Which of the following procedures would an auditor most likely perform in searching for unrecorded liabilities? A. Vouch a sample of cash disbursements recorded just after year end to receiving reports and vendor invoices. B. Compare a sample of purchase orders issued just after year-end with the year-end accounts payable balance. C. Scan the cash disbursement entries recorded just before year end for indications of unusual transactions. D. Vouch a sample of accounts payable entries recorded just before year end to the unmatched receiving report file.

Q: Determine the inventory cost by the first-in, first-out method. Round your answer to the nearest dol...

A: 1) If the entity uses First in first out, then units at the opening will be used & units purchas...

Q: overvalued Building. As a consideration, OPQ Co. issued its own shares of stock with a market value ...

A:

Q: On January 1, 2010, WPK Co. sold a transportation equipment with a historical cost of P1,000,000 and...

A: Net cost of the equipment = Historical cost - Accumulated depreciation Present value of note = Face ...

Q: What is the net benefit (in rate or percent) of paying on the 35th day instead of obtained a loan th...

A: Credit term refers to a method used by the firms to encourage buyer or debtor to pay the amount of t...

Q: . ABC Corporation invested in one of DEF's ordinary shares that has a par value of P500 and a market...

A: solution concept in case ,the dividend does not grow  we cannot use the Gordons growth model When th...

Q: Milano Pizza is a small neighborhood pizzeria that has a small area for in-store dining as well as o...

A: SOLUTION FLEXIBLE BUDGET IS A BUDGET THATS ADJUSTS TO THE ACTIVITY OR VOLUME LEVELS OF THE COMPANY. ...

Q: A parent company purchased all the outstanding bonds of its subsidiary. Will this cash transaction a...

A: consolidated statement of cash flows is the aggregate of operating, financial and investing activity...

Q: 2020. As of December 31, Luccio incurred total construction costs of P600,000 and estimates addition...

A: The profit is calculated as excess of revenues over expenses incurred.  For construction contract, t...

Q: In making a decision of whether to take on a new audit client, the auditor should perform all of the...

A: Acceptance decisions are critical since potential clients and/or contracts might jeopardize independ...

Q: Amber sold her personal property in 2019, with details as follows: Cost                            ...

A: Contract Price is the agreed price of asset sold/purchase. Here  it is important to know that Mortga...

Q: mber sold her personal property in 2019, with details as follows: Cost                             ...

A: Here  it is important to know that Mortgage assumed by the buyer means, buyer is taking over the loa...

Q: You are tasked to perform cut-off procedures for expenses and its related payable. In testing the c...

A: Cut-off procedures means all transactions are recorded is related to correct accounting period. Gene...

Q: direct labo Required: 1 What is the standard labor-hours allowed (SH) to prepare 7,000 meals? 2 What...

A: Direct labour cost/spending variance: direct labour variance is variance analysis done by the compan...

Q: t 31 December 20X7, what should be the arrying amount of its interest in Northfield,

A:

Q: What amount of joint costs would be allocated to the three products using the relative sales value m...

A: Joint cost refers to the cost incurred by the company for various process or products in its manufac...

Q: refer to the orginal data. Compute the company's margin of safety in both dollar and percentage term...

A: Answer 4) Calculation of Margin of Safety in Dollars Margin of Safety in Dollars = Current Sales – B...

Q: What is receipt and payment account

A: The answer is provided as follows:

Q: changes with the type of company is:

A:                                Balance Sheet is the statement showing financial position of the busi...

Q: 1-year advanced rent of P30,000 to apply for 2020 was received from a sublease contract. P40,000 tot...

A: Net Sales = 20,00,000 Purchases = 12,00,000 Opening Inventory = 2,00,000 Closing Inventory = 3,00,00...

Q: At the beginning of current year, Baket Company started business and issued share capital, 60,000 sh...

A: GIVEN   At the beginning of the current year, Glasgow Company started business and issued share capi...

Q: ABC Corporation has a daily collection of 180,000 from a selected foreign customer group. The bank o...

A: The difference between cash inflows and the initial investment is defined as NPV. NPV is used to fin...

Q: A debit is not the normal balance for which of the following? O a) Asset account b) Dividends accoun...

A: Normal debit balance include assets expenses and losses  Nature of Account Normal Balance In...

Q: On January 2, 2017 Skysong Company leases a machine with a fair value of $35,000 from Snead, Inc., o...

A: A lease can be capital or finance lease. A lease is to be classified as a finance lease if any of th...

Q: Wynn Company reported revenue of P6,000,000 under the cash basis for the year ended 2020. Additional...

A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are inc...

Q: . What is the amount of sales under cash basis? 7. What is the amount of purchases under cash basi

A: Solution Concept Sales under cash basis   =cash sales made + collection from debtors Purchase under ...

Q: Which of the following is not an example of the application of professional skepticism? 1. Designing...

A: Proper professional care necessitates professional skepticism on the part of the auditor. Profession...

Q: The following were taken from the records of LML Co. as of December 31, 2010: • Checks drawn but not...

A: The transactions till December 31 , 2010 cash will be included in LML's December , 2010 cash. Custom...

Q: answer true or false: gains are increases in net assets from peripheral activities while revenues ar...

A:  revenue is  generated from sale of goods or service. it is recurring in nature as it is generated f...

Q: Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant...

A:   Current assets are assets held for less than 12 months  Current liabilities are obligations that ...

Q: Knowledge Check 01 Why is accounting important? Accounting information impacts all of us. O Accounti...

A: Accounting - Accounting means recording of transaction in systematic, prescribed format and summariz...

Q: 1. How much is the increase in the capital of Choy after taking into account all transactions?

A: Financial statements are the set of records of the financial transactions and position of a business...

Q: You are assigned to perform a review of minutes of meeting for the year end audit ending December 31...

A: Since, we only answer one question, we will answer the first question. Please resubmit the question ...

Q: Declan's Designs Balance Sheet Declan's Designs Income Statement ASSETS 12/31/2021 12/31/2022 For th...

A: Accumulated Depreciation Debit Credit Particulars  Amount (In $)  Particulars  Amount (In $)  ...

Q: Jellicent Corporation is an 80% owned subsidiary of Frilish Corporation. During 2018, Jellicent sold...

A: solution given % holding in Jellicent 80% unrealized profit at December 31, 2018 on sales ...

Q: Perpetual inventory using LIFO The following units of a particular item were available for sale d...

A: Last-in, first-out (LIFO) cost flow assumption - Under LIFO Method, Inventory purchased last is sold...

Q: After taking into account the transactions of Choy, please answer Questions 1 -10. Choy, after recei...

A:

Q: What are the problems of an insurance industry that are primarily regulated at the state level?

A: Insurance industry refers to the market where insurance companies play an active part in providing i...

Q: type of discount given for purchasing a large volume of merchandise is ___

A: solution concept                 When a customer buys in large volume , suppliers generally offer th...

Q: Rich Goma Corporation failed to file its income tax return for the fiscal year ending August 31, 202...

A: In Philippines interest for late filing of income tax return is levy at 12% per year from the date t...

Q: The CB Company owns 65% of the HD Company. On their separate financial statements, CB Company has Tr...

A: Consolidated statement of financial position is one of the consolidated financial statement which co...

Q: Exercise 17-17 (Algo) Using activity-based costing to allocate overhead, compute product cost and gr...

A: Activity based costing is a costing method which includes identification of activities in the compan...

Q: KK Corporation is analyzing its option to restrict its credit terms. Current sales level is P6,000,0...

A: solution given For current Current sales level                  =P6,000,000 average receivables bala...

Q: Name and describe six social media tools for recruiting talent

A: The contemporary world is centered around social media. The youths, who make for a large proportion ...

Q: Stunfisk Company has a 75% interest in Golett, Inc. which is recorded on a cost basis. For the fisca...

A: As per PFRS 10, While preparing the consolidated Income statement, intercompany transaction should b...

Q: Coca Cola Corp. received an order from a customer on October 1. The toys were shipped on October 15....

A: The income statement is prepared to record the revenues and expenses of the current period. 

Q: What was Evander’s principal at the beginning of July

A: Solution:- Given, Evander Holyfield during his boxing career = $300 million made but, declared bankr...

Q: 2. If an auditor finds any misstatements or deviations in planned procedures: a. the auditor should ...

A: If an auditor finds any misstatements or deviations in the financial statements then auditor must id...

Q: 2020 2021 Share capital (P100 par value) 5,000,000 5,850,000 Share premium 1,000,000 1,600,000 Retai...

A: The dividend is declared to the shareholders from the retained earnings of the business. 

Q: An auditor's engagement letter most likely would include a statement regardıng: 1. Conditions under ...

A: Auditing involves an independent examination of financial records of an entity with a view to provid...

Q: Assume that IBM leased equipment that was carried at a cost of $62,000 to Carla Vista Company. The t...

A: Answer -  Lease Liability Recording -  In recording lease Liability, the amount of lease Liability i...

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.