EXPLAIN AND WHAT KIND OF  RISK ASSESSMENTS   FACING BY AUDITOER OR AUDITING?

Q: pany set up a petty cash fund for payments of small amounts. The following transactions invo ccurred…

A: Petty cash fund is that fund which is established for small petty expenses in the business. Imprest…

Q: Question 4 Use the following information to prepare a cash flow statement for Rage Inc. for the…

A: A cash flow statement, which is a type of financial statement, shows the inflows and outflows of…

Q: Revenue budget In the prior year, Grand Falls Bank (GFB) had $4,800,000 in business loans at an…

A: Interest is calculated by using simple interest formula.  Amount of loan * rate * period Revenue is…

Q: Prepare the following journal entry: Dividends were paid to investors in the amount of $15,000;…

A: “Since you have posted multiple questions, we will provide the solution only to the first question…

Q: George purchased a lot in 2010 for $2,000,000 (he paid $1,200,000 and borrowed $800,000 from a…

A: It is important to accurately determine the asset basis and maintain accurate records of any…

Q: EA10. Identify which of the following accounts would not be listed on the company's Post- Closing…

A: A post-closing trial balance is a financial statement that summarizes the balances of all accounts…

Q: Adirondack Marketing Inc. manufactures two products, A and B. Presently, the company uses a single…

A: PREDETERMINED OVERHEAD RATE Predetermined rate means an indirect cost rate. predetermined overhead…

Q: ABC Company had gross sales revenue of $200,000, returns and allowances of $10,000, purchase…

A: Introduction:- Net sales is the sum of a company's gross sales minus its returns, allowances, and…

Q: Before the year began, the following static budget was developed for the estimated sales of 100,000.…

A: Net income is the amount of money earned by the entity after deducting the expenses from the…

Q: 9. Padilla Group sells inventory for $4,000 cash. The original purchase price for the inventory was…

A: Debit Cash $4,000 Credit Sales Revenue $4,000   Debit Cost of Goods Sold $3,000 Credit Inventory…

Q: Ramapo Company uses a single plantwide overhead rate (rounded to the nearest cent) to apply all…

A: Factory overheads are also known as manufacturing overheads. It consists of indirect expenses…

Q: Take me to the text Adrian's Restaurant is a 66-seat restaurant open every day for lunch and dinner.…

A: DIRECT LABOUR COST Direct Labour Cost is Calculated by multiplying Total Direct Labour Hour Used…

Q: Accounting provides much information to help managers make economic decisions in their various…

A: The factory manager is responsible for overseeing the production process and ensuring that the…

Q: How do you calculate the selling expense and intital direct cost journal entry values on December 31…

A: Solution:- Explaining How do you calculate the selling expense and initial direct cost journal entry…

Q: Find the payment made by the ordinary annuity with the given present value. $237,277; quarterly…

A: The value of future cash flows today is called present value. The formula for the payment is given…

Q: create a journal entry and T accounts with the following transaction MAB cleaning services is owned…

A: Journal entries are those which are reported in the books of the entity to maintain a daily record…

Q: Merchandise costing $2,000 is sold for $3,000 on terms 2/30, n/60. If the customer pays within the…

A: Net sales :— It is gross sales less sales return & allowance less sales discount.    Gross…

Q: Academic journals on  Following extensive consultation, the International Accounting Standards…

A: IFRS 16 (International Financial Reporting Standard 16) is a standard developed by the International…

Q: Problem 8. * Alfred Company measured inventory at the lower of cost and net realizable value. BTS…

A: Inventory is one of important current asset being used in business. It includes raw materials, work…

Q: An alternative will have fixed costs of $10,000 per month, variable costs of $50 per unit, and…

A: Break Even Point may be defined as the point where the total revenue and the total costs are equal.…

Q: 3. Comply with all environmental and workplace safety regulations. We will not tolerate…

A: Internal audit -  The internal audit is the independent evaluation and examination of the process or…

Q: ABC Company has beginning and ending inventories of $250,000 and $450,000 respectively. Net…

A: Cost of Goods Sold :— It is the total cost of units sold during the period.    Cost of Goods Sold =…

Q: 1-41. Cost Data for Managerial Purposes Haverhill Electronics (HE) has offered to supply the county…

A: Cost data is information about the expenses incurred in the production of goods or the provision of…

Q: Current Attempt in Progress Cullumber Growth Company is testing a number of new agricultural seeds…

A: JOURNAL ENTRIES Journal Entry is the First stage of Accounting Process. Journal Entry is the Process…

Q: annual cost of $1,700,000. At December 31, 2022, the raw mate

A: Answer : a) Journal entry on December 31,2022 : Date Account title Dr. Cr. Dec.31,2022…

Q: Giants Co paid $12,500,000 cash to acquire California Co. At the time of the acquisition, Giants Co…

A: Consolidated financial statements are the statement prepared by the parent i.e., acquirer company,…

Q: Pierre makes $65,000 per year and has just begun contributing 9% of his salary to his 401(k) plan.…

A: Pierre contributes 9% of his salary to his 401(k) plan, so he contributes: $65,000 x 0.09 = $5,850…

Q: Titanium Blades refines titanium for use in all brands of razor blades. It prepared a static budget…

A: The variance is the difference between the actual data and standard output of production. The…

Q: On December 31, 2016, IU Corporation signed a 6-year, non-cancelable lease for a machine. The terms…

A: Interest expense is the cost incurred by a company for borrowing funds, usually in the form of a…

Q: ntity A enters into the following transactions. You are required to show the impact of the…

A: Accounting Equation The connection between a company's assets, liabilities, and equity is expressed…

Q: Dowell Company produces a single product. Its Income statements under absorption costing for its…

A: ABSORPTION COSTING Absorption Costing is a Cost managerial Accounting method in which All Cost…

Q: Helix reported the following information in its financial statements. Write-offs of accounts…

A: Introduction:- Bad debt expense is the anticipated amount of accounts receivable that will not be…

Q: Prepare the following journal entry: Baily Corporation purchased a new Bus for $215,000 and paid 15%…

A: JOURNAL ENTRIES Journal Entry is the First stage of Accounting Process. Journal Entry is the Process…

Q: S 18-4 (Algo) Measuring costs using high-low method LO P1 he following information is available for…

A: The total costs of production are classified as fixed and variable costs. The fixed and variable…

Q: A.3 Right Way Products had a current ratio of 2.5 on June 30 of the current year. On that date, the…

A: WORKING CAPITAL Working Capital is the Difference Between Current Assets & Current Liabilities.…

Q: Wingate Company, a wholesale distributor of electronic equipment, has been experiencing losses for…

A: The contribution margin is calculated as excess of sales over the variable costs. The operating…

Q: Problem 6. Determine the ending inventory using FIFO. * Flores Company had the following…

A:

Q: Required information [The following information applies to the questions displayed below.] Daley…

A: The types of journal entries are as fallows Transfer entries Closing entries Adjusting entries…

Q: As the Resort's senior internal auditor, you have been given the assignment to do a risk-based audit…

A: A risk-based Internal audits enables the internal auditors to identify risks correctly and allows…

Q: 6. At year-end, an entity had an equipment with cost of P9,000,000 and accumulated depreciation of…

A: The impairment loss of the equipment should be calculated as the difference between the carrying…

Q: Exercise 9B-1 (Algo) Standard Cost Flows; Income Statement Preparation [LO9-8] Forsyth Company…

A: Standard costing is the one used by the management to estimate cost which is further substituted for…

Q: At year-end December 31, Chan Company estimates its bad debts as 0.90% of its annual credit sales of…

A: Solution: Bad debts expense account contains the amount of receivables that will not be collected.…

Q: Date March 1 March 5 March 9: March 18 March 25 March 29 Activities Beginning inventory Purchase…

A: Value of Sales    Date    Units    Selling Price    Sales   9-Mar            240…

Q: In 2-3 paragraphs complete the following: Define gain contingency. Describe the accounting…

A: In accounting, uncertain events are situations that have an uncertain outcome, and their impact on…

Q: C2: The current period statement of cash flows includes the following: Cash balance at the beginning…

A: Cash flows statement is one of the financial statement being used in business. It shows all cash…

Q: On January 1, 2021, Fine Corp, which uses IFRS, signs a 10-year, non-cancellable lease agreement to…

A: Lease agreement This are the contracts in which the property owner allows another party to use the…

Q: Question 6 of 8 View Policies Current Attempt in Progress What constitutes "significant influence…

A: When the financial interest of the investor is less than 50% level, it constitutes that the investor…

Q: The Bendell Company purchased a piece of machinery for $120,000.00. It has an estimated useful life…

A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage…

Q: Prepare the following journal entry: Baily purchased office equipment for $44,500; this amount was…

A:

Q: A firm plans to use three different types of ads to attract potential customers to its product. The…

A: Step 1: Write the objective function and constraints The objective function we want to maximize is:…