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Question :
a) Get a cutoff bank statement subsequent to the balance sheet date - gives assurance that the amount of cash shown on the balance sheet was not overstated by omission of one or more checks from the list of checks outstanding.
b) Compare paid checks returned with bank statement to list of outstanding checks in preceding reconciliation - by performing this comparison the auditors will be assured that cancelled check on the bank statement compared to the list of outstanding checks on the bank resolution are being maintained by the cutoff period and that nothing is being hidden on cash mismanagement.
c) Trace all bank transfers during the last week of the audit year and the first week of the subsequent year - This is known as kitting and tracing a short period before and after the fiscal year end may confirm that there are no checks being drawn from one bank to another and that all transactions are confirmed at legitimate transactions.
d) Investigate any checks shows large or unusual payments to related parties - This may elevate any fraud possibilities from board members or executives for large amounts of funds that are not tied to authorize transactions which would have to be properly documented and disclosed. Reviewing these large transactions and the documentation related with them will reveal any fraudulent activity in these high risk areas.
1.Gas production and reserves are always converted to Barrel of Oil equivalents in the financial statements.
The income statement and the balance sheet are produced using a worksheet, but a consolidated statement of cash flows is not. What process is followed for preparing a consolidated statement of cash flows?
Prepare a schedule of cash collections for May through July and compute the expected balance in Accounts Receivable as of July 31.
equipment for $15,000. Sales tax on the purchase was $900. Other costs incurred were freight charges of $240, repairs of $420 for damage during installation, and installation costs of $270. Illustrate what is the cost of the equipment?
After all of the account balances have been extended to the Balance Sheet columns of the work sheet, the totals of the debit and credit columns are $25,250 and $21,825, respectively. Illustrate what is the amount of net income or net loss for the..
The receivable was collected from the customer on October 8. What effect will the collection of cash from the receivable have on the company's financial statements?
What is the materials inventory, work in process inventory, finished goods inventory and actual manufacturing overhead incurred for Boone Company January 1, 2009?
Joy pays no estimated taxes and does not claim any tax credits on her current year return. Will Joy owe interest, if so, on what amount and for how many days?
Assume that Jong used the equity method of accounting for its investment in Nye instead of the cost method. Calculate the balance of its "Investment in Nye" account.
FIFO, LIFO Costs Under Perpetual Inventory System. What is the total cost of the ending inventory according to FIFO? Illustrate what is the total cost of the ending inventory according to LIFO?
Illustrate what was its budgeted markup percentage using a full cost approach?
What are the ethical considerations in making subjective valuations of complex and exotic investments and such funds help assure investors that there will be adequate cash to pay the bonds at their maturity date.
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