AUDIT EVIDENCE Audit Evidence Definition : All the information used by the auditor in arriving at the conclusions on which the audit opinion is based. This includes the information contained in the account records underlying the financial statements and other information. Additionally‚ audit evidence should be persuasive‚ rather than convincing. There are different levels of reliability of audit evidence‚ some providing more evidence than others. There are nine types of audit evidence
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De Leon‚ Mary Joy P. #10 January 7‚ 2014 BSA 3-14 ACCO 3116 Prof. Flora Briones Chapter 20 SUBSTANTIVE TESTS OF TRANSACTIONS AND BALANCES 1. What is a cutoff bank statement? How is it used by the auditor? Cut off bank statement is the statement of transactions occurred for the 7 to 14 consequent days from the closing date of financial statement like Dec 31 provided by banks. It is used by the auditors to check the accuracy of checks outstanding and deposits in transit in accounting
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CHAPTER 13: CAPITAL STRUCTURE AND LEVERAGE 1. A firm’s business risk is largely determined by the financial characteristics of its industry‚ especially by the amount of debt the average firm in the industry uses. a. True b. False ANSWER: False 2. Financial risk refers to the extra risk borne by stockholders as a result of a firm’s use of debt as compared with their risk if the firm had used no debt. a. True b. False ANSWER: True 3. A firm’s capital structure does not affect its free cash
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CHAPTER 5: INTRODUCTION TO RISK‚ RETURN‚ AND THE HISTORICAL RECORD PROBLEM SETS 1. The Fisher equation predicts that the nominal rate will equal the equilibrium real rate plus the expected inflation rate. Hence‚ if the inflation rate increases from 3% to 5% while there is no change in the real rate‚ then the nominal rate will increase by 2%. On the other hand‚ it is possible that an increase in the expected inflation rate would be accompanied by a change in the real rate of interest. While
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Chapter 13 Relevant Costs for Decision Making Solutions to Questions 13-1 A relevant cost is a cost that differs in total between the alternatives in a decision. 13-2 An incremental cost (or benefit) is the change in cost (or benefit) that will result from some proposed action. An opportunity cost is the benefit that is lost or sacrificed when rejecting some course of action. A sunk cost is a cost that has already been incurred and that cannot be changed by any future decision. 13-3 No. Variable
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CHAPTER 1 Auditing and Assurance Services LEARNING OBJECTIVES | | |Exercises and | | | |Problems | | |Review Checkpoints | | |
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industry mainly selling electronic products to consumers. The environmental sustainability is a major concern for JB Hi-Fi when undertaking its corporate social responsibility. The company is committed to several voluntary initiatives to ensure the business operation would bring minimal impacts on the
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Societies that were present by 15th century – hunters and gatherers‚ villages of agricultural peoples‚ newly emerging chiefdoms or small sates‚ nomadic/pastoral communities‚ established civilizations and empires. Paleolithic Persistence: Australia and North America Paleolithic=Old Stone Age peoples Australia‚ Siberia‚ the arctic coastlands‚ parts of Africa‚ and the Americas were all Paleolithic peoples Australia had 250 or so separated groups in it Despite the absence of agriculture‚ Australia’s
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In Chapter 13 of Corinthians Paul talked about spiritual gifts. Then in Chapter 13‚ he continues to write and talk about love. After reading verses 4-7‚ my eyes were opened. I observed that Paul was saying‚ spiritual gifts‚ talents‚ and riches are all good. But‚ if it doesn’t show or have love it is considered worthless. That’s how important love is portrayed per Paul. Out of all the many gifts God has given us‚ love lasts forever. Not just love‚ but faith and hope. However‚ with all those gifts
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