4. a) The primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. Do you agree? Why or why not? Justify your answer. b) Communicating significant risks identified by the auditor helps those charged with governance understand those matters and why they require special audit consideration. Which matters should be communicated regarding identified significant risks?

Q: Which statement is false concerning a comparison of a parent's books and the consolidated financial…

A: Consolidation is the process of combining the assets, liabilities, and other financial elements of…

Q: The auditor is not expected to, and cannot, reduce audit risk to zero and cannot therefore obtain…

A: Auditing is described as the on-site verification activity of a process or quality systems, such as…

Q: An installment note payable for a principal amount of $48,000 at 6% interest requires Lawson Company…

A: Carrying amount of the note after the final payment = Principal amount of installment notes payable…

Q: statemen iš fálšé cônčerning à cómparison of á parent's books and the consolidated nancial…

A: The equity method is a type of accounting used for intercorporate investments. It is used when the…

Q: Unit 1 question 14

A: Sales Journal record all transaction of sales on credit Purchase Journal records all transaction of…

Q: The term "exempt" refers to employees who fall under the purview of the minimum wage and overtime…

A: Exempt employees means employees who dont qualify for minimum wage and dont receive overtime pay.…

Q: 3. What is the investment in Two Company common stock at year-end? 4. What is the recovery of…

A: On December 31, 2020, Dreamer Company reported as Available-for-sale securities: Particulars Qty…

Q: Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur…

A: When sales is made on credit , cash receipts are recorded as and when the cash is collected.

Q: Hilarious Ltd, a listed company in Australia: Risk-free rate 2.2% Market Risk Premium 6.5% Beta…

A: under the Gordon growth model it is assume that company is on going concern and will exist forever…

Q: While in Pula Tioman , Aboy decided to go fishing for Black Marlin, a large fish popular among…

A: Answer:-  Implied term:- Implied terms are those terms which are implied by law or custom, these…

Q: Determine the amount to be paid in full settlement of each invoice, assuming that credit for returns…

A: Note: Under FOB destination, freight is the seller's expense and under the FOB shipping point,…

Q: Part B Apart from pension contribution state two other expenses that an individual may use to reduce…

A: Deduction under 80 c

Q: A family friend has asked your help in analyzing the operations of three anonymous companies…

A: Solution: Particulars Company A B C Sales $300,000 $820,000 $680,000 Net operating income…

Q: What is a Balance Sheet and why is it important in a business?

A: Balance Sheet is a financial statements prepared for assessing the financial position of a company.…

Q: Mr Zoo is planning to set up a mini Zoo in Howick.   The following relates to different pricing…

A: The question is related to the Cost Volume Profit Analysis. In this question we will calculate…

Q: Question 1 The following information is taken from the General Ledger of Ben's BMX Bikes at…

A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…

Q: A master production schedule is most likely to be useful in

A: Answer: Reducing excess production of inventory

Q: The going concern assumption is inappropriate when: Select one: liquidation appears likely. market…

A: As per going concern assumption, a business will remain active for foreseeable future. It means that…

Q: On November 15, 2021, Marsyl Company, a large entity, entered into a commitment to purchase 100,000…

A: November 15, 2021: Number of barrels to be purchased = 100,000 Price per barrel = P55 March 31,…

Q: On May 1, Boyz Security Services rented office space and paid two month's rent in advance in the…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: A Seller accepts her offer on her home for 60,000. At the time of the offer, a 2,000 earnest money…

A: total money he will be received 60000

Q: The "one time good deal" Cash-For-Clunkers program offered by the federal government proved a…

A: Rebate- A rebate is a payment back to a purchaser of a segment of the full acquire price of a good…

Q: Concord Inc. is a retailer operating in British Columbia. Concord uses the perpetual inventory…

A: The average unit cost is calculated as total cost divided by number of units available for sale.

Q: Franco converted a building from personal to business use in May 2018 when the fair market value was…

A: Solution:- Given, Franco converted a building from personal to business use in May 2018  The fair…

Q: Burchard Company sold 39,000 units of its only product for $16.80 per unit this year. Manufacturing…

A: Solution: New selling price per unit = $21,84 per unit New direct material cost per unit = $1.32 per…

Q: -ughout the year vertible into 20 million shares of c e into 18.0 million shares of comn

A: Given as,

Q: ariable costs per unit: Manufacturing: irect materials $ 26 mirect labor $ 15 ariable manufacturing…

A: Solution: Under variable costing, unit product cost includes Variable manufacturing costs such as…

Q: For the calculation of weighted average number of shares where does the (4) come from when you are…

A: The number of shares will be given weight as per the number of period they have been remained…

Q: ad executed a written contract which contained a liquidated damages clause for $200 in the event…

A: To explain the given case as,

Q: On January 1, 2021, West Company acquired a tract of lana for P1,000,000. The entity paid P100,000…

A: Accrued interest on December 31,2021 = (P1000, 000 - P100000) ×10% = P90000

Q: Required: 1. Compute the unit product cost under: a. Absorption costing. b. Variable costing. 2.…

A: Solution:- 1)a. Calculation of unit product cost under absorption costing as follows under:- Product…

Q: What is Vic's monthly interest payment?

A: Interest payment is the payment of amount which has been charged by the lender of the money on the…

Q: At the beginning of Year 2. ABC Company had $100.000 of Goodwill on its Balance Sheet. During Year…

A: Introduction:- Goodwill arises when a company acquires another entire business.  Goodwill is…

Q: Describe the accounting concepts and principals and explain what are the two most important concepts…

A: According to the "going concern" principle, you should proceed on the assumption that your company…

Q: During 2021, Melanie Company has the following activities related to its financial operations:…

A: Statement of cash flow is the statement in which cash flow is presented and classified under three…

Q: Hadison Company's perpetual inventory records indicate that $531,630 of merchandise should be on…

A: Solution:- Preparation of Adjusting journal entry for the inventory shrinkage for Madison company…

Q: Which of the following is a variable cost? O Acost that is $26,000 when production is 65,000, and…

A: Increase in production level  = (91000 - 65000) / 65000 = 40%   Increase in variable cost should…

Q: Unit VI question 7

A: Break-even point in units = Total fixed costs / (Unit selling price - Variable cost per unit)…

Q: The adjusted trial balance of Carla Vista Company for the year ended December 31, 2022, is as…

A: Multiple income statement is prepared to segregate the income and expenses into different…

Q: Mateo Lopez is not a resident of Canada. For the current year, Mateo has a worldwide income of…

A: Tax return: Tax return is a detailed document defining all the sources of income from which a…

Q: Each of the following scenarios requires the use of accounting information to carry out one ormore…

A: Generally the audit will be conducted at the end of the year so that the operations of the company…

Q: Unit IV question 3

A: A journal entry is a type of accounting entry used to record a business transaction in a company's…

Q: When the cost of capital is jı = 10%, the two machines have the same capitalized cost. What is the…

A: Machine A Machine B Overall Cost $C  $C  Scrap Value $0 $5000 Lifetime 10 years 8 years…

Q: Unit VI question 15

A: Total operating cost :- Current copier = 7,300 x 5 = 36,500 New model = 2,100 x 5 = 10,500

Q: PROBLEM 6-5 Comprehensive You have been asked by a client to audit the financial statements of…

A: Answer 1: (1) A model containing rectifier is a circuit of converter that enables only one half of…

Q: From an employee perspective, how are ISOs treated differently from NQOs for tax purposes? In…

A: An organisation offers its company's share as a part of compensation to its employees this is known…

Q: discussion on why is it important for an estate to have cash and why should selling an estate's…

A: Here discuss about the details of estate tax and its important for the cash liquidity and the…

Q: Jennifer Smith decides to start a new company that will be operated as a corporation, Comfy Shoes…

A: Transactions relating to the Shareholder's Equity includes: i) Issue of Share Capital (Common shares…

Q: Carad Co. is an electronics company which makes two types of televisions – plasma screen TVs and LCD…

A: Solution Formula  Sales price variance =(Actual price - standard price )*actual volume. Sales volume…

Q: Alex and Bess have been in partnership for many years. The partners, who share profits and losses on…

A: Solution A journal is a  book which is used to record a business transaction in chronological order.…

Fraud

Fraud in accounting is the planned manipulation of financial documents to make a false appearance of corporate financial health. Moreover, it includes an employee, accountant, or the company itself misleading investors and shareholders.