Explain
Q: Unde commonly: a. charged or credited to Work-in-Process Inventory. b. charged or credited to Cost o...
A: “Since you have asked multiple question, we will solve the first question for you. If you want any s...
Q: Will this amount form part of Jinkee’s gross income? Why or why not?
A: Gross income is the income which is earned by the person during the year which includes all the mone...
Q: Davis Corporation uses the weighted-average method in its process costing system. This month, the be...
A: Introduction:- The sum of material costs for the initial work in progress inventory plus the cost of...
Q: Below are Madrid.’s transactions for the third quarter: · Payment of quick response insurance...
A: INTERIM REPORTING Integral view - Allocations is allowed and justified Insurance expense Property...
Q: Ernst Company experienced the following changes in selected accounts for the current year: · ...
A: Cash basis accounting: In cash basis accounting , revenue are recognized when payment is received an...
Q: Ray Company had the following liabilities on December 31, 2021: · Trade accounts payable, net...
A: Current liabilities: Liabilities that have to be paid within one year or one operating cycle, whiche...
Q: Unearned rent: Balance beginning of the year P11,000 Balance end of ...
A: Unearned rent Balance beginning of the year P11,000 Add: annual equipment rental was credited t...
Q: Which among the following reports bears correct date/period?
A: Statement of financial position is the summary of assets and liabilities as at a particular date. Th...
Q: 12. Throughout the accounting period, the credit side of the Manufaduring Overhead account is used t...
A: The correct answer for the above mentioned question is given in the following steps for your referen...
Q: Gangnam Corp is engaged in a small export business. The company maintain limited records. Most of th...
A: Net Purchases = Cash purchases + Cash payment to trade creditors - Decrease in Accounts payable - De...
Q: Based on the information in scenario C, classify the information (1-8) according to the elements of ...
A: Here given the details of elements of Auditing findings which are involved with the each and every a...
Q: Work in Process 20,000 Oct. 31 Goods finished 96,700 201,000 Oct. 1 Balance 31 Direct materials 31 D...
A: Factory overhead: A manufacturing business's factory overhead, sometimes referred to as manufacturin...
Q: The following data relate to store equipment of BBB Company for 2021: · Store Equipment at ...
A: Accumulated Depreciation, Jan. 1 = P30,000 Accumulated Depreciation, Dec. 31 = P35,000
Q: In a multiple-step income statement, interest expense usually is not classified as an operating expe...
A: A multi-step income statement is the type of income statement that presents revenues and expenses as...
Q: Crispin Santos started a retail merchandise business on January 1, 2021. During the year ended Decem...
A: Purchases means where the goods has been purchased for the resale purpose. Gross purchases means whe...
Q: · Sales revenue- P500,000 · Cost of Goods Sold- P350,000 · Operating Expenses- P...
A: Solution: Other comprehensive income before tax will include all revenues or expenses taken before t...
Q: Lala Company reported the following information in 2021: · Sales revenue- P500,000 · C...
A: Answer) Total Comprehensive income before tax includes all Operating and non-operating incomes net o...
Q: Exercise 3-8 Applying Overhead; Journal Entries; Disposing of Underapplied or Overapplied Overhead [...
A: Over-applied / Under-applied overhead = Total Overhead cost - Actual Overhead cost applied Overhead ...
Q: Osprey Cycles, Inc. projected sales of 59,813 bicycles for the year. The estimated January 1 invento...
A: Budgeted production for the year = Projected sales + Desired ending inventory - Beginning inventory
Q: Vicland Ltd has two classes of shares: ordinary and preference. Requirement Journalise Vicland's iss...
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....
Q: Cash received from long-term notes payable Purchase of investments Cash dividends paid Interest paid...
A: Purchase of investments comes under cash flow from investing activities .
Q: Everlast Manufacturing Company uses a predetermined manufacturing overhead rate based on a percentag...
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three sub...
Q: 34. Unearned rent: Balance beginning of the year P11,000 Balance end...
A: Answer: d. Debit Unearned Rent and Credit Rent Income P5,000 Explanation: Beginning balance of unea...
Q: Yellow Company reported the following information in 2021: · Sales revenue- P500,000 · ...
A: Comprehensive income statement: It is a financial statement that represents standard net income and ...
Q: Magic Sunrays Ltd is a Johannesburg Stock Exchange (JSE) listed company. Below is an extract from it...
A: Cash Flow Statement - Under Cash Flow, there are three types of activities involved - Operating Act...
Q: A department store paid $30.94 for a salad bowl. Overhead expense is 23% of the regular selling pric...
A: In order to determine the profit, the cost of goods sold are required to be subtracted from the sell...
Q: The following information has been obtained for Sheridan Corporation. 1. Prior to 2020, taxable inco...
A: Introduction:- Individuals or enterprises (taxpayers) pay an income tax depending on their earnings ...
Q: The standards are divided into attribute, performance and implementation guidance. Classify the foll...
A: The answer for the theory question on classification of attribute and performance standards is discu...
Q: Don Williams wants to buy a boat five years from today. He will need $40,000. Don wants you to calcu...
A: The correct answer for the above mentioned question is given in the following steps for your referen...
Q: n January 2021, Lite Inc. paid property taxes on its factory building for the calendar year 2021 in ...
A: Solution: Property taxes is for whole year, therefore same should be recognized equally in each quar...
Q: John purchased a house for $300,000. It is now worth $800,000 4 years later. Johns fiancee lived wit...
A: Profits from home sales are deemed capital gains and will be taxed at federal rates of 0%, 15%, or 2...
Q: The company you cofounded last year isgrowing rapidly and has strong prospects for an IPO inthe next...
A: Financial statements that describe the operations and cash flows performance of a company. Governmen...
Q: During classroom discussions, you came across multiple views about whether or not corporate dividend...
A: The amount of dividends paid to shareholders by a company, as well as the frequency with which they ...
Q: 9-13
A: When auditor considers that there would be an increase in the amount of mis-statement in the poplula...
Q: Hawk would record the following journal entry at the time of conversion:
A: Journal entries refers to the official book of a company which is used to record the day to day tran...
Q: A business pays weekly salaries of 20,000 on Friday for a five-day week ending on that day. The adj...
A: Per day salary = Total salary / Number of days salary Total Salary = 20000 Number of days salary = ...
Q: Leni Company had the following transactions during the quarter ended March 31, 2021: • Loss ...
A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are inc...
Q: Closing Entries (Net Income) Use the following partial listing of T accounts to complete this exerc...
A: The revenue and expense account are closed using Income summary account. The income summary account ...
Q: A principal of $2000 is placed in a savings account at 3% per annum compounded annually. How much i...
A: >There can be two instances of interest payment and accrual:#1: Simple interest, where interest i...
Q: In January 2021, ABC Inc. paid property taxes on its factory building for the calendar year 2021 in ...
A: Solution: Property taxes is for whole year, therefore same should be recognized equally in each quar...
Q: INCOME STATEMENT JUST STUFF, INC. FOR THE YEARS ENDED DEC. 31 2019 & 2020 2020 P2200.000 2019 Sales ...
A: Ratio Analysis - The ratio is the technique used by the prospective investor or an individual or str...
Q: Indicate the net effect (+ for increase; - for decrease; 0 for no effect) of each part of the accoun...
A: The accounting equation states that assets equal to sum of liabilities and equity. The transactions ...
Q: Why were efforts made to converge the GAAP andIFRS standards?
A: GAAP is the generally accepted principals followed by US and IFRS is the international financial rep...
Q: Equipment acquired on January 6 at a cost of C. Assuming that the equipment was sold on January 3 of...
A: The question is based on the concept of Financial Accounting. As per the Bartleby guidelines we are ...
Q: A car's annual maintenance costs P18,000. If the cost of creating a forging is P90 and the selling p...
A:
Q: Cash received from long-term notes payable Purchase of investments Cash dividends paid Interest paid...
A: Cash flow statement includes: Cash flows from operating activities Cash flows from investing activi...
Q: Wellco returned 43 barrels to its supplier. The supplier paid $34.50 in cash for each barrel.
A: The answer is stated below:
Q: View Policies Current Attempt in Progress On November 1, 2021, Golden Valley Inc. accepted a three-m...
A: >Note receivables are the current asset. >It can be accepted in case of: --when goods ...
Q: Why is EBITDA controversial?
A: Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) is a metric used to assess ...
Q: In the income statement for the current year, JK Company reported revenue P50,000,000, excluding int...
A: The minimum amount of sales to be a major customer should be 10% of total combined identifiable asse...
Statistical sampling and use of computer-assisted audit techniques (CAATs) are important to the IS audit for evidence gathering. Answer one of the following questions:
Explain the difference between statistical and non-statistical approaches to sampling. What do you think is most commonly used by auditors? Do you think the selection is situational-dependent?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Which of the following is an advantage of nonstatistical sampling?a. It measures the audit team’s exposure to sampling risk.b. It is required by generally accepted auditing standards.c. It ensures that samples are randomly selected.d. It is typically less complex than statistical samplingAttribute sampling is a statistical technique used in audit procedures to examine the characteristics of a given population. It is a common method to gauge how well internal controls are being implemented. It would be extremely challenging and expensive to conduct a meaningful audit if we couldn't rely on controls. Do official signatures appear on all checks?The two types of sampling risks auditors face include the risk of incorrect acceptance and the risk of incorrect rejection. What do each of these mean and how will each impact the audit process and the audit results?
- You and a friend are studying audit sampling together. Your friend is having a hard time understanding the various aspects of risk associated with attribute sampling and has put together the following list of questions she wants to discuss with you. Answer each question. a. What is:■Audit risk?■Inherent risk?■Control risk?■Controllable risk?■Residual risk? b. What is sampling risk? How is sampling risk controlled? c. What are the two aspects of sampling risk that an internal auditor is concerned with when testing controls? Briefly describe each aspect. d. What is nonsampling risk? How is nonsampling risk controlled?Attribute sampling enables the auditor to directly assess whether a rule is operating successfully or not, sampling is more reliable for assessing controls. This is crucial in circumstances where data accuracy or completeness are essential, such as when a credit-check control is used for consumer orders. The focus is on estimating the overall monetary value of a population, therefore monetary-unit sampling is more suitable for verifying the accuracy of financial statements or specific account balances. It is crucial to remember that the exact audit objectives and the type of data being checked will determine the sampling technique that is used. Do you believe monteray unit sampling can do the same thing?In non-statistical sampling, _______. the auditor determines samples size, sample selection methods, and evaluates the sample results on the basis of the professional judgment and the auditor’s own experience. the auditor determines samples size, sample selection methods, and evaluates the sample results entirely on the basis of predetermined statistical parameters. the auditor uses the internal audit function to gather samples the auditor selects a sample of certain balance sheet accounts and exclusively audits them If an auditor wishes to draw attention to important information that is already presented or disclosed in the financial statements, the auditor would include a _______. qualified opinion disclaimer of opinion emphasis-of-matter paragraph scope limitation paragraph _______ are used near the end of the audit to assist the auditor in forming an overall conclusion about whether the financial statements…
- In an environment that is highly automated, an auditor determines that it is not possible toreduce detection risk solely by using substantive tests of transactions. Under these circumstances, the auditor most likely woulda. Perform tests of controls to support a lower level of assessed control risk.b. Increase the sample size to reduce sampling risk and detection risk.c. Adjust the materiality level and consider the effect on inherent risk.d. Apply analytical procedures and consider the effect on control riskOrdinarily, risk assessment procedures do not involve the use ofaudit sampling. However, the auditor often plans and performs tests of controls concurrently with obtaining an understanding of the design of controls and determining whether they have been implemented. TRUE OR FALSE? WHY?
