MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers
In an option contract, the writer of the option grants the buyer of the option the _, but not the
_, to purchase from or sell to the writer something
1. In which of the following situations would CPA be in violation of the AICPA Code of Professional
Conduct in determining the audit fee?
A fee based on whether the CPAs report on the clients financial statements result in the
approval of a bank loan.
1. Which of the following types of documentary evidence should the auditor consider to be most
Confirmation of an account payable balance mailed by and returned directly to the
2. Which of the following statements concerning audit evide
1. One purpose of establishing quality control policies and procedures for deciding whether to
accept a new client is to:
To provide reasonable assurance that the integrity of the client is considered
2. Which of the following is NOT required element of
1. Which of the following best describes why an independent auditor is asked to express an opinion
on the fair presentation of financial statement
The opinion of an independent party is needed because a company may not be objective
with respect to its ow
6-18 a b c d 6-19
BB+TI-TO=EB $300,000 $3,000,000 $1,060,000 $2,240,000 Materials Labor Manuf. Overhead Total Beginning Inventory transferred In Ending work in process Transferred Out BB+TI-TO=EB $18,000,000 A B $51,000 $42,000 $48,000 $57,000 $28,400 $24
53. For Garret Wolfe Company, the following information is available:Cost of goods sold $ 60,000Dividend revenue 2,500Income tax expense 6,000Operating expenses 23,000Sales 100,000In Garret Wolfes single-step income statement, gross profit |,|a. should no
Q:Use the following 8% interest factors Present Value of Future Value of Ordinary Annuity Ordinary Annuity 7 periods 5.2064 8.92280 8 periods 5.7466 10.63663 9 periods 6.2469 12.48756 What will be the balance on September 1, 2013 in a fund which is accumu
Answer No. Description
F 1. Characteristics of intangible assets. F 2. Internally created intangibles. F 3. Recording internally generated intangibles. F 4. Amortization of limited-life intangible assets.
CASH AND RECEIVABLES
Answer No. Description
T 1. Items considered cash. F 2. Items considered cash. F 3. Items considered cash. F 4. Cash equivalents definition. F 5. Bank overdrafts. T 6. Cash equivalents. F 7. Classificati
View Results Ch 07: Multiple Choice Quiz Name: Alona Yavorski Started: March 2, 2009 9:02pm Attempt: 1 / 1 Finished: March 2, 2009 9:41pm Out of: 10 Time spent: 38 min. 57 sec.
Student finished 1 min. 3 sec. ahead of the 40 min. time limit. Question 1 (1
50. Which of the following elements of financial statements is not a component of comprehensive income? |,|b. Distributions to owners|,|0| <|51. Which of the following is false with regard to the element "comprehensive income"?|,|d. It excludes prior peri
Ch 03: Multiple Choice Quiz Name: Alona Yavorski Started: January 26, 2009 10:42pm Attempt: 1 / 1 Finished: January 26, 2009 11:07pm Out of: 10 Time spent: 25 min. 17 sec.
Student finished 14 min. 43 sec. ahead of the 40 min. time limit. Question 1 (1 poi
Midterm Exam Link: May 14-May 17 Description There are total 50 multiple-choice questions on this midterm exam covering from ch.1 through ch.4 as previously announced several times. Please complete and submit your answers prior to Noon May 17 Mon. exam cl
A) Type of Audit Test (Test of control, Year-End substantive Test) B) Use of Ratio: 1. Inventory overstated 2. Inventory understated 3. Lager % of Sales compare of last year 4. Smaller % of Sales compare of last year 5. Sales increased as same % of COGS 6
5.63 a. In planning an audit, an auditor's understanding of the internal control components should be used to identify the types of potential misstatements that could occur, to consider the factors affecting the risk of material misstatement, and to influ
1. Distinguish between managements and auditors responsibilities regarding an entitys internal control.
Management is responsible for establishing a control environment, assessing risks it wished to control, specifying information and communication channe
Important Note re: Chapter Review Checkpoint questions: As you read and study each of chapter content thoroughly, please try to answer the review checkpoint questions (within chapter content) on your own prior to
reading the following notes.
Answers to Ch
Course Contract* (syllabus) Intro to Financial Auditing-Accounting 58
Professor Christopher Kwak, CPA, CFE, CFF. Office Hour: Online and /or By Appointment. Phone: 408-864-5727 (Voice Mail). Email: email@example.com
Course Instructional W
Ch. 11 Lecture notes including Demo cases with solutions.
Why service costs are allocated.
In the first stage of the two-stage cost allocation, part of the overhead costs are incurred for departments that do not produce the service or product directly. S
Assigned Exercise11-23 Cost AllocationsDirect Method: University Printers Maintenance Personnel Service department costs. $10,000 $24,000 Maintenance allocationa. NA (10,000) Personnel allocationb. NA (24,000) Total costs allocated. 0 $ 0 $
Printing 0 $
[ Assigned Exercise;10-21]
a. Number of calls to existing commercial customers; records kept by sales reps. b. Number of calls to new commercial customers; records kept by sales reps. c. Time spent on negotiation; time records kept. d. Time spent on revie
Ch.9 ABC Problem 9-30. a. EZ-Seat, Inc. Income Statement Account Revenue Direct materials Direct labor Overhead costs: Administration Setting up Performing quality control Distribution Total overhead costs Operating profit Rate Ergo $1,950,000 $ 550,000 4
8.14. Compute Equivalent UnitsWeighted-Average Method: Clean Corporation a. Materials 210,000 14,000 EU 224,000 EU 7,000 EU 217,000 EU b. Conversion Costs 210,000
Units transferred out. Equivalent units in ending inventory: Materials: 20% x 70,000a units.
6-18 a. $300,000 (see item 5) b. $1,240,000 = $1,200,000 + $40,000 (see items 2 & 3) c. $200,000 (see item 5) d. $1,340,000. BB + TI TO = EB $300,000 + $1,240,000 X = $200,000 X = $300,000 + $1,240,000 $200,000 X = $1,340,000 6-19 a. $67 million = $16 mil