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Assume an accounts receivable confirmation is returned with a note to the auditor describing a difference between your client's records and the customer's records. Clearly describe below two potential non-misstatement timing differences that could cause a discrepancy between a client's receivable records and his/her customer's records. The timing differences you describe should be such that after investigation you would determine that your client's receivable balance is not misstated due to these differences.
For several years a client's physical inventory count has been lower than what was shown on the books at the time of the count so that downward adjustments to the inventory account were required. Contributing to the inventory problem could be weak..
As a result of a review and aging of accounts receivable, it has been determined that the Allowance for Doubtful Accounts should show a balance of $2,100 at December 31,2010.
On July 1, Job 46 had a beginning balance of $1,235. During July, prime costs added to the job totaled $560. Of that amount, direct materials were three times as much as direct labor. The ending balance of the job was $1,921.
This year Larry received the first payment from an annuity that promises to pay him $3,000 per month for the rest of his life. The IRS tables indicate that given Larry's age, he should expect to receive 310 monthly payments.
Record the 2011 entries for the purchase of the machine and the lease on the books of Grande machinery and for Sunshine Engineering.
When you are preparing a partial balance sheet for a 2 year period showing any items related to the contract in a percentage of completion method how do you figure out your accounts receivable, construction in progress and billings figures?
Discuss situations in wihc the auditor should use accounts paayable confirmations and discuss wheter the auditor is required to use them.
Why is depreciation for income tax purposes an important concern of taxpayers and how does tax depreciation differ from financial accounting depreciation?
Analysts use the quick ratio (also known as the acid test ratio) and the current ratio. The use of both ratios has become common because
Gemstone Corporation has a sales budget for next month of $600,000. Cost of goods sold is expected to be 30 percent of sales. All goods are purchased in the month used and paid for in the month following purchase.
Explain what you understand by the term depreciation and it's relevance in the preparation of financial statements, Prepare ledger accounts, Prepare an income statement, Prepare a balanced sheet
Some people have more taxes withheld from their paychecks than is needed in order to get a refund every spring. Why would they do this? Do you agree with this strategy for a taxpayer?
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