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Are you agree or disagree regarding the paragraph on payroll which is a part of auditing-Monetary compensation is a leading cause for the common practice of verifying total officers' compensation even when the tests of controls and substantive tests of transactions results in payroll are excellent. This is where payroll becomes a direct influence on the practices in influencing valuation of records. Management has the ability to exaggerate variables that directly effect their compensation, which is why verification is necessary to identify misstatements linked to a compensation motive. The controls over management are typically weak for example they may have access to overrides or other opportunities to manipulate performance for personal gain. Audit procedures that can be used to verify officers’ compensation is to compare the salaries of management authorized by the board of directors and compare it to payroll records. please write about it.
a. Calculate the after-tax cost of debt, assuming the debt remains outstanding until maturity. b. Calculate the after-tax cost of debt, assuming investors put the bond back to the firm at the end of the fifth year.
Assuming the City maintains it books and records in a manner that facilitates the preparation of the fund financial statements, prepare journal entries, in the Debt Service Fund, for the following transactions.
Management is held accountable to various parties, both internal and external to the business organization. To whom does management have a stewardship obligation and to whom does it have reporting responsibilities?
a car dealer acquires a used car for 3000 terms fob shipping point. additional costs in obtaining and offering the car
The expense recognition principle relates to credit losses by stating
If the company decided to purchase an additional 10,000 units at $25 per unit at the end of the year, how much income tax currently payable would be saved?
a company uses the fifo method for inventory costing. during a period a production department had 32000 units in
Why would someone choose to use a perpetual over a period inventory system, and vice versa?
National Credit and Cash purchased a general liability insurance policy for $2,400 for coverage for the calendar year. The entire $2,400 was charged to Insurance Expense on January 2, 2010. If the firm prepares monthly financial statements, the pr..
Estimate the 2011 ending inventory and cost of goods sold using the conventional retail method (average, LCM).
wheelco a foreign corporation manufactures motorcycles for sale worldwide. wheelco markets its motorcycles in the
If the president is right, what will be the effect on the company's monthly net operating income or loss? Using the incremental approach in perparing the answer?
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