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At each calendar year-end mazie supply co. uses the percent of account receivable method to estimate bad debits. On December31,2013 it has outstanding accounts receivable of 55000 and estimated that 2% will be uncollectible. prepare the adjusting entry to record bad credit expense for the year 2013 under the assumption that the Allowance for doubtful accounts has (a) a 415 credit balance before the adjustment and (b) a 291 debit balance before the adjustment.
Internal control is a process effected by an entity's board of directors, management, and other personnel that is designed to provide reasonable assurance regarding the achievement of objectives.
What are the advantages a firm gains by using auditing and assurance services? How might you use these advantages to promote the auditing and assurance division within a company?
Which of the following internal control procedures would prevent an employee from being paid an inappropriate hourly wage?
How large would the salvage value of the automated equipment have to be to make the investment in the automated equipment financially attractive?
Evaluate an annual report of a publicly held corporation of your selection on the internet (not the General Electric annual report).
Why is it important to place emphasis on the existence and rights (ownership) assertions when auditing accounts receivable?Which audit procedures are usually the most useful for auditing the existence and rights assertions?
What are the organizational implications when most managers have different or similar values?
To properly assess the internal controls in place at CSSC, you have found that there are three major objectives that an entity should follow in designing an effective internal control system:
Contrast the circumstances in which the auditor would choose not to test controls with those in which he or she would perform tests of controls.
Indicate the specific detailed test or tests that might address the error, fraud, or circumstance and the financial statement assertion addressed by each test.
How would you respond to corporate decision to which you're ethically opposed?
Discuss the ethical issues involved with this situation. Explain how you should handle this situation. Explain what type of report you should issue and why.
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