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To test the pricing and mathematical accuracy of sales invoices, the auditors selected a sample of 200 sales invoices from a total of 41,600 invoices that were issued during the year under audit. The 200 invoices represented total recorded sales of $22,800. Total sales for the year amounted to $5 million. The test disclosed that of the 200 invoices audited, five were not properly priced or contained errors in extesnions and footings. The five incorrect invoices represented $720 of the total recorded sales, and the errors found resutling in a net understatement of these invoices by $300. Explain what conclusions the auditors may draw from the above information, assuming the sample was selected: a. Using nonstatistical sampling b. As part of a difference estimation plan for estimating the total population value. c. As part of an attributes sampling plan using a stipulated tolerable deviatin rate of 5 percent and a risk of assessing control risk too low of 5 percent.
Calculate the amount of phantom profit that would result if the company used FIFO rather than LIFO. Describe why this amount is referred to as phantom profit
Evaluate the value of the goodwill if Stillman pays $1,361,800 for EKC.
What journal entry could Albuquerque make to recognize the impact of this stock transaction?
Ohio Corp. reported a deferred tax liability of $6,000,000 for year ended 31st December, 2012, when the tax rate was 40%. The deferred tax liability was related to a brief difference of $15,000,000 caused by an installment sale in 2012.
Explain how using the format account name/debit or credit/dollar amount and (2) explain how the Accounting Equation is impacted.
Evaluation of Arithmetic Geometric Mean and NPV and the arithmetic and geometric returns for the stock
Purpose the analysis of give case study
Calculation of product cost of providing one evening of instruction - Evaluate the product cost of providing one evening of instruction for all students?
Evaluate the total interest expense for 2010 and Will the bond proceeds always be less that the face amount of the bonds when the contract rate is less that market rate of interest?
Evaluate the unit product cost for each month using the absorption, variable and throughput costing approaches. Purpose an income statement for November using the variable costing approach
Describe why overhead cost shifted from the high-volume product to the low-volume product under activity-based costing.
Evaluate annual depreciation for the first and second years using the straight-line method
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