CHAPTER 15 Completing the Audit LEARNING OBJECTIVES 1 2 3 4 5 6 7 8 Describe the balance sheet account groups that the major revenue and expense accounts are associated with‚ and the substantive analytical procedures applied to audit revenues and expenses. Outline the overall analytical procedures to be performed at the final stage of the audit‚ including analysis of the income statement‚ the cash flow statement‚ financial statement presentation and disclosures
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Sou SOLUTIONS TO EXERCISES EXERCISE 18-1 (15-20 minutes) (a) Huish could recognize revenue at the point of sale based upon the time of shipment because the books are sold f.o.b. shipping point. Because of the return policy one might argue in favor of the cash collection basis. Because the returns can be estimated‚ one could argue for shipping point less estimated returns. (b) Based on the available information and lack of any information indicating that any of the criteria in FASB Statement
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com - auditing chapter 13 Page 1 AUDITING CHAPTER 13 Download AUDITING CHAPTER 13 Stop wasting time finding online resources for auditing chapter 13 We have made it easy for you to find auditing chapter 13 without any digging deeper Our online library uses the portability‚ searchability‚ and unparalleled ease of access of PDF data formats to make access for people‚ any time‚ anywhere and even on any device. If you enjoy spending an hour to find auditing chapter 13 pdf Get auditing chapter 13 NOW
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| Course Leader: Assoc. Prof. Dr Abdullah Mohd Noor TOPIC 1: OVERVIEW OF EDUCATIONAL RESEARCH 1. Introduction This topic will give you the overview of research‚ research in education and research report. After completing this topic‚ you should be able to: (a) define research and educational research; (b) explain stages in research; (c) explain research as a problem-solving model; (d) explain the chapters/sections and contents of a research report; and (e) identify stages of
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Chapter 15 Entities Overview SOLUTIONS MANUAL Discussion Questions 1. [LO 1] What are the more common legal entities used for operating a business? How are these entities treated similarly and differently for state law purposes? Answer: Corporations‚ limited liability companies (LLCs)‚ general and limited partnerships‚ and sole proprietorships. These entities differ in terms of the formalities that must be observed to create them‚ the legal rights and responsibilities conferred on
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Chapter 1 Question 1 An internal accountant should always take the following step after exhausting all avenues of appeal within the organization when there is a difference of opinion with top management on an accounting or financial reporting matter: A) Inform the SEC B) Terminate employment with the entity C) Seek legal advice before taking any action D) All of the above Question 2 Each of the following characteristics describes the importance of integrity in decision making except for: A) Acting
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Chapter 04 Analyzing Investing Activities Multiple Choice Questions 1. Which of the following would rarely be classified as a current asset? A. Prepaid insurance B. Goodwill C. Marketable Securities D. Work-in-progress 2. Which of the following would not be classified as a current asset? A. Inventory B. Accounts payable C. Accounts receivable D. Prepaid expenses 3. An asset is considered to be liquid if: A. it is readily converted into a current asset. B. it is
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CHAPTER 1 AN INTRODUCTION TO ASSURANCE AND FINANCIAL STATEMENT AUDITING Answers to Review Questions 1-1 The study of auditing is more conceptual in nature compared to other accounting courses. Rather than focusing on learning the rules‚ techniques‚ and computations required to prepare financial statements‚ auditing emphasizes learning a framework of analytical and logical skills to evaluate the relevance and reliability of the systems and processes responsible for financial information‚
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Exercise 2-1 (10 minutes) 1. The wages of employees who build the sailboats: direct labor cost. 2. The cost of advertising in the local newspapers: marketing and selling cost. 3. The cost of an aluminum mast installed in a sailboat: direct materials cost. 4. The wages of the assembly shop’s supervisor: manufacturing overhead cost. 5. Rent on the boathouse: a combination of manufacturing overhead‚ administrative‚ and marketing and selling cost. The rent would most likely be prorated
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EXERCISE 18-1 (10-15 minutes) Add or deduct from accounting income (a) 2 deduct (b) 1 add (c) 3 add (d) 1 add (e) 2 deduct (f) 2 deduct (g) 1 add (h 3 deduct (i) 3 deduct (j) 1 add (k) 1 add (l) 1 add EXERCISE 18-3 (15-20 minutes) (a) Accounting income $105‚000 Permanent differences: Non-deductible fines 11‚000 116‚000 Timing differences: Excess of CCA over amortization (16‚000 ) Excess rent collected over rent earned 24‚000 Taxable income $124‚000
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