Which of the following reports can improve internal control by tracking unauthorized changes to accounting records? a. Cash Budget b. Cash Forecast c. Audit Log Chor d. Journal

Q: Ella Ltd purchased 20% of the shares of Monica Ltd on 1 January 20x2 for cash of $500,000. This…

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A: Hi student Since there are multiple subparts, we will answer only first three subparts.

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A: Margin of safety (in dollars)= Total sales - Break even sales

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A: Exempted Income: When it comes to taxation, exempt incomes are incomes that are not taxable under…

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A: A share split is a situation in which the management of the company increases the number of shares…

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A: Introduction: Journals: Recording of a business transactions in a chronological order. Each and…

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A: Depreciation is the reduction in the value of an asset due to normal wear and tear, passage of time,…

Q: S11-4 Accounting for a note payable On December 31, 2013, Edgmont purchased $10,000 of merchandise…

A: Perpetual inventory system records and updates the inventory movements in real time.

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A: Goodwill is the excess of consideration paid over the fair values of net assets of the acquiring…

Q: A major difference between IFRS and GAAP relates to the Revaluation surplus account. Retained…

A: There are various difference among the GAAP and IFRS: GAAP is Rules based whereas IFRS is…

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Q: TRI began the year, 2021 with 132,000 shares of common stock and 30,000 shares of 7%, $100 par…

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Q: Bank A Bank B 750,000 Total assets Total loans 950,000 8,000 18,500 Total reserves 40,000 8,000…

A: Formula of return on equity: Return on Equity=Net IncomeTotal Equity Formula of return on assets:…

Q: GAAP versus IFRS who do you agree with COLLAPSE APPLIED PRINCIPLE GAAP IFRS Allows LIFO inventory…

A: GAAP: The full form of GAAP is Generally accepted accounting principles.  GAAP consists of…

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A: Lets understand the basics. Income statement is prepared by closing income accounts and expense…

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A: Basic Concept of Accounting

Q: Brunleigh Corporation earned net income of $200,000 this year. The company began the year with…

A: Formula: Weighted average number of shares = Shares issued x Time period

Q: Cash $100,000 Accounts receivable $357,000 Inventory $458,000

A: Formula: Quick ratio = Quick Assets / current liabilities

Q: August 1 - Reyes invest P250,000 for a stating a Jewelry Business August 3-Reyes buys various repair…

A: General Journal Date Account Titles and Explanation  Debit   Credit  Aug'1 Cash   250,000…

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A: Bond is a debt instrument used to raise funds. It carries fixed interest charges that the issuer of…

Q: The direct labor budget and the manufacturing overhead budget are prepared directly from the a.…

A: Budgets are the forecasts or estimates to be made for future period of time. These are the…

Q: Answer the following question(s) using the information below. The following information pertains to…

A: Introduction Breakeven point is the level of sales at which company's profit is zero.

Q: St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and…

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A: Total number of lawns=No. of rental houses×No. of weeks per month×No. of months

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A: Current Ratio - Current Ratio indicates organization liquidity to repay its short-term obligation.…

Q: Which of the following reports can improve internal control by tracking unauthorized changes to…

A: Solution: An audit log is a document that records sequence of activities performed at any time…

Q: March 1, 2019, Tina Corporation reported the following business income and expenses: Sales…

A: The net income is calculated as difference between total revenue and total expenses incurred during…

Q: Actuary and trustee reports indicate the following changes in the PBO and plan assets of…

A: Particulars Amount (in $ millions) Net loss-AOCI $210 Less : 10% of beginning PBO (10% x…

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Q: Foto-Fast Copy Shop provides a variety of photocopying and printing services. On June 5, the owner…

A: Hi student Since there are multiple subparts, we will answer only first three subparts.

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Q: 4. Marty Byrde is the sole owner of Ozark Co. During the tax year he received both distributions and…

A:

Q: Special-Order Decision, Alternatives, Relevant Costs Sequoia Paper Products, Inc., manufactures…

A: GIVEN     Special-Order Decision, Alternatives, Relevant Costs Sequola Paper Products, Inc.,…

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A: The information given is a question related to Plan Assets and Deferred Obligation Accounting.

Q: On January 2, 2020, Howdy Doody Corporation purchased 17% of Ranger Corporation's common stock for…

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A: Finished goods inventory: It implies to the total manufactured products that are held by the…

Q: Quick ratio? Cash $100,000 Accounts receivable $357,000 Inventory $458,000 Current Liabilities…

A: The quick ratio is calculated as quick assets divided by current liabilities.

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A: ROE = Income/Equity Current Ratio = Current Assets/Current Liabilities Debt/Equity = Debt/Equity…

Q: Can you help me with 2,3 and 4? On November 1, 20Y9, Lexi Martin established an interior decorating…

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Q: Lily, Inc., is preparing its direct labor budget for 2022 from the following production budget based…

A: GIVEN     Lily, Inc., is preparing its direct labor budget for 2022 from the following production…

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.