Auditor responsibility for clients physical inventory plan

Assignment Help Financial Accounting
Reference no: EM131263252

What best describes the auditor's responsibility for the client's physical inventory plan?

The auditor has no responsibilities for the plan.

The auditor should review the client's plan to determine if instructions are adequate.

The auditor should prepare the plan and supervise its implementation.

The auditor should conduct the physical inventory plan.

Reference no: EM131263252

Questions Cloud

Change in supply and a change in the quantity supplied : Distinguish between a change in supply and a change in the quantity supplied, noting the cause(s) of each.
Determining the initial-value approach : When the price of CDs increased from $20.00 to $25.00, the quantity demanded decreased from 75 to 50 units. Using the initial-value approach, the (absolute value) price elasticity of demand is?
Find the transition matrix p and the matrices q and r : The states are: dropped out (s1); graduated (S2), is a third-year student (S3), is a secondyear student (S4); and is a first-year student (S5);- Find the transition matrix P and the matrices Q and R.
Identify the resources that would be required : She asks for your help in preparing a strong justification before the Board meets again in two weeks. In order to build a strong business case for the project, she wants you to lay out a process and identify the resources that would be required. W..
Auditor responsibility for clients physical inventory plan : What best describes the auditor's responsibility for the client's physical inventory plan?
Difference between chain-weighted gdp and nominal gdp : What is the difference between chain-weighted GDP and nominal GDP?
Causing high inherent risks for the inventory : Which of the following is not normally a factor causing high inherent risks for the inventory?
Find the transition matrix p and the matrices q and r : The states are: dropped out (s1); graduated (S2), is a third-year student (S3), is a secondyear student (S4); and is a first-year student (S5);  - Find the transition matrix P and the matrices Q and R.
How much should be paid : Merchandise on an invoice dated March 29th has a total billed cost of $1,138; terms are 8/10 EOM. If the bill is paid on May 10th, how much should be paid?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Employees income tax rates to increase

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 ..

  Evaluate the cash balance at the end of each quarter

The company wants to have a minimum of $50,000 cash balance at the end of each quarter and assume cash is borrowed at the beginning of a quarter and repaid at the end of a quarter

  Calculate the standard amount of contribution margin

K&J Web Designs creates Web sites for businesses. K&J has a basic Web site creation package that it offers for a flat fee of $730. This package includes everything that a business would need to have a simple but functional Web site built. K&J estimat..

  Calculate returns in pounds on typical brazilian investment

Calculate expected or required returns in pounds on a typical Brazilian investment based on each of the following models.

  Journalize the entries required by the reconciliation

Prepare the adjusting entry necessary as a result of the physical count Account - Description Debit Credit and compute the ending inventory

  Create a time phased budget for the project

Using the data for problem 09.02, create a time phased budget for the project. Show how much the daily and cumulative costs for the project are just as the monthly and cumulative costs are shown in exhibit 9.9.

  Correct differential equation for the load amortization

Load the Excel spread sheet, and use it to plot amortization tables for interest only, negative amortization, and positive amortization conditions. Extend the spread sheet to use difference equations for an R-C low pass filter. Write the correct diff..

  Dupont analysis-return on assets

Dupont Analysis: Company A and Company B each had a return on assets (ROA) of 5.2% in 2015. However Company B's return on equity (ROE) is twice as high as Company A's ROE.

  Is there more than one class of common stock

Did the common buy back a significant amount of its shares in the current year? You can see this in the Statement of Stockholders' Equity as a reduction in shares.

  Calculation of applied manufacturing overhead based on

calculation of applied manufacturing overhead based on direct labor hour rate.1. baka corporation applies manufacturing

  What is target conversion and administrative cost per unit

Target Costing Oregon Equipment Company wants to develop a new log-splitting machine for rural homeowners. Market research has determined that the company could sell 5,000 log-splitting machines per year at a retail price of $600 each. An independent..

  What was the effect on income from capitalizing interest

What was the effect on income from capitalizing interest and compute times interest earned for 2008 and 2007. Comment on the absolute amounts and the trend.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd