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Answer the following questions
1. The authors discuss accounts payable confirmation and how they are different from accounts receivable confirmation, discussed previously. Do you think accounts payable can be useful to the auditor? How? What are the limitations of accounts payable confirmation? What are some alternatives to accounts payable confirmation?
2. Which of these cycles would you, as an auditor, spend more time with? Would you suspect more misstatements in the revenues and collection cycle or in the purchases and payments cycle? Why? Give some examples to support you opinion.
3. What assertions is the auditor interested in when auditing Property, Plant, and Equipment? What are some possibilities for fraud in this particular account? What are some judgment decisions that the auditor needs to make in this account?
social security benefits 6000 adjusted gross income 35000 tax exempt interest is 1000 married filing jointly. could
Identifying increases and decreases in T-accounts
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many professional sports athletes have incentive clauses in their contracts. these indicate that answer the team owner
How much compensation income does Priscilla recognize from Choice Corporation - an employee of Choice Corporation, receives an annual salary of $70,000.
Prepare the adjusting entry for depreciation at December 31, post the adjustments to T accounts, and indicate the balance sheet presentation of the equipment at December 31.
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