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Question 1: You are an auditor and are examining the client's financial statements, you know with certainty that the client will use the financial statements to apply for a loan to the bank with a guarantee of fixed assets in the form of land and buildings. Materiality is set at 5%, after you have done the audit process there are found misstatements on land and buildings and after counting it turns out the misstatement is 3%. However, because you know that banks as users of financial statements will be concerned about the assets of land and buildings that will be used as collateral, then you consider these findings as material. Explain the concept of materiality
Assume Davis Consulting Inc has created a standard cost card for each job. Standard direct materials include 14 software packages at a cost of $900 per package. Calculate direct materials cost and efficiency variances. Calculate direct labor cost and..
Inventory and Cost of sales - Need to evaluate amount of cost of goods sold using: FIFO, LIFO and weighted average.
Take the numbers from their corporate website ONLY and then take the rate of USD and convert the numbers from Pounds to USD - One way to address this situation is to convert the financial statements of firms into a standard format before undertaking..
Journalize the declaration of a 15% stock dividend on December 10, 2017, for the independent assumptions Par value is $10, and market price is $18.
Use the gross profit method to estimate the amount of inventory destroyed by the fire, and thus, the amount to be claimed from the insurance company.
Did you identify any investments in other entities? If so, are they accounted for under the cost method, the equity method, or consolidation
An asset has an average return of 10.71 percent , What range of returns should you expect to see with a 68 percent probability?
Which of the following is a FALSE statement characterizing managerial accounting.
questionalli co. is a merchandising business. the account balances for alli co. as of november 30 2012 unless otherwise
Finding sample size of 99% confidence level and If the confidence level is increased to 99%, would the sample size needed increase or decrease?
Cupola Awning Corporation introduced a new line of commercial awnings in 2016 that carry a two-year warranty against manufacturer’s defects. Based on their experience with previous product introductions, warranty costs are expected to approximate 4% ..
In a period of rising prices, how would the following ratios be affected by the accounting decision to select LIFO, rather than FIFO, for inventory valuation?
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