I-04.04 Problem

I-04.04 Problem - I-04.04 Auditors frequently discover...

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Auditors frequently discover errors relating to recording and adjusting journal entries, and they must be able to clearly explain the necessary corrections to their clients in a nonconfrontational fashion. The partners at the audit firm of Kumar & Kumar routinely request feedback from clients at the close of an audit, and have been getting some negative feedback. The comments include "staff lacks diplomacy when pointing out errors" and "inability to clearly explain proposed adjustments." Karthick Praveen is an audit manager with the firm of Kumar & Kumar, and has been tasked with preparing a training seminar for new staff in how to prepare and present proposed adjustments. Karthick developed the following six illustrations: ITEM #1 Date Accounts Debit Credit 30-Jun Supplies Expense 10,000 Cash 10,000 Purchased computers with a three- year life and no salvage value ITEM #2 Date Accounts Debit Credit 15-Apr Cash 10,000 Revenues 10,000 Collected customer deposits for future services
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I-04.04 Problem - I-04.04 Auditors frequently discover...

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