Which of the following procedures would an auditor most likely perform in searching for unrecorded liabilities? * A. Scan the cash disbursements entries recorded just before year end for indications of unusual transactions. B. Compare a sample of purchase orders issued just after year end with the year-end accounts payable trial balance. C. Obtain a copy of the receiving report until year end and its related sales invoice and trace them to the purchases journal. D. Compare the entries recorded in the purchases journal and the cash disbursements journal just before year end.

Q: Which of the following shall be exempt from value-added-tax? I. Sales by agricultural cooperatives t...

A: The correct answer for the above mentioned question is given in the following steps for your referen...

Q: basic step in auditing unclaimed salaried and wages is to verify disposition of the account subseque...

A: Auditing means the independent checking of company operation by outsider. Auditor is a qualified and...

Q: In a recent year Ley Corporation had net income of $150,000, interest expense of $30,000, and a time...

A: Times interest earned ratio=Earning before interest and tax/interest expenses

Q: Hijinx Company projected the following overhead costs and cost drivers: Overhead Item Expected Cos...

A: The overhead cost is assigned to the job on the basis of predetermined overhead rate. The predetermi...

Q: Senior Inc. owns 85 percent of Junior Inc. During 20X8, Senior sold goods with a 25 percent gross pr...

A: The correct Answer in the given question is: No Adjustment is necessary

Q: leaving a hologram will. In the last will, he identified his wife, all his 3 children, his brother, ...

A: Hologram will refer to the traditional way of creating a will where the owner writes down the entire...

Q: Consider the following four debt securities, which are identical in every characteristic except as n...

A: Explanation:  Bond X : The bond with the highest risk is BBB bond. A BBB bond is rated at higher ris...

Q: Hillary sells cosmetics from her part time  home based business. she receives a straight  commission...

A: Often companies do not sell their own products directly. Instead they use third parties as salespers...

Q: Little Oil has outstanding 1 million shares with a total market value of $27 million. The firm is ex...

A: a) Total market capitalization = $27 million, Number of shares issued = 1 million Price per share = ...

Q: ou have looked at the current financial statements for J&R Homes, Co. The company has an EBIT of $3....

A: Financial Statement- Financial statements contain information on an entity's financial activity and ...

Q: On April 10, 2021 Gamma Inc discarded an equipment that had an historic cost equal to 12,000 euro an...

A: Here the the amount for which the equipment is discarded is not disclosed. Therefore assuming that t...

Q: Which of the following is correct?    a. A person with vatable sales or receipts not exceeding the...

A: Value-added tax: The value-added tax refers to an indirect tax or sales tax that lived on the consum...

Q: e current year expires in 20 years and lue for 5 years. Additionally, research sts of $300,000 were ...

A: An intangible asset is a non-physical asset that will be consumed over more than one accounting peri...

Q: On 1-4-2018 A Ltd and B Ltd were amalgamated into C Ltd based on the following balance sheet. A Ltd ...

A: A balance sheet is a financial statement that reports a company's assets, liabilities, and sharehold...

Q: In 20X1, Ameer Bhd took a bank loan of RM5M to finance construction of a building. It incurred a yea...

A: Interest cost refers to the borrowing cost that is incurred with respect to a loan. The interest cos...

Q: For auditors, the term materiality is important, both at the planning stage of the audit and at the ...

A: Materiality is a concept in accounting refers to that all the material facts / items should be discl...

Q: Use the formula for computing future value using compound interest to determine the value of an acco...

A: Future Value = Present Value x (1 + r)^n

Q: Aaliyah, along with her spouse and children, have lived in Canada all their lives. In April of the c...

A: Income tax An income tax refers to the obligations imposed on the person or company for the earnings...

Q: The economy is slowly opening as the government lower down the alert level to 1. Companies begin to ...

A:                             a) Sales Budget                           Particulars May June J...

Q: Spartan Co. Chen Co. 47 sales in accounts receivable Days Days' sales inventory Days' sales in accou...

A: GIVEN     Spartan Co Chen Co . Days sales in accounts receivable Days' sales Inventory Days sales in...

Q: Which of the following manipulations would understate accounts payable on the financial statements? ...

A: Account payable  means the amount owed by business to outsider for the goods received and services r...

Q: S1: The payables clerk obtains and matches the purchase order, receiving report, and vendor's invoic...

A: Internal control means the ways of doing the business and kept a control over the activities of busi...

Q: Logistics Solutions provides order fulfillment services for dot.com merchants. The company maintains...

A: The correct answer for the above mentioned question is given in the following steps for your referen...

Q: Amounts receivable by the estate of the deceased, his executor or administrator as an insurance unde...

A: Under section 85(E) of the national internal revenue code, insurance shall be computation of the gro...

Q: d. On January 8th of the next year, Yorkshire Company sold the Harris Company stock for $301,000. D...

A: A journal entry is an accounting entry that is used to document a business transaction in the accoun...

Q: 1. Calculate monthly costs 2. Calculate invoices value 3. Calculate total project cost and price

A: As per our protocol we provide solution to the one question only or to the first three sub-parts onl...

Q: In not less than seven sentences, answer the following questions below: 1. As an auditor, what do yo...

A: As per our protocol we provide solution to one question only but as you have asked two questions kin...

Q: Required: The recession in the economy in 2021 is expected to result in a reduction of the number of...

A: Company wants to find out the level of sales at which there is no profit and no loss. This level of ...

Q: Which are TRUE about the inverse relationship between price and yield: a. when interest rates rise;...

A: Bond price is the present value of the bond's future cash flows, prices of bonds are rise or fall ac...

Q: Legal and audit fees Rent for office space, share equally by the administrative and sales offices 70...

A: Net Income = Sales - Cost of Goods Sold - Operating Expenses

Q: Apply the concept from page 8-9 practice 4 of the VLN: How much could you borrow today if you make m...

A:   How much could you borrow today if you make monthly payments of $300.00 for the next 5 years with ...

Q: X and Y entered into a partnership agreement in which X is to have a 60% interest in capital and pro...

A: Partnership means where two or more person comes together to do some common business activity and ea...

Q: What is the recovery percentage of the shareholders based on the carrying amount of equity? 000/

A:     Gain on Realized Assets 720000 Loss on realization of Assets 1280000 Additional Assets Di...

Q: Required information Exercise 8-11 (Algo) Trade and purchase discounts; the gross method and the net...

A: Solution 1- cost per unit = 600 -(600*20%). = 600 - 120. = $480.   2-Cost of purchase = 170 unit * $...

Q: Gross selling price includes all of the following, except    Total amount which the purchaser is o...

A: Solution: Gross selling price includes all of the following: 1. Total amount which the purchaser is ...

Q: A company has the following assets: Buildings and Equipment, less accumulated depreciation of $5,000...

A: Property, plant, and equipment (PP&E) are long-term resources that are essential to a firm's man...

Q: The ACC Tutoring Service provides tutoring to accounting students. The volume of tutoring is low at ...

A: Please see Step 2 for required information.

Q: The following information is available for year 1 for Pepper Pr $6,160,000 Sales revenue (220,000 un...

A: The income statement explains the financial performance of the company for a particular period of ti...

Q: The December 31, 2021, year-end inventory balance of the Raymond Corporation is $234,000. You have b...

A: Notes: Consignment merchandise should be added to the inventory balance as it is part of the invent...

Q: Erie Company manufactures a mobile fitness device called the Jogging Mate. The company uses standard...

A: Answer 1) Calculation of Standard Labor hours allowed to make 20,000 units Standard labor hours allo...

Q: You are shopping around to determine which bank account yields the highest return. You have three ch...

A: Future Value = Present Value x (1 + r)^n

Q: Mention and describe the service(s) that the auditing firm will offer to Bananera The Farm Ltd.

A: According to the general public, the purpose of the audit is to verify the authenticity of the finan...

Q: Shadee Corp. expects to sell 540 sun visors in May and 390 in June. Each visor sells for $22. Shadee...

A: Solution 1: Production Budget - Shadee Corp Particulars May June Expected sales units 540 390...

Q: Which of the following is wrong?    A person required to register as VAT taxpayer but failed to re...

A: value added tax is such a consumption types that is levid on goods and services at the each stage of...

Q: he “Cash” account in the ledger of a company on December 31, 2017 had a balance of P1,750,000. A re...

A: A balance sheet of a particular company depicts the total assets, liabilities and shareholder's equi...

Q: Little Oil has outstanding 1 million shares with a total market value of $27 million. The firm is ex...

A: In the context of the given question, we should first compute the cost of capital by the method of d...

Q: ersity are from the metropolitan area and visit their hc zes that few good commuting alternatives ar...

A: The cashback period refers to the time frame it takes to recover the cost of an asset or investment.

Q: A 5-year proj

A:

Q: n industrial firm uses economic analysis to determine which of two different machines to purchase. E...

A: The question is based on the concept of Cost Accounting.

Q: Denim, Inc. entered into a contract to sell equipment to Levi LLC. on October 1, 2021. Along with th...

A: The above question is based on accounting standard 115, i.e. Revenue from contracts with customer wh...

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.