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You are auditing the accounts receivable balance of a cable television provider. Individual accounts receivables tend to be similar in amount to each other and cover one or two months of service charges. The client has a computerized billing system that makes it easy to access individual customer's records. The total accounts receivable balance makes up 23% of the firm's total assets. You did the audit for the firm last year and found few errors in their accounts receivable balance.
a) Would you use a sampling technique to test their balance and, if so, would you use statistical or non-statistical sampling? Explain your answer.
b) What method would you use to test an individual account balance and why?
Allocate the overhead costs of the support departments to the producing departments using the reciprocal method. Bases for allocation are: maintenance-square footage, personnel- number of employees. (round to the nearest dollar)
listed below are a companys monthly unit costs to manufacture and market a product. manufacturing costsdirect
Professional standards require independence in fact and appearance in regards to assigning auditors to engagements. Briefly define the terms in fact and appearance. What are the ethical implications and rationale for these auditing procedures?
During bankruptcy, US Corporation debt was reduced from $780,000 to $400,000. USA Corporation's assets are valued at $500,000. USA's NOL carryover was $400,000.
define and write about the difference between the cash and accrual methods accounting? how would the financial
Assuming quarterly compounding of the quoted 6 percent annual interest rate, determine the amount the business has to pay the bank at the maturity date of the note one year from now.
jerry rice and jim remy members of the boston red sox traveled from boston to miami florida for a three-game series of
congress would like to increase tax revenues by 11 percent. assume that the average taxpayer in the united states earns
Toth chose to upgrade to a premium model in January 2007 and sold the old plotter to dunn drafting for $2,500. Prepare the journal entry recording for this sale of old plotter.
presented below are selected ledger accounts of tucker corporation as of december 31 2014.cash50000administrative
The call premium would be 5 percent of the face amount. Today 15-year, 5 percent, semiannual payment bonds can be sold at par, but flotation costs on this issue would be 2 percent, or $40,000. What is the net present value of the refunding?
What was the amount of the gain or loss on retirement of the bonds? Prepare the journal entry needed at April 1, 2011 to record retirement of the bonds. Assume that interest and premium discount amortization have been recorded through January 1, 20..
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