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!
Question: Upper Limit on Misstatements Calculations: Monetary Unit Sampling. Clyde Billy is conducting the audit of Hoops Inc. and is examining Hoops's inventory balances. Billy plans to select a sample of inventory items for examination and will verify quantities and perform price tests to ascertain that the items are properly recorded according to generally accepted accounting principles. Billy determined a sampling interval of $100,000 and, using systematic random selection techniques, has identified the following misstatements:
Item No. Recorded Balance Audited Balance
10-865 $ 12,600 $ 8,400
20-954 110,000 95,000
30-781 55,000 44,000
40-269 80,000 60,000
Required: a. Using a 5 percent risk of incorrect acceptance, calculate the upper limit on misstatements.
b. Provide a brief description of the meaning of the upper limit on misstatement using the information calculated in (a).
c. Reperform (a) using a risk of incorrect acceptance of 10 percent.
d. What relationship do you observe between the acceptable level of the risk of incorrect acceptance and the upper limit on misstatements? Provide a brief explanation about what causes this relationship. e. Based on the levels of the upper limit on misstatements determined in this example, what are the advantages and disadvantages of establishing lower and higher acceptable levels of the risk of incorrect acceptance?
Intangible assets derive their value from the right (claim) to receive cash in the future.
Please be sure to save at least once every 15 minutes. If you leave this page without saving, or if your session times out, any answers you have not saved will be lost. The Submit for Grading button will become available once you've answered all q..
Assume that any distribution involving Sec. 751 property is pro rata and that any precontribution gains have been recognized before the distribution.
What per-member per month (PMPM) rate would be required to break even, ignoring any co-payments? What advice would you provide the primary care group?
addison company can sell inventory item pqwr213 for 20 per unit. the original cost of the unit is 18. currently the
Include a cover page with your name on it. The report should not exceed five pages (double-spaced with sufficient margins), excluding the cover page and reference list/tables. Your name should appear on the cover page only.( 4pages is fine)
Hawkeye Enterprises runs a chain of drive-in ice cream stand in Iowa City during the summer season. Managers of all stands are told to act as if they owned the stand and are judged on their profit performance.
ACC2CRE Corporate Reporting Group Case Study Assignment. Prepare necessary adjusting journal entries for the above events
To create an identical version of a slide
The Adams Company, a merchandising firm, has budgeted its activity for November according to the following information:
A company trades an old Web server for a new one. The cost of the old server is $30,000, and its accumulated depreciation at the time of the trade is $23,400.
Tammy Krause is the new owner of Tammy's Computer Services. At the end of July 2012, her first month of ownership, Tammy is trying to prepare monthly financial statements. She has the following information for the month.
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