Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Williams, CPA intends to use probability-proportional-to-size sampling. He has properly selected and audited a sample of 100 accounts receivable from his client's population of 3000 accounts. He calculated a sampling interval of $5,000 and the tolerable misstatement for the account is $40,000.
He has the following table available:
Williams also recalls that "basic precision" is equal to the appropriate reliability factor multiplied times the sampling interval. He wishes to accept a risk of incorrect acceptance of 10 percent. He found that 97 of the 100 accounts in the sample were properly calculated. However, the following three errors existed:
a. Calculate the projected misstatement. b. Calculate the basic precision. c. Calculate the incremental allowance. d. Calculate the upper limit on misstatement. e. Explain how the auditors would consider the results calculated above.
How are the income statement and statement of cash flows used to make business decisions? What are the advantages and limitations of using them to make decisions affecting the future of a business?
The auditor's judgment concerning the overall fairness of the presentation of financial position, results of operations, and cash flows is applied within the framework of :
For each of the following items, give an example of a business transaction that has the described effect on the accounting equation:
What term is commonly used to describe the concept whereby the cost of manufactured products is composed of direct materials cost, direct labor cost, and factory overhead cost?
At the time Fisher Corporation became a subsidiary of Ashbury Corporation, Fisher switched depreciation of its plant assets from the straight-line method to the sum-of-the-years'-digits method used by Ashbury.
A few days before the move, Philip hired a friend to organize his belongings, throwing out stuff that he did not need anymore and also packing some of his belongings in his closet. Philip paid her $7,000.
Write an analysis about test of liquidity that compare Best buy to Radio Shack and Conn's.
An auditor has been hired to report on an nonissuer's internal control over financial reporting. Which of the following best describes a reporting option in this scenario?
During the past year, a company completed the following transactions related to the acquisition of property and the construction thereon of a new factory:
Assume the British pound appreciates against the dollar while the Japanese yen depreciates against the dollar. Which of the following is true?
Actual litigation by the client against the auditor for an amount not material to the auditor or to the financial statements of the client arising out of disputes as to billings for tax services.
Historic cost should be replaced by an alternative measurement base in order to make financial statement more useful. Critically discuss this statement, concluding with whether or not you agree with it.
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd