Advanced Auditing Case Assignment 2.3 1. (a) When confirming year-end accounts receivable‚ auditors hope to accomplish the objective of obtaining evidence from third parties to evaluate the client’s assertions of year-end accounts receivable amounts. The client’s assertions that accounts receivable confirmation can effectively address are existence‚ rights‚ and valuation. (b) When performing year-end sales cutoff tests‚ auditors hope to accomplish the objective of obtaining evidence from third
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J1 Date Account Titles and Explanation Ref. Debit Credit 2014 Cash 101 20‚000 May. 1 Common stock 311 20‚000 (Issued shares of stock for cash) 3 Supplies 126 1‚500 Accounts Payable 201 1‚500 (Purchased supplies on account
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In my week three assignment‚ I selected Costco. They are world leader as a wholesale club retailer. Following four are the company’s main goals that are very important in recent era of competition. Some goals can be accomplished through strategic plan‚ and some can be accomplished through an operational plan. Company’s goal that can be accomplished through a strategic plan: • Expansion • More Diverse quality Product offering. Company’s goal that can be accomplished through an operational plan:
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Key Controls | Transaction-Related Audit Objective | Test of Control | Substantive Test of Transaction | 1. Segregation of the purchasing‚ receiving‚ and cash disbursements functions. | Job responsibilities are correctly divided amongst personnel (classification). | Employ different personnel and have sign offs to ensure that no one person is performing multiple functions to prevent any types of fraud. | Trace a purchase order (PO) from fulfillment to initiation to determine if the proper
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ECO-02 Bachelor’s Degree Programme (BDP) ASSIGNMENT 2012-13 Elective Course in Commerce ECO-02: ACCOUNTANCY–1 For July 2012 and January 2013 admission cycle School of Management Studies Indira Gandhi National Open University Maidan Garhi‚ New Delhi-110 068 Elective Course in Commerce ECO-02: Accountancy–1 ASSIGNMENT – 2012-13 Dear Students‚ As explained in the Programme Guide‚ you have to do one Tutor Marked Assignment in this Course. Assignment is given 30% weightage in the final
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Topic: RECEIVABLES I. DEFINITION These represent amounts collectible from customers and others‚ most frequently arising from sales of merchandise‚ claims for money lent‚ or the performance of service. They may be interest bearing‚ collateralized‚ or billed. II. COMPOSITION A. Trade 1. Accounts Receivable 2. Notes Receivable B. Non-Trade 1. Advances to Officers and Employees‚ Affiliates and Others 2. Claims against Suppliers and Insurance
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Assess the various performance measurements and recommend which measure is the most important suitable for LEGO in controlling‚ planning and maintaining its competitive advantage. Performance measurement is a process for collecting and reporting information regarding the performance of an individual‚ group or organizations. There are various methods to measure the business performance‚ including financially and non-financially. The traditional financial measures include some ratios like average
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(TCO 3) The value of goods imported into France exceeds the value of French exports. This indicates that France: (Points : 1) will experience an exchange rate decrease utilizes high tariffs will incur a budget deficit has a balance of trade deficit 2. (TCO 3) Which of the following is included when calculating a country’s balance of payments? (Points : 1) Foreign aid Domestic unemployment Domestic inflation rates Foreign inflation
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1- On December 31 of the current year‚ Hewett Company reported an ending inventory balance of $215‚000. The following additional information is also available: • Hewett sold goods costing $38‚000 to Trump Enterprises on December 28 and shipped the goods on that date with shipping terms of FOB shipping point. The goods were not included in the ending inventory amount of $215‚000 because they were not in Hewett ’s warehouse. • Hewett purchased goods costing $44‚000 on December 29. The goods were shipped
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Matthew Smith Week 2 You Decide Assignment Accounts Receivable Crisis 09/05/11 Instructor: Eric Oestman Class: HS543 I. INTRODUCTION: After conducting a meeting with the medical staff‚ various clinical departments‚ Health Information Management‚ and Business office personnel regarding Accounts Receivable issues within our facility‚ it was determined that many different areas of concern needed to be addressed. This includes problems with patient admission and registration procedures
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