Chapter 7 HW
7-4
Describe what is meant by an audit program for accounts receivable. What
four things should be included in an audit program?
Its a procedure list to audit accounts receivable. The 4 things that should be included in
the program are:
1.
2.
17-3,5,6,7,8,10,12,15,17,29,30
15-1
Sampling risk is that an auditor comes to the wrong conclusion due to sample data. Nonsampling risk is
the auditors risk where an incorrect conclusion is made in that where the sample population is
unrelated.
15-2
15-2
4-2
4-4
4-6
The auditor should be independent from the client company, so that the audit opinion will not
be influenced by any relationship between them. The auditors are expected to give an
unbiased and honest professional opinion on the financial statem
6-2
An auditing error is misstatement in the financial records that was unintentional in nature, while fraud is
intentional. The auditors responsibility is to provide reasonable assurance in finding material
misstatements.
6-3
Fraudulent financial reporti
14-1,5,7,14,16,25
16-1,4,7,8,10,11,25
14-1
a. The bill of lading is a document prepared at the time of shipment of goods to a customer
indicating the description of the merchandise.
b. The credit memo is a document indicating a reduction in the amount due
18-1.8,9,12,14,15,25
21-3,8,11,16,17
24-3,7,10,14,15,25
25-1,2,4,7,15
18-1
18-1
The accounts in the acquisition and payment cycle are the following:
a. Asset accounts:
b.
Liability accounts:
c.
Office supplies
Delivery equipment
Machinery and equipment
La
Chapter 13 HW
Check online video to see what question # was left off on last class*
13-1
13-1 (Objective 13-1) What is the purpose of risk assessment procedures and how do they
differ from the four other types of audit tests?
The purpose is to assess the
Chapter 5 Homework
5-2
Audit risk is the risk that the auditor concludes, after conducting an audit in accordance with
the relevant auditing standards, that the financial statements were fairly stated when in fact
they were materially misstated. Audit fai
24-3,7,10,14,15,25
24-3
A contingent liability is a potential future obligation to an outside party for an unknown
amount resulting from activities that have already taken place. Some examples would be:
Pending litigation
Income tax disputes
Product warra
Chapter 8 HW
8-1
8-1
(Objective 8-1)
What are the benefits derived from planning audits?
To enable the auditor to obtain sufficient appropriate evidence for the
circumstances,
to help keep audit costs reasonable, and to avoid misunderstandings with the cl
25-1,2,4,7,15
25-1
The auditors degree of certainty that the reports are correct. (MISSING PART 2)
25-2
The conclusion that the financial statements were prepared in accordance with accounting standards.
The reason it is used is to provide financial state
Topics
Statistics
Descriptive v Inferential
Example of Statistics
Example of Inferential Stats
Types of Data
Scales of Measurement
Cross Sectional Data
Time Series Data
Data Diagram
Entering Data In Excel - Homework Example
Sheet Name (link to jump)
Stati
Topics
Intro to Continuous Probability Distribution
Uniform Probability Distribution
Normal Probability Distribution
Standard Normal Probability Distribution
NORM.DIST Excel function
NORM.INV Excel function
NORM.S.DIST Excel function
NORM.S.INV Excel func
Topics
Point Estimate and Sampling Error
Samples
Simple Random Sample
Sampling Distribution of Xbar
Conclusion 1: E(Xbar) = Mew
Conclusion 2: Plot of SDOXbar is Normal Shaped
#2 leads to Central Limit Theorem
Standard Error
VBA for Listing all Combination
Data collected: Number of Arrivals to Dick's Hamburgers at 45th Ave in Seattle at Saturday noon lunch during a 1-minute
Discrete Variable = X = Number of Arrivals in 1 min period during Sat. noon lunch rush (noon to 1 PM)
Properties (Requirements) of a Po
Topics
Random Variables
Discrete Random Variables
Continuous Random Variables
Build Discrete Probability Distributions
Expected Value for a Discrete Random Variables
Variance and Standard Deviation for a Discrete Random Variables
Binomial Experiment & Bin
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Categories
Relative
%
or Classes Frequency Frequency Frequency
A
60
0.5
50.00%
B
24
0.2
20.00%
C
36
0.3
30.00%
Totals
120
1
Categories
Relative
%
or Classes Frequency Frequency Frequency
A
44
0.22
22%
B
36
0.18
18%
C
80
0.4
40%
D
40
0.2
20%
200
1
100%
Cat
Positions
L
P
2
R
P
P
3
1
C
P
P
2
H
R
H
H
2
C
L
S
P
S
P
3
R
L
1
H
1
R
C
2
S
P
P
L
S
C
P
P
1
C
P
L
P
S
P
P
1
R
R
L
P
P
R
Corporation
Amerisource Bergen
Archer Daniels Midland
AT&T
Bank of America
Berkshire Hathaway
Boeing
Cardinal Health
Caterpillar
Chevro
The probability of getting stuck in traffic on Hwy 99 in the morning is 0.25.
Over the next three weeks (15 workdays), what is probability that you will get stuck in traffic for various x values
Binomial Experiment?
1 Fixed # of Identical Trials = n
Yes
B
Normal Functions Calculating Probability for "Normal < ="
A
C
D
E
F
G
Professor's past test score distribution is normally distributed
Mean =
74
SD = s
10
x
64
Operator
<=
P(x<=64)
0.158655254 =NORM.DIST(B4,B2,B3,1)
z
-1 =(B4-B2)/B3
P(z<=-1)
0.158655254
Company
DeWolfe Companies
North Coast Energy
Hansen Natural Corp.
MarineMax, Inc.
Nanometrics Incorporated
TeamStaff, Inc.
Environmental Tectonics
Measurement Specialties
SEMCO Energy, Inc.
Party City Corporation
Embrex, Inc.
Tech/Ops Sevcon, Inc.
ARCADIS
Chapter 9
See chapter 9 sg assignment and assisted solutions on Canvas
Study Guide Problems to Complete
Definitional Questions: all but 18, 19, 22. Conceptual Questions: all but 3. Problems: all but 5 7, 9 13, 16.
Definitional Questions:
1.
2.
3.
4.
5.
6.
Chapter 10
Study Guide Problems to Complete
Definitional Questions: All Conceptual Questions: All Problems: All but 11. For 12, assume the firm
has no retained earnings.
Definitive Questions:
1.
weighted
2.
debt; preferred; common
3.
rate; return
4.
thre