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When discussing planned detection risk (PDR) and the audit risk model, which of the following statements is not true?
a. PDR is dependent on the other three factors in the model; i.e., it will change only if another changes
b. PDR determines the amount of evidence the auditor plan to accumilate , inversely with the size of planned detection risk.
c. When PDR is changed from 5% to 10%, the required accumulation of evidence would be increased
d. PDR is a measure of the risk that audit evidence will fail to detect errors exceeding a tolerable amount, should such errors exist.
In our real life, the value of assets cannot be estimated perfectly because we cannot be certain for the future cash flows that the asset generates, and also we cannot be certain for the discount rate.
The Partnership of D, E, and F has the following account balances just prior to the liquidation of the partnership: Cash, $90,000; Noncash Assets, $570,000; Liabilities, $300,000: D, Capital, $120,000; E, Capital, $180,000; and F, Capital, $60,000..
The One Stop Print Shop has used the same overhead rate on all jobs. Job 216 was the only job in process at the beginning of the month. At that time it had incurred direct labor costs of $150 and total cost of $570.
what is Dell's strategy for success in the marketplace? Does the company rely primarily on a customer intimacy, operational excellence, or product leadership customer value.
Bob and Elizabeth, both 55 years old and married, sell their personal residence to Wolfgang in 2011. Wolfgang pays $660,000 and assumes their $90,000 mortgage. To make the sale they pay $20,000 in commissions and $10,000 in legal costs.
When designing an information system, the designers are increasingly concerned with the risks associated with technology and information system. Write a memo to the Vice President explaining to him the general nature of risk.
Prepare journal entries (A,B,C) and show proper disclosure (C) to reflect the following treasury stock transactions showing how each is accounted for under the cost method. (show computation)
Sanchez Co. sells flags with team logos. Sanchez has fixed costs of $ $602,000 per year plus variable costs of $5.50 per flag. Each flag sells for $12.50.
Jamison Company produces and sells Product X at a total cost of $25 per unit, of which $15 is product cost and $10 is selling and administrative expenses. In addition, the total cost of $25 is made up of $14 variable cost and $11 fixed cost
Your father runs a small auto body shop. He has decided to computerize his records and has asked you to explain the basics of accounting to him so that he can enter the data into his accounting software.
Captain Inc. purchases a depreciable asset for $100,000. The life of the asset is 10 years and it has an estimated salvage value of $10,000. Captain Inc. takes a full year of depreciation expense in the year the asset is acquired. Which of the fol..
On January 2, 2011, Jansing Corporation acquired a new machine with an estimated useful life of five years. The cost of the equipment was $40,000 with a residual value of $5,000.
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