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Spacer Company has 2 service departments and two operating departments. Budgeted costs and budgeted activity in the several departments for last year are given below: Custodial Cutting Assembly Services Cafeteria Department Department Departmental costs $50,400 $28,000 $120,000 $200,000 Square feet occupied 500 1,000 4,000 5,000 Number of employees 10 15 75 100 Machine-hours 10,000 15,000 Service department costs are allocated to operating departments with costs of Custodial Services allocated on basis of square feet of space occupied and costs of Cafeteria on the basis of number of employees. The departmental costs for cutting and assembly departments are overhead costs. Predetermined overhead rates in Cutting and Assembly departments are based on machine-hours. 1. Suppose that the company uses the direct method of allocation. The pre-determined overhead rate in Assembly Department would be closest to: A) $16.27 B) $15.00 C) $15.87 D) $16.00 2. Suppose that company uses the step method of allocation with Custodial Services allocated first. The amount of Custodial Services cost allocated to Assembly Department would be: A) $0 B) $28,000 C) $24,000 D) $25,200
Should rent new equipment and continue to make its subassemblies internally, or whether it should discontinue production of its subassemblies and buy them from an outside supplier.
Distinguish between vulnerabilities and threats. Provide examples that illustrate these distinctions. In what way are vulnerabilities and threats related to consequences of the threats that are carried out?
For each control, state which transaction-related audit objectives is (are) applicable and for each control, prepare an audit procedure that could be used to test the control for effectiveness.
Compute price and usage variances for direct materials, compute the direct labor rate and labor efficiency variances and compute the fixed overhead spending and volume variances. Intercept the volume variance.
1. during your audit of raceway inc. you conclude that there is a probability that inventory is materially overstated.
A computer diskette manufacturer is concerned that some diskettes have bad sectors that would cause a diskette to hold less information than it was intended to hold.
A Business report identifying auditing procedures and practices
Identify and analyze the types of risks that organizations face and to apply the applicable risk knowledge to understand and perform better audits.
List each of these standards in the correct category. Identify those standards that you believe may be compromised by the listed situations. Describe specific actions that you believe should be taken to comply with the GAAS standards.
What is the importance of defining the population when performing audit procedures? How will this affect the sample size? How will incorrectly defining the population affect the sampling unit?
The third GAAS of field work requires that the auditor obtain sufficient competent audit evidence to afford a reasonable basis for an opinion regarding the financial statements under audit.
How is the write-off of a bad debt handled on the tax return? How must the debtor handle the forgiveness of the debt? Why?
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