Original Work please INTEGRATED CASE APPLICATION –PINNACLE MANUFACTURING: PART II 9-37 (Objectives 9-7‚ 9-8) In Part I of the case‚ you performed preliminary analytical procedures for Pinnacle (pp. 245–247). The purpose of Part II is to identify factors influencing risks and the relationship of risks to audit evidence. During the planning phase of the audit‚ you met with Pinnacle’s management team and performed other planning activities. You encounter the following situations that you believe
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Term Paper On “Accounting Procedures in educational Institution in Banlgladesh “ North South University (NSU)” Supervised by: Shapon Kumar Paul Associate Professor Department Of Accounting Govt. Bangla College‚ Dhaka Prepared by: Md. Bellal Hossain Bapari BBA (Honours)‚ 2nd Year. Roll. 9593910 Department. of Accounting Govt. Bangla College‚ Dhaka. Date of submission: Govt. Bangla College‚ Dhaka Letter of Transmittal Date. To Supervisor Shapon Kumar Paul Associate Professor Department
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revenue in cash. The classes of transactions in this cycle for a merchandising company are sales‚ sales adjustments‚ and cash receipts. The primary accounts affected by these transactions are sales‚ accounts receivable‚ cost of sales‚ inventory‚ cash‚ sales discounts‚ sales returns and allowances‚ bad debts expense‚ and allowance for uncollectable accounts Specific audit objectives for the revenue cycle are derived from the five categories of management ’s financial statement assertions.
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applications are received. When applications are received‚ two accounts are introduced. Cash Trust and Application. The cash trust account is where the application money goes into when applications are received. It is put in a cash trust account rather than a cash account because the company does not legally own the money until shares are allotted or returned money if it was oversubscribed. Therefore the money must be kept in a separate bank account. Applications can be oversuscriped or undersubscribed.
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Solutions to the long-term contracts in-class questions Practice Question #2 Percentage of completion method a. 2013 2014 2015 2016 Construction costs Incurred to date $ 300‚000 $ 1‚400‚000 $2‚263‚000 $3‚100‚000 Estimated costs to complete 2‚200‚000 1‚400‚000 837‚000 — Total estimated costs $2‚500‚000 $ 2‚800‚000 $3‚100‚000 $3‚100‚000 Percent (%) completed 12% 50% 73% 100% Revenue to date $ 360‚000 $ 1‚500‚000 $ 2‚190‚000 $3‚000‚000 Revenue recognized
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Acc101 – Quiz on Receivables Show your supporting computations in good form. Encircle your final answer. Problem 1 For the year ended December 31‚ 2009‚ Colt Co. estimated its allowance for uncollectible accounts using the year-end aging of accounts receivable. The following data are available: Allowance for uncollectible accounts‚ 1/1/09 P51‚000 Provision for uncollectible accounts during 2009 (2% on credit sales of P2‚000‚000) 40‚000 Uncollectible accounts written off‚ 11/30/09
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cash. b. The classes of transactions in this cycle for a merchandising company are sales‚ sales adjustments‚ and cash receipts. The primary accounts affected by these transactions are sales‚ accounts receivable‚ cost of sales‚ inventory‚ cash‚ sales discounts‚ sales returns and allowances‚ bad debts expense‚ and allowance for uncollectible accounts 14-2. a. Specific audit objectives for the revenue cycle are derived from the five categories of management’s financial statement assertions
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higher than 2006’s initial value. Looking at Deere’s accounts for 2007 and 2008‚ we see that Deere’s cash fell very slightly‚ but its short-term investments completely disappeared (Deere didn’t have any of these in 2006‚ either). Net receivables rose; inventory rose significantly. These last two accounts were extremely influential on the company’s liquidity position. Deere might want to tighten up its credit policy (to reduce accounts receivable) and investigate its inventory position. There are some
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Ex. 6.2 B. Ex. 6.3 B. Ex. 6.4 B. Ex. 6.5 B. Ex. 6.6 B. Ex. 6.7 B. Ex. 6.8 B. Ex. 6.9 B. Ex. 6.10 B. Ex. 6.11 Exercises 6.1 6.2 6.3 6.4 6.5 6.6 6.7 6.8 6.9 6.10 6.11 6.12 6.13 Topic Computation of gross profit Accounts receivable subsidiary ledger Perpetual inventory system computation of income Periodic inventory system inventory balance during year Periodic inventory system determine cost of goods sold Periodic inventory system working backwards through the COGS
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returned for credit. 5. b. Unrecorded sales discounts. c. Lapping of year end accounts receivable. d. Inflated sales for the year. 6. ANSWER: D 7. 2. Which of the following forms of evidence represents the most competent evidence that a receivable actually exists? 8. a. A positive confirmation. b. A sales invoice. c. A receiving report. d. A bill of lading. 9. ANSWER: A 10. 3. During the process of confirming receivables as of December 31‚ 2002‚ a positive confirmation was returned indicating the
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