and in appropriate amounts Sufficiency – quantity of evidence Appropriateness – quality of evidence o Inversely related with sufficiency Audit procedures: specific acts performed by the auditor to gather evidence about specific assertions 1. Risk assessment procedures 2. Tests of controls 3. Substantive tests 4. Test of details for the remainder of assurance needed Inspecting Documents Vouching: ( Occurrence) going from journal or ledger to the source documents Tracing: (Completeness)
Premium Auditing Internal control Audit
Accounting 306 Exam 1 Notes Full Disclosure Principle – Calls for financial reporting of any financial facts significant enough to influence the judgment of an informed reader. Illustration 24-1: Financial Statements – Balance Sheet‚ Income Statement‚ Statement of Cash flows‚ and statement of changes in stockholders’ equity. Notes to financial statements – Accounting policies‚ contingencies‚ inventory methods‚ number of shares of stock outstanding‚ alternative measures. Supplementary Information
Premium Financial statements Income statement Balance sheet
Course Prefix/Number: Course Title: Lecture Hours/Week: Lab Hours/Week: Credit Hours/Semester: ACC 240 Computerized Accounting 3.0 0.0 3.0 Distance Learning Attendance/VA Statement Textbook Information COURSE DESCRIPTION This course is a study of using the computer to design and implement various accounting functions‚ including financial transactions‚ records‚ statements‚ reports and documents. COURSE PURPOSE The purpose of this course is to provide the student with a realistic
Premium Accounting software Accounts receivable
1. State whether the following statements are true or false. Give reasons for the same. i) There are differences in the rate of development of boys and girls. True Tbere are differences in the rate of development of boys and girls. In prenatal period the skeletal system of girls grows faster as compared to boys. Therefore‚ at b i girls are ahead of boys in their skeletal development. The period of puberty is about two years earlier for girls than for boys. ii) Critical periods are the only times
Premium Preschool education Nursery school Kindergarten
Question 1: 1. Activity-cost-driver rate for packing: ‚950hours)) = 157.89/ hr 2. ABC system for sugar cookie A. Estimated overhead cost per 1000 cookies Oven costs: ‚)) x 1 = $110.53 Packing costs: 157.89 x 0.5 = $78.95 ? Total overhead costs: $189.48 B. Estimated operating profit for cookies Selling price: $0.75 x 1‚000 = $750 Less Direct material costs: $0.15 x 1000 = ($150)
Premium Marketing Cost Cookies
Name: ________________________ Class: ___________________ Date: __________ Quiz 2 1) Cost-volume-profit analysis is used primarily by management: A) as a planning tool B) for control purposes C) to prepare external financial statements D) to attain accurate financial results Answer: A Diff: 1 Terms: cost-volume-profit (CVP) Objective: 1 AACSB: Communication 2) One of the first steps to take when using CVP analysis to help make decisions is: A) finding out where the total costs line intersects
Premium Management accounting Costs Variable cost
observe all principles.) The six principles of internal control are establishment of responsibility‚ Physical‚ mechanical‚ and electronic controls‚ segregation of duties‚ independent internal verification‚ documentation procedures‚ and other controls. 1. Establishment of responsibility: Establishment of responsibility depends on if one or more employees are receiving money from the customer. If this is the case it could cause an issue with the cash register coming up short. The manager would then have
Premium Internal control
accounting and production teams. The manufacturing overhead budget is presented in Illustration CA 1-2 Illustration CA 1-1 Information about prints and framed items for Wall Décor Illustration CA 1-2 Manufacturing overhead budget for Wall Décor Exercises Instructions Use the information in the case and your reading from Chapters of the text to answer each of the following questions. 1 Define and explain the meaning of a predetermined manufacturing overhead rate that is applied in a
Premium Stock Steel Green Bay Packers
transferred to the Finishing Department during May. The ending work in process inventory was 100% complete with respect to direct materials and 25% complete with respect to conversion costs. The company uses the weighted-average method of process costing. 1. The cost of the units transferred to the Finishing Department during May was: A) $50‚000. B) $40‚000. C) $53‚000. D) $42‚400. 2. The cost of the work in process inventory in the Forming Department at the end of May was: A) $7‚600. B) $10‚000
Premium Cost accounting Units of measurement Cost
Springfield Express is a luxury passenger carrier in Texas. All seats are first class‚ and the following data are available: Number of seats per passenger train car 90 Average load factor (percentage of seats filled) 70% Average full passenger fare $ 160 Average variable cost per passenger $ 70 Fixed operating cost
Premium Costs Variable cost Management accounting