Reference no: EM133092485
Question - Prepare an unadjusted misstatement audit schedule with a comment on your judgment of the audit findings based on the following audit results for Bovar. Bovar has the following misstatements (any amount more than 5% of current assets, total assets, and income before taxes):
-Understated allowance for uncollectible accounts: $95,000 estimated based on analytical procedures.
-Accounts receivable or sales cutoff misstatements: $60,000 estimated population misstatements based on the sample, including sampling error ($60,000 accounts receivables or sales were not included in the cutoff reporting period.)
-Difference between physical inventory and book figures: $120,000 actual population misstatements. (The physical inventory is higher than the book figures by $120,000.)
-Unrecorded liabilities: $285,000 estimated population misstatements based on the sample, including sampling error.
-Repairs or expense items that should have been capitalized: $90,000 estimated based on analytical procedures.
|
Describe their role in policy development process
: Describe their role in the policy development process. Describe why the stakeholder identified is important in the policy development process.
|
|
What is DONNER current tax expense
: On January 1, 2021, DONNER Corporation purchased investment securities for 1,200,000. What is DONNER current tax expense
|
|
What was the gain or loss recognized in the income statement
: The entity recognized interest expense of 12,000 in the 2021 income statement. What was the gain or loss recognized in the income statement
|
|
Different levels of tolerance for risk
: We all have different levels of tolerance for risk based on many factors - personality, life experiences, situations, etc.
|
|
Prepare an unadjusted misstatement audit schedule
: Prepare an unadjusted misstatement audit schedule with a comment on your judgment of the audit findings based on the following audit results for Bovar
|
|
What are the most important or surprising points in the data
: What are the most important or surprising points in the data? What does the data mean? Are there sources for the data? If so, visit the sources
|
|
What is description of your learning style
: What is the description of your learning style? Include the characteristics and strategies usedby your learning style. Does this style seem to be match for you?
|
|
Compute the direct material price and efficiency variances
: During year, company purchased 202,000 pounds of material and employed 53,400 hours of direct labor. Compute direct material price and efficiency variances
|
|
Describe various steps involved in testing of hypothesis
: Describe the various steps involved in testing of hypothesis. Why do we test for the null hypothesis and not the alternative hypotheses.
|