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Here's another exercise, this time in the opposite direction. This one may be a little more challenging. Expenses paid during 2008 were $80,000. Expenses paid in advance were $4,000 as at December 31, 2007, and the balance of expenses paid in advance was $8,000 as at December 31, 2008. Expenses accrued and still unpaid were $6,000 as at December 31, 2007, and $9,000 as at December 31, 2008. Can you show the computation of expenses on the accrual basis for the year 2008?
Assignment: Read the following case and explain one internal control procedure that would be helpful in this scenario.
What summary journal entry did Disney make to record interest incurred during fiscal 2009? (Hint: Don't forget to distinguish between interest incurred and cash paid for interest.)
Define fraud and the roles and responsibilities of an Auditor in detecting and reporting fraud. Talk about the impact of accounting fraud. Give an example of fraudulent activity.
The inventory balance is material, however, you have found that controls over inventory are good, and that there is a low risk of misstatement for this asset. What type of audit report would you issue, and why?
Which of the following procedures would an auditor most likely include in the initial planning of a financial statement audit?
What is the purpose of external auditors providing an opinion on a company's financial statements?
What kind of audit report (unqualified opinion, adverse opinion, qualified opinion, disclaimer of opinion) should the auditors usually issue in each of the situations.
Based on the Auditing Standards presented by the PCAOB, discuss whether or not you believe the "general standards" are adequate for today's business environment.
In light of audit failures over the last decade, are current audit standards sufficient to ensure the integrity of audit opinions? Why or why not?
The components of TeamCentral include which of the following and implementation Tracking
Discuss the difference between general controls and application controls. Provide an example of a policy on internal controls. How might a policy on internal controls be communicated to employees?
Calculate the following ratios: Gross Margin, Net Profit Ratio, Return on total assets, Current Ratio, Quick Ratio, Inventory Turnover, Accounts Receivable turnover, Debt to Equity Ratio - Understand the knowledge required by an auditor in preparin..
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