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Prepare journal entries to record these selected transactions for Vitalo Company.
Nov. 1 Accepted a $6,000, 180-day, 8% note dated November 1 from Kelly White in granting a time extension on her past-due account receivable.
Dec. 31 Adjusted the year-end accounts for the accrued interest earned in the White note.
Apr. 30 White honors her note when presented for payment.
Explain the concept of materiality and describe one of the ways the concept of materiality is used in planning and performing the audit. What is audit risk and what is it composed of?
In confirming individual accounts receivable balances, your client's customers reported the exceptions listed below. Which of these exceptions should be considered misstatements for evaluation purposes, assuming that misstatements are defined as
List the internal controls that should be in effect solely because a EDP system is employed, classifing them as (1) Those controls pertaining to input of information and (2) All other types of computer controls.
Which of the following methods of determining bad debt expense does not properly match expense against revenue?
Describe how you would recruit for applicants for this position. You should consider internal as well as external candidates. What specific assessments would you use? Include names, sources, costs, psychometric properties and rationale. Use the int..
What is the importance of defining the population when performing audit procedures? How will this affect the sample size? How will incorrectly defining the population affect the sampling unit?
How can fictitious revenue be created through the use of false sales to shell companies? Discuss the method and result of committing this fraud.
What was the total amount of bad debts expense recognized during the year? Explain the term "net realizable value" as it relates the presentation of Accounts Receivable on the Balance Sheet.
Does the fact that your bank keeps only a fraction of your account balance in reserve make you uncomfortable? Why don't people rush to the bank and retrieve their money? How do banks prevent panics from occurring?
Audit of general motors revenue. Each car and truck has an invoice on the window and is in GM's computer system, and that 8 million cars and trucks were sold.
Write journal entries for each transaction and What is Nicole's Getaway Spa's gross profit percentage?
What effects are decreases in reserve requirements likely to have on (a) bank reserves, (b) Federal Funds rates, (c) bank lending, (d) Treasury bill rates, and (e) the bank prime rate? Explain your answers.
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