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Assume the two scenarios: 1.You evaluate accounts receivable internal control and conclude the IC risk as being low. Also, you have estimated inherent risk low. The total balance in AR is relatively low. 2.You evaluate accounts receivable internal controls and conclude the IC risk as being at the maximum and inherent risk is moderate. The total balance in AR is very material. Required: Create two separate audit programs, one for scenario a, and one for scenario b. Problem 2 The in-charge auditor has calculated, using PPS, that a sample of 117 account receivable invoices should be selected to help determine the accuracy of the AR balance. The invoices were selected and confirmations were sent. The following issues were uncovered. What is your response to each of the issues? 1.Confirmation #34 was not returned. 2.Confirmation #21 was sent back with a comment from the customer saying the amount was paid in January. 3.Confirmation #74 was returned with a comment that the amount is too high due to a returned shipment by the customer. 4.Confirmation #82 was returned to your client. 5.Confirmation #98 was returned with a comment stating that the customer only keeps books as a total balance not individual invoices.
From the banker's point of view, short-term bank credit is an excellent way of financing?
When an income statement shows data for segments of the organization, and data for each segment are added together to get totals for the whole organization:
Prepare 2012 gift tax returns (Form 709) for the Bakers assuming that the § 2513 election to split gifts is made. The Bakers have made no prior taxable gifts. Relevant Social Security numbers are 123-45-6781 (David) and 123-45-6782 (Mia)
Evanston?s accountant insists that he keep a detailed record of money and merchandise that he takes out of the business for his personal use. Why?
Determine Kens and Dens accounts receivable collection period ratio and the number of days' sales in ending inventory during 2000.
Calculate the direct-material price and quantity variances, and the direct-labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable.
Prepare journal entries to record the transactions above on the books of TV Land Company. Closing en- tries should not be made.
Joan Reed exchanged commercial real estate that she owned for other commercial real estate plus cash of $50,000. The following additional information pertains to this transaction.
Prepare the journal entry to record pension expense and the employers' contribution to the pension plan in 2011.
Prepare an overview of government accounting for a business person, using the State of Georgia as an example. Describe the entity and evaluate the Management Discussion & Analysis (MD&A) section.
When auditing inventories of raw materials, purchased parts, and/or merchandise inventory, the auditor's most effective means for evaluating the valuation assertion is to
The financial statements for Jobe Inc. and Lake Corp., just prior to their combination, for the year ending December 31, 20X2, follow. Lake's buildings were undervalued on its financial records by $60,000.
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