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Q: Journal entries? Jackson Invested $ 250000 in to Electronics shop as capital Paid salaries to…
A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…
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A: Transactions for the month of September are given to us. We are also given the financial statements…
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Q: On 31 December 2017, IC showed the following current assets Cash 3,200,000 Accounts…
A:
Q: The following financial information is taken from the balance sheets of the Peter Company and the…
A: The current ratio is a common business approach for evaluating a company's short-term liquidity in…
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Q: The shape of the "age-earnings" profiles reflect all of the following, except that:
A: The above question is related to the age earnings profiles. By going through all the above options…
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A: If any intangible asset has indefinite life , then amortisation is not required . Rather such asset…
Q: , 2018, ABC Company borrowed P1,000,000 on a 10% five-year note payable. On December 31, 2018, the…
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A: Amount transferred from the manufacturing overhead account includes indirect material, indirect…
Q: A small gift shop has a beginning inventory at $9,120. If the additional inventory detailed in the…
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A: Cash and Cash equivalents refers to the current assets of a entity which are highly liquid and can…
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A: Goodwill refers to the value of reputation of an entity.
Q: If the company uses absorption costing ,variable costing and super-variable costing What is the…
A: The income statement is prepared to record the revenue and expenses for the period and find the net…
Q: The following costs are incurred by II Corporation: Goodwill purchased in a business combination…
A: Intangible assets refers to those assets which can not be seen or touch or in other words these…
Q: 2. The company began its operation in 20X1. At the end of 20X1, the cost of inventory was…
A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
Q: elected current year-end financial statements of Concordia Corporation follow. All sales were on…
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: How to do these steps in QBO? Record an owner’s contribution on 1/14/20 to Owners (a new vendor)…
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Q: Which of the following is not an example of control procedures over accounts receivable?…
A: Option A is the answer Analysis B) Sending monthly statements to customer who take a credit: Where…
Q: At how much should the asset be recorded upon reclassification as PPE on December 31, 2019?
A: Here the concept is on Held for sale for PPE. The Standard dealing with the current situation is Ind…
Q: On 31 December 2017, IC showed the following current assets Cash 3,200,000 Accounts receivable…
A: In the context of the given question, we compute the adjusted cash balance. The adjusted cash…
Q: purchased on January 01, 2019 for $600,000. The expected life is 8 years. salvage value is $10000.…
A: Formula: Straight line method = ( Asset cost - Salvage value ) / Useful life
Q: The following were taken from the books of AMihan Company December 31, 2017: Long-term payable Notes…
A: The question is related to classification of Assets and liabilities and preparation for Statement of…
Q: Ayayai Inc., a greeting card company, had the following statements prepared as of December 31, 2020.…
A: The cash flow statement is prepared to record cash flow from various activities during the period…
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A: To calculate the usage of purchased equipment equivalent to rental equipment, we have to calculate…
Q: lease answer in details, also explain why other options are wrong . Please answer within 30 minutes.…
A: Tax documents are the sets of records to be kept regarding tax collected, tax paid, tax payable and…
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A: According to the question, we are required to compute the depreciation expenses using a 1.5…
Q: Germo Company started business at the beginning of the current year. The entity established an…
A: Answer) Calculation Sales on account Sales on account = Total Sales X 80% Sales on account = P…
Q: Music Corporation had current assets of P2,000,000 at the end of 2020 and P1,800,000 at the end of…
A: Net current asset investment is the difference between net change in current assets and net change…
Q: and Medical manufactures lithotripters. Lithotripsy uses shock waves instead of surgery to eliminate…
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Q: [The following information applies to the questions displayed below.] On January 1, 2021, Pet…
A: GIVEN On January 1, 2021 Pet Friendly Stores adopted the retail inventory method. Inventory…
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Q: The following information is taken from the balance sheet of Atlanta Company: Current assets $1,215…
A: The current ratio is calculated as current assets divided by current liabilities.
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Q: An example of "piece rate" compensation is: executive compensation. fee for service compensation.…
A: Compensation : Compensation is paid to employees for services received. Generally compensation is…
Q: Biblio Files Company Contribution Margin Income Statement For the Year Ended December 31, 20Y8Sales…
A: Contribution Margin Income Statement Amount Sales $ 379,000 Variable Costs: Variable…
Q: Financial information is presented below: Operating Expenses $ 94000 Sales Returns and Allowances…
A: Net Sales = Sales Revenue - Sales Returns and Allowances - Sales Discounts…
Q: do deficiencies in internal control not always lead to material misstatement when recording…
A: internal controls rules and procedures that are implemented in order to ensure the integrity and…
Q: 1. Costs to install necessary lighting in a new building. 2. Costs to clear and grade land purchased…
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Q: Shown below is the activity for one of the products of Random Creations: January 1 balance, 80 units…
A: LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased at last will be sell…
Q: Nelson Daganta formed the Liceo Sign Company on October 1, 2021. During the month of October,2021,…
A: The journal keeps the record for day to day transactions of the business on regular basis.
Q: 1. The internal control of separation of duties requires that employe
A: Internal control represents the activity of the company to detect the fraud and errors of the…
Q: I hire Susan to sell my house. I tell her that I'm hoping to get $200,000 for the house. She tells…
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Q: 1. Grandbaby is a common carrier by sea. During a particular quarter, its receipts consist of the…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want the…
Q: Company A has current sales of $4.000.00 and a 45% contribution margin. Its fixed costs are…
A: Formula: Degree of operating leverage = Total Contribution margin / net income
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A: Here, Any Organization starts it's international business which have - trade barriers - Tariff…
Q: . A corporation issues for cash $14,000,000 of 8%, 20-year bonds, interest payable annually, a time…
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Q: a. His sari-sari store has cash deposited in a bank account amounting to P50,000 b. His sari-sari…
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Q: Why it is important to have auditing standards? Specifically, why are ethics important to the…
A: Auditing is the term which is defined as examination as well as investigation of the financial…
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- - Quality control policies and procedures should be implemented at both the level of the audit firm and on an individual audits - The policies and procedures adopted by the individual audit firms should not varu since PSA 220 prescribed quality control policies and procedures that must be adopted by all auditing firms. A. False, true B. False, False C. True, True D. True, FalseQ1. Based on Sarbanes-Oxley, who is ultimately responsible for the independence of the external auditor? (In your response, identify all of the requirements placed upon the Audit Committee by Sarbanes-Oxley, and why you think the Act placed these responsibilities with this group). Q2. Which of the following is an example of the appropriate implementation of a system of quality control? (in your response, describe the purpose of a system of quality control for an audit firm, and what the six elements of quality control are).The following questions concern quality control standards. Choosethe best response.a. The nature and extent of a CPA firm’s quality control policies and procedures dependon The CPA The Nature of the Cost-benefitFirm’s Size CPA Firm’s Practice Considerations(1) Yes Yes Yes(2) Yes Yes No(3) Yes No Yes(4) No Yes Yesb. Which of the following are elements of a CPA firm’s quality control that should beconsidered in establishing its quality control policies and procedures?Human Resources Monitoring Engagement Performance(1) Yes Yes No(2) Yes Yes Yes(3) No Yes Yes(4) Yes No Yesc . One purpose of establishing quality control policies and procedures for decidingwhether to accept a new client is to(1) enable the CPA firm to attest to the reliability of the client.(2) satisfy the CPA firm’s duty to the public concerning the acceptance of new clients.(3) provide reasonable assurance that the integrity of the client is considered.(4) anticipate before performing any field work whether an unqualified…
- Audit firms are expected to establish and maintain a system of quality control. PCAOB inspections often cite the lack of quality controls as a deficiency of audit firms. What role does leadership play in developing the kind of quality control system that supports ethical decision making in audits?5. In this stage of the operations audit process, assess conformity with the program, schedule, and objectives, and then assess the performance of the audit team. * a. Reviewing and improving the audit program b. Monitoring the audit program c. Establishing the audit program d. Implementing the audit program 6. In the management activity of " commitment and tone from the top," which of the following will not be used by an operations auditor to assess whether or not the entity meets the audit objectives? * a. Clear expectations b. Efficiency as a priority c. Established base lines d. Risk assessment 7. These performance measures highlight potential opportunities to convert given resources to the end product with less waste. * a. Economy performance measures b. Efficiency performance measures c. Equity performance measures d. Effectiveness…Many auditors assert that certain audit tests can be significantlyreduced for clients with adequate perpetual records that include both unit and cost data.What are the most important tests of the perpetual records that the auditor must makebefore reducing assessed control risk? Assuming the perpetuals are determined to beaccurate, which tests can be reduced?
- The internal audit risk assessment process: [SELECT ALL THAT APPLY] a) Provides the Internal Audit function with an ability to prioritize risk areas based on objective and subjective evaluation criteria. b) Should be considered the foundation of the audit function. c) Leads to the creation of the annual audit plan and audit budget. d) Should leverage management's enterprise risk management assessment process, if appropriate.Identify important internal control activities present in a properly designed system to mitigate the risk of material misstatements for each relevant assertion in the production cycle.23. Which of the following are common issues with benchmarking tool used by internal auditors? Group of answer choices Benchmarking information is often proprietary and organizations are reluctant to share it with other organizations. Benchmarking need face-to-face contact or discussion with other organizations Benchmarking can show areas of excellence within the organization but internal audits should focus on exception-based reporting Typical metrics used in benchmarking are time, quality, and cost
- What is an engagement quality control review What are the qualification of engagement quality control reviewers What are the pertinent timetable rules for the following Completion of the audit file or documentation Retention of audit file or documentationCritically Analyse the importance of quality management in auditing and assuranceand recommend how audit firms can address any quality control issues and ensurecompliance with auditing and assurance standards.Discuss the relationship between quality control and generally accepted auditing standards.