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Which of the following procedures would an auditor most likely perform when planning an audit?
a. Review prior-year audit documents
b. Inquire about potential litigation, claims, and assessments.
c. Obtain a representation letter from management
d. Determine whether internal controls are applied as prescribed.
In Henderson Company, 50,000 units are produced and 40,000 units are sold. Variable manufacturing costs per unit are $6 and fixed manufacturing costs are $120,000. the cost of the ending finished goods inventory under each costing approach is:
Reporting in the body of the financial statements is required for: A) loss contingencies that are probable and can be reasonably estimated. B) gain contingencies that are probable and can be reasonably estimated.
Carter Company orders 250 units at a time, and places 15 orders per year. Total ordering cost is $1,100 and total carrying cost is $1,100. Which of the following statements is true?
In year 1 Laylor Company has revenues of $100,000, advertising expense of $22,000, depreciation of $15,000-what is expected for last four years. The cost of capital is 10%.
A gain from changing an estimate regarding the obligation for pensions and other postretirement benefit plans will:
Matt Company uses a standard cost system. Information for raw materials for Product RBI for the month of October follows:
Once standard costs for products or services have been developed:
Neer Co. has a probable loss that can only be reasonably estimated within a range of outcomes. No single amount within the range is a better estimate than any other amount. The loss accrual should be:
Prepare the journal entries to record the November 17, 2011 (ignore cost of goods) and collection on November 26, 2011, assuming that the gross method of accounting for cash discounts is used.
Silver Fox Corporation has been engaged in the resale of tax preparation and tax research-related books and software for several years.
Joe owns 100% of Green Corporation (E & P) of $500,000 and 100% of Navy Corporation (E & P of $400,000). Joe sells 100 shares in Green (basis of $40,000) to Navy for $70,000, its fair market value. Joe purchased the stock in Green six years ago.
The accounting principle that requires important noncash financing and investing activities be reported on the statement of cash flows or in a footnote is the:
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