The auditor provides no assuran
Q: St. Matthew Hospital, a private 40-bed hospital in Bataan province, presented the following data for…
A: Gross income = Gross receipts from patient & laboratory + Income earned from unrelated…
Q: towards Company was form accounting fees; P150,000 for legal fees; stock certification costs of…
A: Basic Accounting concept Capitalisation of expense Revenue nature expenses identification
Q: How much is the liquidation value per share of Jevan Company?
A: Liquidation is the process in which the company’s assets has been liquidated means cashed those…
Q: Prepare the journal entries to record each of the following transactions under the memorandum entry…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: repair ShoP, pre end of its first year of operations shown below: Donald Electronics Trial Balance…
A: The journal entries are prepared to record day to day transactions on regular basis. The adjustment…
Q: Based on the following adjusted trial balance of Lyndon Company on December 31, 20OC, the end of the…
A: The question is related to the Income Statement to arrive at Net Income.
Q: Lina Company purchased equipment on January 1, 2022 for P5,000,000. The equipment had a useful life…
A: Given information, Cost of the equipment=P5,000,000 Residual value =P600,000 Computation of…
Q: Natalie Company purchased a machine for P6,600,000 on January 1, 2022 and received a government…
A: As per IAS 20, Of IFRS Accounting for Government Grants If grant received for an asset is accounted…
Q: Xylophone Pty Ltd is a private company with a number of shareholders who are all founders of the…
A: given Xylophone Pty Ltd is a private company with a number of shareholders who are all founders of…
Q: The three motives for holding money in the liquidity preference theory
A: Liquidity Preference Theory means the desire to hold cash. According to the Keynes, three motives…
Q: Harry invests $40,000 for a one-fourth interest in a partnership in which the other partners have…
A: Partnership is an agreement between two or more partners where partners are agreed to work together…
Q: 1. James Company showed the following balances in its balance sheet as at year-end: Current Assets…
A: Replacement value is the amount at which assets of the company would be replaced. Given that,…
Q: A limited partnership differs from an ordinary partnership by O having a limited number of partners.…
A: "Limited" in limited partnership is used for the liability of the partners.
Q: ANSWER ALL 1. which of the following journal entries can be eleminated? a. correcting entry b…
A: According to this question, we explain those topics to support the correct answer. Question-1)…
Q: Record the appropriate entries, if any, on January 13, February 1, and May 1. (If no entry is…
A: Solution:- Preparation of journal entries as follows under:- Journal entry:- It is used to record a…
Q: Determine if this shall result in recognition of liabilities 10. receipt of cash from a customer…
A: As per IFRS 15, Revenue Recognition standard Revenue is to be recognized when the performance…
Q: As a rule, when the substitute obligation is lost prior to substitution, the obligation becomes a…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Required information (The following information applies to the questions displayed below.) Assume…
A: Depreciation is the diminution in the worth of fixed assets using different methods which is applied…
Q: Absorption and Variable Costing with Over- and Underapplied Overhead Flaherty, Inc., has just…
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: Selected ratios for the current year for three companies in the office furniture industry follow:…
A: GIVEN Based on the above ratios which company do investors favour for future growth and investment…
Q: Apple estimates that the demand for one of its tablets in 2023 will be uniform between 10 million…
A: GIVEN Apple estimates that the demand for one of its tablets in 2023 will be uniform between 10…
Q: On December 31, 2019, IT’S OKAY NOT TO BE OKAY COMPANY subjected to impairment test its trademark.…
A: Introduction Depreciation means the decrease in value of assets due to tear obsolete and old…
Q: On December 31, 2022, Joshua Company had an equipment with cost of P9,000,000 and accumulated…
A: Lets understand the basics. As per IAS 36 "Impairment loss", impairment loss arise when recoverable…
Q: The Costanza Corporation purchased some equipment August 1, 2021 for $17,040 and expects to use it…
A: Formula: Straight line method depreciation = ( Asset cost - Salvage value ) / Useful life
Q: The Components Division produces a part that is used by the Goods Division. The cost of…
A: These divisional costs of capital reflect both the differential required returns of equity…
Q: _____ 1. If Moonton Company instructed Northern Vale Division to supply Iron Hooks to Mooniyan…
A: When we take decision by using marginal costing , we…
Q: Question 38 Which of the following adjusting entries need to be reversed in the following year?…
A: Reversal entries are representing the journal entries which prepared for current year based on the…
Q: function of the reserve requirement is to promote stability in depository institutions true or…
A: Reserve requirement is used by Central Bank in order to set the minimum amount that commercial bank…
Q: A company purchased a machine for 0.54 X in 2020, which is expected to have: - A useful life of 10…
A: GIVEN A useful life of 10 years Salvage value of 0.05 X Production of X units Number of working…
Q: began operations in 2022 in rental quarters. In October 202 (land and building) for $600,0o0, paying…
A: The answer has been mentioned below.
Q: vear for 5 YEARS, AND expenses GROW at 2.5% per year for 5 years, how much nigher is the Net…
A: Basic Accounting concept Calculation Growth and % percentage of Increase in value Present value of…
Q: ABC issued a ten-year, $20 million bond with a 10% interest rate for $19,500,000. The entry to…
A: Bonds are issued by the company to increase the finance. The interest on bonds is a tax-saving item.…
Q: You need to borrow $10,000 right now but can repay the loan in 6 months. Since you want to pay as…
A: Simple Interest Loans are the loans in which the interest amount is calculated by multiplying the…
Q: 21. Sprit Beverages, Inc. manufactures a sport drink on a continuous basis. The company makes…
A: No. of equivalent units Material Actual units Equivalent units Opening WIP 700 490 Units…
Q: Statements Internal auditing is an improve an organization's operations. objective assurance and…
A: Auditing:- It is the examination of financial information or financial statement of the company to…
Q: When a firm gets riskier what will happen to its bonds Multiple Choice the market interest rate…
A: The primary risk associated with bonds are interest rate risk and market risk some corporation bonds…
Q: The accounting staff of STUVWXYZ Company made the following entries in recognizing transactions of…
A: Prior Period Adjustments are the adjustments made in the current financial statements because of…
Q: Calculate the net operating income for the year.
A: Gross profit: the gross profit is the profit earned by the company after subtracting the…
Q: A business has fixed costs of $6000 per month and the product sells for $200. The variable cost is…
A: Answer) Calculation of Number of units to be sold to earn Target Profit Number of units to be sold =…
Q: s and uses two activity measures for its costs: the miles driven and the number of customer order.…
A: Cost per mile * miles drive = budgeted cost on miles $25 * 74 miles = $1850 Cost per order * No.of…
Q: You are the audit manager of Matfine & Co and are reviewing the key issues identified in the files…
A: Here discuss about the Auditors further proceeds to resolve the issues which are pertained with both…
Q: 5. The following information are related to Bacon Corporation: Sales Php 15,000,000 3.0x Asset…
A: Calculation of Book Value per share Book value per share = Total Equity/ Number of equity shares…
Q: Required a. & b. Determine the flexible budget variances and also Indicate whether each variance is…
A: The image is not so clear, so it is so hard to correctly recognize the amounts. I took the amounts…
Q: 6.4 Minority interests in PQR were30% when the parent paid five times NAV amount to acquire. If…
A: Monitory interests in PQR were 30% when the parent paid three times its NAV amount to acquire. If…
Q: Donald Electronics an electronics repair shop, prepared the unadjusted trial balance at the end of…
A: The ten column worksheet details about unadjusted trial balance, adjustments, adjusted trial…
Q: Complete the following table by providing the missing information: Transaction: Possible source…
A: Cash Memo:-It is the document prepared in the business when buyers and sellers do transactions in…
Q: for team cessing Payaman company, a service company. The chart of account includes: following mplete…
A: A T Account is nothing but the general ledgers of the financial statements. They are called T…
Q: Unit Costs, Inventory Valuation, Variable and Absorption Costing Snyder Company produced 81,700…
A: Solution:- 1)Calculation of unit cost and the cost of finished goods inventory under absorption…
Q: Adverse agreed upon procedures assertion attestation risk Consistent measurements Control criteria…
A: 1. The answer is financial forecast 2. Assertion 3. Attestation Risk
Step by step
Solved in 2 steps
- when the auditor want to assure that There are no unrecorded receivables. What assertion he or she want to test : Select one: a. Rights and obligations b. Valuation and allocation c. Completeness d. Existencehe factor that distinguishes an error from fraud or other irregularities is A) materiality. B) intent. C) whether it is a rand amount or a process. D) whether it is caused by the auditor or the client.In deciding upon the acceptable risk of incorrect acceptance for an account, an auditor considers each of the following except a. Audit risk. b.Tolerable error. c.The risk that internal controls fail to detect material misstatements that have occurred. d. The risk that analytical procedures and other tests fail to detect material errors that occur and that are not detected by internal control.
- What is risk of incorrect acceptance? A. The risk that the auditor concludes that a material misstatement exists when it does not exist. B. The risk that the auditor concludes that a material misstatement does not exist when it actually does not. C. The risk that the auditor concludes that a material misstatement does not exist when it does exist. D. The risk that the auditor concludes that a material misstatement exists when it actually does.Which of the following terms best describes the risk that audit procedures will fail to detect material misstatements? a. Control risk. b. Inherent risk. c. Detection risk. d. Audit risk.The risk that the auditors’ own testing procedures will lead to the decision that materialmisstatements do not exist in the financial statements when in fact such misstatements doexist isa. Audit risk.b. Inherent risk.c. Control risk.d. Detection risk.
- Which of the following statements correctly defines the term reasonable assurance? A. A substantial level of assurance to allow an auditor to detect a material misstatement. B. A significant level of assurance to allow an auditor too detect a material misstatement. C. An absolute level of assurance to allow an auditor to detect a material misstatement. D. A high, but not absolute, level of assurance to allow an auditor to detect a material misstatement.which of the following regarding errors is correct Select one: a. it is easier for the auditor to detect because it is not intentional b. misappropriation of assets is an kind of errors c. it is more difficult for the auditor to detect because it is not intentional d. intentional misstatement of the financial statements,True of false The auditor's consideration of the risk of material misstatement due to fraud is made primarily atthe financial statement level, not at the assertion level.
- Auditor observations are not considered as audit evidence A. True B. FalseThe risk that material errors will not be detected is directly controllable by the auditor through substantive tests of details and other substantive audit procedures. IS THE STATEMENT TRUE OR FALSE? WHY?An auditor discovered the following matters while performing tests of controls: 1.An obligation for insurance was not paid because the voucher that was prepared was never recorded. Required: a.What control would have prevented or detected each of the above misstatements? b.What test should the auditor perform to test the control? c.To which financial statement assertion does the misstatement relate?