Take-Home Class Exercise Sampling (Profs)
1. Which of the following is an example of using statistical sampling?
a. Statistical sampling will be looked upon by the courts as providing superior audit evidence.
b. Statistical sampling requires the auditor t
Dexter and Co., CPAs, issued an unqualified opinion on the 20X3 financial statements
of Bart Corp. Late in 20X4, Bart determined that its treasurer had embezzled over
$1,000,000. Dexter was unaware of the embezzlement. Bart has decided to sue
1. A direct cost is a cost that cannot be easily traced to the particular cost object under consideration.
2. Thread that is used in the production of mattresses is an indirect material that is therefore classified
Sneaker Styles Company manufactures a wide variety of sneakers. Which of the following
systems is most suitable for Sneaker Styles? Operation Cost
In a process costing system, costs are accumulated by department. True
Raw material costs can be added onl
Spartan Corporation estimates $200,000 as its total manufacturing overhead for an estimated activity
1 level of 10,000 direct labor-hours. What is the amount of manufacturing overhead that would be applie
to a job that required 200 direct labor-h
1. Financial accounting standards are set by _.
FASB for public and nonpublic companies and GASB for governmental agencies in
2. Standards for auditing public companies are set by the _.
3. When an auditing standard includes a
1. Which of the following would not be done as part of the risk assessment process?
Perform audit procedures to verify cash balances included in the financial
2. Which of the following situations might increase the likelihood of fraud?
Module 6 Quiz
1. Which of the following is not a component of internal control (under COSO)?
2. Audit evidence should be _. (Select the best answer.)
Appropriate and sufficient
3. Which of the following audit procedures is a test of controls
Total Expected Activity
Exercise 5-11 Comparing LIFO numbers to
FIFO numbers; ratio analysis LO A1, A3
Cruz Company uses LIFO for inventory costing and reports the following financial data.
It also recomputed inventory and cost of goods sold using FIFO for comparison purposes
COSUMNES RIVER COLLEGE
ACCOUNTING 301: FINANCIAL ACCOUNTING
M-W: 9:00 TO 11:05 and 11:15 to 1:20
ROOM BUSISOC SCI 140A
PROFESSOR: Margie Parilo, CPA, MS
CRC VOICE MAIL: 916—691-7601
FAX: (HOME): 916—427—3965
STUDY NOTES: ACCOUNTING 301: TEST #2: CHAPTERS 3 AND 4
You will have 35 multiple choice questions and 3 problems.
1. JOURNAL ENTRIES
2. CLOSING JOURNAL ENTRIES
3. ADJUSTING JOURNAL ENTRIES
Know all journal entries we discuss reg
TEST #2: TAKE HOME PROBLEMS
DUE DAY OF EXAM BEFORE IN CLASS EXAM BEGINS
Journalize the following business transactions in general journal form. Identify each transaction
by number. You may omit explanations of the transactions.
Chapter 3 Class Exercise (Students)
Bill Pan, CPA, has posted the general ledger and has maintained the financial records of Zorko Corporation. As a part of his
responsibilities he has recorded journal entries and made closing entri
Test 4 chapter 9,10,11
1.Garnick Corporation keeps careful track of the time required to fill orders. The times recorded for a
particular order appear below:
The delivery cycle time was:
C. 36.1 hours
2. Orscheln Snow Removal's cost formula for its vehicl
GENERAL ACCOUNTING CHEAT SHEET
This sheet is not for unauthorized distribution.
Table of Contents
1. Balance Sheet & Assets, Liabilities & Shareholders Equity (Pages 2 and 3)
2. Forms of Business Organization (Page 4)
3. Use of Fi
Accounting Cheat Sheet
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Accounting Cheat Sheet
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DIAGRAM OF T-ACCOUNTS
METHODS & ORGS
Accrual basis Follows the matching principle and recognizes
transactions as they occur (GAAP Method)
Answer to Kowal
Part A. There are a number of weaknesses in the internal controls present in Kowal Manufacturing, some of the
There is no independent function hiring employees. The factory foreman has a great deal of power. He hires
Indicate in which part of the statement of cash flows each item would appear: operating activities,
investing activities, or financing activities.
Cash received from customers.
Cash paid to stockholders (dividends).
Cash received from issuing
At a minimum you should now know what the following are:
Assets; Liabilities; Owners Equity; Revenues; Expenses;
Income Statement; Statement of Retained Earnings; Balance
Sheet; Statement of Cash Flows (see the Glossary on page 22
BRIEF EXERCISE 1-1
Bus.312 Financial Accounting
STRUCTURED QUESTIONS TO BE ANSWERED FROM Chapter 02 Animated Chapter Presentation
(Except As Otherwise Directed) Please submit by class date, but no later than 02/07/2011
Expect To Reap
(1 point; 1 minute)
1. Give a short definition of statistics:
(12 points; 6 minutes)
2. Circle the correct choice in each box.
Are the data . ?
a. The combined weight (in pounds) of
all the people that ride the train from
ACCT 301 - Chapter 12
Statement of Cash Flows
Class Exercise - Preparing Statements of Cash Flows
The comparative balance sheet of Posner Company, for 2010 and the preceding year ended
December 31, 2009, appears below in condensed form: