You have been asked by the audit manager to undertake preliminary analytical procedures. a) Identify the sources of information from which an auditor develops expectations. b) Describe the factors that influence an auditor’s consideration of the reliability of data for purposes of achieving audit objectives.

Q: The glue is not a significant cost, so it is treated as indirect materials (factory overhead). a.…

A: Job costing is a way of accounting that allows you to keep track of the costs of different projects…

Q: company issues 10,000 shares of $2 par value common stock at a market price of $30 per share, which…

A: Here company issued 10000 shares at market price of $30, par value of each share is $2

Q: ratios listed on table a for each year (2020 & 2021): a. For each ratio includes the formula with…

A: The answers have been mentioned below.

Q: A manufacturing company that produces a single product has provided the following data concerning…

A: Variable costing product cost includes all the direct variable expenses but not selling and…

Q: Reporting Land Transactions on Statement of Cash Flows On the basis of the details of the following…

A: In the given question, Statements of cash flows for land transactions are mentioned. We have to…

Q: Falcon Ltd is a software company and in on 1st of Oct 2020 it sold its software product to Mira Ltd…

A: Answer:-  Financial statement:- Financial statement are those written documents which describe a…

Q: The measurement of the efficiency of investment in inventory is referred to as: Question 6 options:…

A: The effectiveness with which one can use inventory to balance consumer demand and warehouse…

Q: Sherry, who is 52 years of age, opened a Roth IRA three years ago. She has contributed a total of…

A: As per the given question, Sherry receives $ 14,000 as a withdrawal of distribution from the Roth…

Q: A coal-fired power plant has upgraded an emission control valve. The modification costs only $10,000…

A: Present Value of Money or Time Value of Money is a concept that states that the present value of the…

Q: The beginning balance of supplies is $4000. On December 31st, the physical count of remaining…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: MC15 The Emem Company acquired a building on January 1, 2022 for P18,000,000. At that date, the…

A: Under cost model, investment property is measured at cost less accumulated depreciation . Fair value…

Q: The comparative balance sheet of Hirayama Industries Inc. for December 31, 20Y2 and 20Y1, is as…

A: The cash flow statement is part of the financial statements of the company. It is prepared at the…

Q: the owners choose to invest in bonds instead, they look at a $57,750.00 bond set to mature in 6…

A: Price of bond is the present value of coupon payment plus present value of the par value of the bond…

Q: Based on your accounting experience, advanced knowledge and practical experience with concepts…

A: Bank Reconciliation Statement The purpose of preparing the bank reconciliation statement is to…

Q: 1.Ms. Evelyn is tax comiance officer at the breau of internal revenue earning monthly salary of…

A: 1.Introduction Take home pay in corporate terms is mentioned as "Net Pay"which an salaried person…

Q: An association has applied for registration with the BIR. After submission of the requirements, it…

A: Bureau Of Internal Revenue :(B I R ) is an agency of the Department of Finance of Philippines. BIR…

Q: South Dakota Company budgets sales of 22,000 units for January and 30,000 for February. The budgeted…

A: Budgeted production = Total requirements - Beginning inventory Total requirements = Budgeted sales +…

Q: Mr. Coco Knot is a company accountant and is confused about the ethical conduct that should be…

A: There are some principles of code of ethics for the persons within an entity that they should…

Q: preference share paid. ddition, company declared and paid $5 cash dividends to all ordinary…

A: Earnings per share Earnings per share refer to the important indicator that is helpful in the…

Q: SALLAT Household Furnishings & Appliances is a family-owned business. You are the management…

A: The question is related to Cash Budget. Cash Budget is summary of cash receipts and cash payments…

Q: Is it really vital for a manufacturing company to prepare a budgeted income statement and balance…

A: A budgeted income statements statement that forecasts earnings, revenue, and expenses for the coming…

Q: rporation Modern Stores, Inc. 1. Total assets. . . . . . . . . . . . . . . . . . . . . . . . . .…

A: ratio analysis is  considered to be important part for  in decision making decision making as it…

Q: Dr. Whitley Avard, a plastic surgeon, had just returned from a conference in which she learnedof a…

A: It is computed using the sum of cash inflows for the periods within which the initial investment of…

Q: Tax rate is 20 % STCG is 320000 Salary income is 150000 Maximum exemption is $170000 Tax liability…

A: Formula: Tax liability amount = Taxable income x Tax rate

Q: Question: Under the fair value model, what is the amount reported in the 2022 profit or loss?…

A: Fair Value model Under the fair value model, the value of the investment property is remeasured at…

Q: Company purchae a buiding for S100.000. payn another $5.000 in dosing costs w the purchase upon…

A: Asset account at the end of the year=Purchase price+Closing Cost+Addition to asset

Q: Rartman Corporation makes a product with the following standard costs: Standard Standard Standard…

A: In this question, we will calculate Material Variance : This is Multiple choice question, so one…

Q: What is the net amount reported in profit or loss for the year ended December 31, 2022 relating to…

A: The Net Amount reported in profit and loss for the year ended December 31, 2022, relating to uGAS…

Q: With respect to conversion costs, how many equivalent units were calculated for the product that was…

A: First step is to find out the physical units Units started          40,000   Completed…

Q: April 12, 2022 and is listed on the IDX. GOTO released 40,615,056,000 shares at a selling price of…

A: when the shares are offer to public for the first time it is called initial public offer by the…

Q: Classical Homes is a family-owned business. You are the management accountant of the entity and have…

A: A cash budget is a statement that shows the estimated inflows and outflows of cash into and from the…

Q: a) The primary responsibility for the prevention and detection of fraud rests with both those…

A: 1) Yes, I completely agree because it is the management and the government entity that are…

Q: Month Pizza Production Costs (RM) Number of Pizzas Produced 1 30,800 13,300 42,100 15,400 3 33,400…

A: Total cost: Total cost refers to the entire cost of manufacturing incurred in the production…

Q: The amount shown for "Employee salaries and wages" in the planning budget for March would have been…

A: Total employees' salaries and wages = Fixed element + Variable element The fixed element does not…

Q: IS Taise! DI

A: In Phillipines VAT is charged @ 12% and the businesses exceeding…

Q: Part A KM Sdn. Bhd. (KM) produces two different types of high quality handbags, Luxury and Superior.…

A: Cost allocation is acknowledged as the technique of distribution of manufacturing overheads to…

Q: Under the perpetual system, what is the moving average unit cost on January 31?

A: Introduction:- The following methods used for valuing inventory as follows under:-- LIFO FIFO…

Q: Alva Community Hospital has five laboratory technicians who are responsible for doing a seriesof…

A: The amount of product produced determines variable costs. Labor, commissions, and raw materials are…

Q: Total current Assets in the balance sheet

A: Introduction:- Current assets:- Current assets are all the assets of a company that are expected to…

Q: If ending inventory of finished goods is understated, net income will be: A) Overstated B)…

A: * As per Bartle by policy, if multiple unrelated questions are there then asnwer first only. If the…

Q: Stute whether the following are non-current assets, current assets, owner's equty. non-current…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: Differentiate and compare similarities of the two classification of lessor accounting for finance…

A: Solution Definition - Finance lease is when the financing institution holds the legal ownership of…

Q: During December, Moulding Corporation incurred $86,000 of actual Manufacturing Ooverhead costs.…

A: Under applied (overapplied) manufacturing overhead costs = Actual manufacturing overhead costs -…

Q: IRON ORE COST SHEET 1. Please, prepare the cost sheet, based on the following information a)…

A: Cost sheet- Standard cost sheets are cost cards that help determine the number of materials, labor,…

Q: Barrymore Costume Company, located in New York City, sews costumes for plays and musicals. Barrymore…

A: The entries are shown below,

Q: Which of the following statements is true?a. Job-order costing is used only in manufacturing…

A: Job order costing is utilized when customers purchase small, one-of-a-kind quantities of things.…

Q: Inventory, May 1 $ 156,000 Purchases (gross) 663,700 Freight-in 31,500 Sales revenue 1,061,800 Sales…

A: Formula: Net purchases = Gross purchases - Purchase discounts + freight in

Q: Which of the following is a capital expenditure? Select one: a. Cleaning, waxing, and polishing a…

A: EXPENSES CAN BE DEFINED AS REVENUE AND CAPITAL EXPENDITURE . REVENUE EXPENDITURE ARE THISE WHICH ARE…

Q: Project B D E Initial Investment 3,300 -6,500 5,300 -7,000 -5,500 Annual Benefit 650 1,200 950 1,250…

A: The answer has been mentioned below.

Q: 33. T/F. Like the private sector, the external audit report is addressed to the citizens whereas…

A: The given statement is false... The audit report is to be prepared in accordance with the applicable…

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.