Auditing – acc546 (3 credits) In this course‚ students focus on the auditing practice performed by public accountants. Topics include the CPA profession and the auditor’s role‚ planning the audit‚ audit reporting and required communications‚ evaluating internal controls‚ audit programs for current assets and liabilities‚ and audit programs for other business cycles. This graduate-level course is 6 weeks. To enroll‚ speak with an Enrollment Advisor. Topics and Objectives The CPA Profession
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Caledonia Products Integrative Problem Ramona Beaton‚ Vanessa Hall Fin/370 March 1‚ 2012 Farookh Syed Caledonia Products Integrative Problem Why should Caledonia focus on project free cash flows as opposed to the accounting profits earned by the project when analyzing whether to undertake the project? Ans: When analyzing whether to undertake a project‚ Caledonia needs to focus on free cash flows opposed to the accounting profits because free cash flows is revenue that can be used or reinvested
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Chapter 12 : 1/ As part of the initial investment ‚ a partner contributes office equipment that had cost $20‚000 and on which accumulated depreciation of $ 12500 had been recorded . If the partners agree on a valuation of $ 9000 for the equipment ‚ what amount should be debited to the office equipment account? a/ 7500 c/ 12500 b/ 9000 d/ 20000 2/ Chip and Dale agree to form a partnership. Chip is to contribute $50000 in assets
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Name________________________ Student #_____________________ MGT 181 L. Jean Dunn‚ Jr. MIDTERM EXAMINATION 1. Describe the following finance career opportunities. (5 points) Hedge Fund Manager Manage funds for high net worth individuals‚ family trusts and pension funds. Investment Banker: An intermediary who arranges the sale of stock and bonds to raise capital for corporations. Also involved in arranging mergers and acquisitions of companies. 2. Draw a typical
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Self-Test 1 Problem: The following is a set of transactions during the month of May‚ 2012 for the business of Jess Consulting Office. The chart of accounts shows the following accounts: Jess Capital 300‚ Withdrawals 320‚ Cast at Bank 100‚ Advertising Expense 520‚ Wages Expense 525‚ Prepaid Advertising 112‚ Prepaid Rent 114‚ Tax Service Fees 405‚ and Consulting Revenue 400. The balance of cash account at 1st of May 2012 is $10‚000. May 2. Jess Barley invested $30‚000 more into the business
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information‚ 4‚consequence providing wrong information to users. 2. How is materiality (and immateriality) related to the proper presentation of financial statements? Start with what is materiality Proper presentation of FS is complying with acct standards‚ true information. in terms of true and fair the amount is correct‚ no mistake. Any mistake‚ which like is more than this level‚ we will considered as material mistake‚ and auditor can collect and find evidence all the amount and transactions are
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would stratify a population into meaningful groups if A. Probability-proportional-to-size (PPS) sampling is used. B. The population has highly variable recorded amounts. C. The auditor’s estimated tolerable misstatement is extremely small. D. The standard deviation of recorded amounts is relatively small. 6. An auditor is preparing to sample a client’s customer receivables for overstatement. A statistical sampling method that automatically provides stratification when using systematic selection
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the audit? The types of auditing samples are broken down into two different categories: statistical and non-statistical sampling. The purpose of auditing samples are designed to give the auditor the results he or she seeks‚ without having to completely audit 100% of the items within the audit population. Here are some of the different types of auditing samples broken out into the two categories: Statistical Sampling Methods: Random Sampling – Is an auditing method that basically means
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calculating doubtful accounts instead of the percentage of receivables method? • Is it appropriate to use a hybrid of the percentage of sales and the percentage of receivables methods of calculating the allowance for doubtful accounts? Do the generally accepted accounting principles allow for using both methods at the same time? Why? • What is the difference between revenue expenditures and capital expenditures during a useful life? Are there similarities? DQ: • What are the differences between
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BCAF-05: ADVANCED AUDITING (MAJOR) Objective: This course aims at imparting knowledge about the advanced methods of auditing and there applications. Unit- I: Audit of Limited Companies: Inspection of documents Books and Registers. Audit of Preliminary expanses‚ profit prior to incorporation‚ public deposits‚ managerial remunerations‚ share capital. The Visible profits and dividends- meaning‚ provisions of Companies act in regard to declaration and payment of dividend. Auditor’s
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