User Account

All Pages

Explain accounts that are at risk of material misstatement

Assignment Help Accounting Basics
Reference no: EM132716353

Question: Your audit client's inventories on hand represent a significant portion of current assets. The inventories consist of thousands of items that have values from $10 to $1,000. The merchandise items change according to the season and the promotional theme adopted by the stores' management for the year. The company has to pay the suppliers substantial deposits upon placement of these special orders. Merchandise is ordered up to three months in advance from overseas suppliers.

Identify and explain the accounts that are at risk of material misstatement.

Reference no: EM132716353

Questions Cloud

How much total amount due to z as of the date of retirement : X. Y. and Z are partners dividing profits and losses in the ratio of 5:3:2 and whose capital balances as of January 1, 2013 were P600,000, P400,000.
What are the limitations of assurance : What are differences between reasonable assurance and limited assurance. Explain in detail with both types of relevant examples.
Plex systems cloud community founded : Plex Systems Cloud Community Founded in 1995, Plex Systems developed out of a project initiated at an automotive supplier.
Do sample auditors report showing stating unqualified audit : Do a sample auditors report showing stating unqualified audit opinion. It is very usual that the auditor issues a standard unqualified opinion
Explain accounts that are at risk of material misstatement : Your audit client's inventories on hand represent a significant portion of current assets. The inventories consist of thousands of items that have values from.
Stockholders and management interests : Explain two or more motivational tools that can aid in aligning stockholder and management interests.
Which of the situations in the purchasing process : Which of the following situations in the purchasing process creates the highest risk of fraud by making payments to a fictitious supplier?
Describe a corporation for a limited liability company : Describe a corporation, a Limited Liability Company, a General Partnership, a Limited partnership, and a Sole Proprietorship. Discuss the tax characteristics
Which is characteristic of management fraud : Which is characteristic of management fraud? Victimization of investors through the use of materially misleading financial statements

Reviews

Write a Review

Accounting Basics Questions & Answers

  Which of the following is a main accounting contribution to

which of the following is a major accounting contribution to the managerial decision-making process in evaluating

  Compute lemon company''s interest paid

Given the following information, compute Lemon Company's interest paid.

  In 2007 bauxite mining company purchased a bauxite mine

in 2007 bauxite mining company purchased a bauxite mine for9000000. at the time of purchase bauxite estimated that

  Assume baja company has the following reported amounts

Assume Baja Company has the following reported amounts: Sales $510,000, Sales returns and allowances $15,000, Cost of goods sold $350,000, Operating expenses $110,000. Compute the following:

  Journalize transactions-prepare stockholders equity section

Received inventory valued at $16,000 and equipment with market value of $9,500 for $3,700 shares of the $2.00 par common stock. Journalize the transactions and Prepare the stockholders equity section

  What are the motivations of politicians as regulators

HA3051 Accounting Theory Term 1 2017 Assignment - Group Assignment. Interest Theory and what of the role of regulators (politicians)

  How much of the premiums can Nell Inc deduct

Nell, Inc., an accrual basis taxpayer, paid $12,000 for insurance premiums for the 2020 calendar year. How much of the premiums can Nell, Inc., deduct in 2019

  Question - Journalize and post transactions

Question - Journalize and post transactions, under the equity method. Determine the amount to be reported as an investment in Helbert stock at December 31

  List five things would want in the partnership agreement

Explain in you own words how the quote from Luke (below) might help guide a partner when dealing with an unwise decision of another partner.

  Prepare a classified balance sheet for yahoo

Prepare a classified balance sheet for Yahoo, Suppose the following items are taken from the 2017 balance sheet

  What is the depreciation expense for the period

Johnson Co purchased an equipment on 1 January 2020 at a cost of $220,000. What is the depreciation expense for the period

  Question-agee corp acquired a 25 interest in trent co on

question-agee corp. acquired a 25 interest in trent co. on january 1 2010 for 500000. at that time trent had 1000000

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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