To indicate a reason behind the auditor review of the cost accounting records and test their accuracy.

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Answer 1

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Chapter 21, Problem 18DQP

.a.

To determine

To indicate a reason behind the auditor review of the cost accounting records and test their accuracy.

.b.

To determine

Indicatethe audit of standard cost accounting records in which 35 parts are manufactured, and whether each of them were reasonable for part no 21.

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When testing a company’s cost accounting system, the auditor uses procedures that are primarily designed to determine thata. Quantities on hand have been computed based on acceptable cost accounting techniques that reasonably approximate actual quantities on hand.b. Physical inventories agree substantially with book inventories.c. The system is in accordance with generally accepted accounting principles and is functioning as planned.d. Costs have been properly assigned to finished goods, work-in-process, and cost of goods sold.

Companies that manufacture a product face an expanded set of accounting issues. In addition to the usual accounting matters associated with selling and administrative activities, a manufacturer must deal with accounting concerns related to acquiring and processing raw materials into a finished product. Accounting for this manufacturing process entails consideration of three key cost components that are necessary to produce finished goods.” Provide your own numerical data with the calculation and analysis of Material Variances?!

When an auditor tests a client’s cost accounting records, the auditor’s tests are primarily designed to determine that(1) costs have been correctly assigned to finished goods, work-in-process, and costof goods sold.(2) quantities on hand have been computed based on acceptable cost accountingtechniques that reasonably approximate actual quantities on hand.(3) physical inventories are in substantial agreement with book inventories.(4) the internal controls are in accordance with accounting standards and are functioning as planned.

Answer 2

Question

Chapter 21, Problem 18DQP

.a.

To determine

To indicate a reason behind the auditor review of the cost accounting records and test their accuracy.

.b.

To determine

Indicatethe audit of standard cost accounting records in which 35 parts are manufactured, and whether each of them were reasonable for part no 21.

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Answer 3

Question

Chapter 21, Problem 18DQP

.a.

To determine

To indicate a reason behind the auditor review of the cost accounting records and test their accuracy.

.b.

To determine

Indicatethe audit of standard cost accounting records in which 35 parts are manufactured, and whether each of them were reasonable for part no 21.

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Answer 4

Question

Chapter 21, Problem 18DQP

.a.

To determine

To indicate a reason behind the auditor review of the cost accounting records and test their accuracy.

.b.

To determine

Indicatethe audit of standard cost accounting records in which 35 parts are manufactured, and whether each of them were reasonable for part no 21.

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Answer 5

Chapter 21, Problem 18DQP

.a.

To determine

To indicate a reason behind the auditor review of the cost accounting records and test their accuracy.

.b.

To determine

Indicatethe audit of standard cost accounting records in which 35 parts are manufactured, and whether each of them were reasonable for part no 21.

Answer 6

Chapter 21, Problem 18DQP

.a.

To determine

To indicate a reason behind the auditor review of the cost accounting records and test their accuracy.

Answer 7

Chapter 21, Problem 18DQP

.a.

To determine

To indicate a reason behind the auditor review of the cost accounting records and test their accuracy.

Answer 8

.b.

To determine

Indicatethe audit of standard cost accounting records in which 35 parts are manufactured, and whether each of them were reasonable for part no 21.

Answer 9

.b.

To determine

Indicatethe audit of standard cost accounting records in which 35 parts are manufactured, and whether each of them were reasonable for part no 21.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 21 - Prob. 1RQ Ch. 21 - Prob. 2RQ Ch. 21 - Prob. 3RQ Ch. 21 - Prob. 4RQ Ch. 21 - Prob. 5RQ Ch. 21 - Prob. 6RQ Ch. 21 - Prob. 7RQ Ch. 21 - Prob. 8RQ Ch. 21 - Prob. 9RQ Ch. 21 - Prob. 10RQ

To indicate a reason behind the auditor review of the cost accounting records and test their accuracy.

Solution Summary: The author explains that cost accounting is a business system of recording, examination, summarization, and study of the company's costs.

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To indicate a reason behind the auditor review of the cost accounting records and test their accuracy.

Indicatethe audit of standard cost accounting records in which 35 parts are manufactured, and whether each of them were reasonable for part no 21.

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Chapter 21 Solutions