yield on the preferred stock is 12%. What is the company's after-tax return on the preferred, assuming a 70% dividend exc..
Calculate the IRR of each project and use it to determine the highest cost of capital at which all of the projects would be acceptable.
The Gold Rush Mining Corporation is concerned about short-term volatility in its revenues. Gold currently sells for $300 an ounce, but value is volatile and could fall as low as $280 or rise as high as $320 in the next month.
The Company suppose that wages and benefits paid to clerical personnel will be $7,000 per month while commissions to sales associates average 25 percent of collectible sales.
ldquoirsquom glad i caught you in your officerdquo she says. ldquoirsquove been thinking about the cost of issuing
Neubert also has outstanding $1,000 par value 15-year straight debt with a 7% coupon paid annually, also trading for $1,000. What is the implied value of the warrants attached to each bond?
However, the CFO believes that better cost controls would be sufficient to offset the higher interest expense and thus keep net income unchanged. By how much would the change in the capital structure improve the ROE?
Utilization of Relevant cost for Decision Making and Identify at least one relevant costing decision used by the management at UniCo
Assuming that Phoenix is not expected to pay any dividends during the coming years, determine the expected rate of return on the stock.
You are scheduled to receive $7,500 in three years. When you receive it, you will invest it for eight more years at 7.5 percent per year. How much will you have in eleven years?
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