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Selkirk Company gets a $15,000 note receivable from a customer on 1st January, 2013. The note, along with interest at 10 percent, is due on 1st July, 2013. On 28th February, 2013, Selkirk discounted the note at Unionville Bank. The bank's discount rate is 12 percent. Required: Prepare journal entries required on 28th February, 2013, to accrue interest and to record the discounting for Selkirk. Suppose that the discounting is accounted for as a sale. (If no entry is required for a particular transaction, select "No journal entry required" in first account field.) Find the accrued interest earned. Find the discounting of note receivable.
Identify the principles of internal control. Give an example of each principle. Are there any limitations to a sound internal control system?
Describe the five components of the definition of auditing. For each component, identify which aspects of the audit committee oversight audit fit the definition.
Describe the relationships between cash in the bank and transaction cycles. Where are you likely to gain the most accurate information?
A not-for-profit organization periodically conducts focus groups of employees, service beneficiaries and governance board members to reevaluate its mission, vision, and values to determine the accuracy of the strategic statements to refine them wh..
Astor City, a small city that is not required to have independent audit, voluntarily decided to have an audit of its financial records. Currently, the city generates $900,000 in revenues. Discuss any potential violations of the applicable audit sta..
Compute the ending balance of accounts receivable on 12/31/10. Compute the accounts receivable turnover ratio for 2010. Computer the average collection period in days.
An auditor is concerned with the balance sheet as of a particular date, such at 12/31. Sometimes events occur or become know subsequent to the balance sheet date and before the issuance of the audit report.
What are several conditions that may lead to fraud? To what type of fraud may these conditions lead? Explain some risks to the revenue and collection cycle that are the result of improper revenue collection.
You have discussed with the president of Vista Corporation several material weaknesses in internal control that have come to your attention during your audit.
To identify principal audit risk and corresponding audit procedures
What are some limitations of the internal controls of the business cycles at your organization? How would you address these limitations?
What constitutes sufficient and competent evidence? What types of factors should an auditor consider when determining definitions of competency? The answers will be provided here.
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