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Create an audit report with the findings being somewhere between $5,000,000 and $30,000,000 Include these items in the report: The area under audit where the finding occurred, The steps you undertook during the audit, The problem that was noted, the amount of the finding and the suggested accounting correction, The conclusion of the auditor as a result of the steps taken and the problem noted, and The corrective action necessary to prevent this problem from reoccurring.
Here is an example:
Having undertaken the audit of ABC College during the last week, it was found that there was a discrepancy in the actual cash balance and the cash in the cash box. This was found to be mainly due to the oversight of few cash receipts and not having recorder two of the cash payments. We found that the payments that were not accounted for were of value $10,000 and the receipts that were not recorder for were of value $50,000. It was evident that the receipts and payments were not being recorded with prudence by the accountant. The possible way to avoid this problem form reoccurring is to create a strong system of internal control and dividing the responsibility of collection of cash and recording of cash between two different people.
The two basic requirements for the accrual of a loss contingency are supported by several basic concepts of accounting. Four of these concepts are periodicity (time periods), measurement, objectivity, and relevance.
1. List the relationships, ratios and trends that will provide useful information about the overall reasonableness of accounts payable. Consider income statement accounts that affect accounts payable in selecting the analytical procedures.
he Harsanyi Corp. is considering four investments. Which provides the highest after-tax return for Harsanyi Corp. if it is in the 34% tax bracket?
Pinson Corporation was organized on January 1, 2010. It is authorized to issue 20,000 shares of 6%, $50 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were ..
The Yellow Appliance Company, an accrual basis taxpayer, sold goods in December 2005 for $10,000 under terms which allowed the customer to return the goods and receive a refund within 60 days of the sale.
The following transactions were made by Waite Company. Assume all investments are short-term and are readily marketable. Journalize the transactions.
Metro Express has 5 sales employees, each of whom earns $4,000 per month and is paid on the last working day, of the month. Each employee, wages are subject to FICA social security taxes of 6.2% and Medicare taxes of 1.45% on all wages.
Cal Ruther, an employer, is subject to FICA taxes but exempt from FUTA and SUTA taxes. During the last quarter of the year, his employees earned monthly wages of $8,500, all of which is taxable. The amount of federal income taxes withheld each mon..
A corporation has 50,000 shares of $28 par value stock outstanding that has a current market value of $160. If the corporation issues a 4-for-1 stock split, the market value of the stock will fall to approximately
Who are the stakeholders in this situation? What are the ethical issues involved? What would you do?
In the current year, Spring Corporation, a closely held personal service corporation, has $120,000 of passive losses, $70,000 of active business income, and $50,000 of portfolio income. How much of the passive loss may Spring deduct in the current..
During 2001, Company A actually repaired 4,100 players at an average cost of $11.50. What is te amount of product warranty expense that Company A should recognize in 2008?
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