D: All of the Above
A: Unrecorded sales for the
A Progressive Digital Media business
REFERENCE CODE: CFC08CD2-7B59-431D-A773-1F52563178E0
PUBLICATION DATE: 30 Sep 2015
COPYRIGHT MARKETLINE. THIS CONTENT IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED OR D
Did transaction really occur? Does account balance exist?
Are there any missing transaction that should have been
recorded? Is anything missing from the balance?
Are transaction recorded at correct amount? Does account
balance show correct amou
ASB 2/01 17
CX-3: AUDIT PLANNING FORM
Company: Balance Sheet Date:
This form should be completed or updated in the planning stage of each audit. If additional space is needed, attach
a memo that references to the particular question.
1. An auditor's primary consideration regarding an entity's internal controls
is whether they
D. Affect the financial statement assertions
2. Which of the following statements about internal control is correct?
D. The cost-benefit relationship is a
1. Which of the following procedures would an auditor most likely rely on to verify management's
assertion of completeness?
B. Comparing a sample of shipping documents to related sales invoices
2. In testing the existence assertion for an asset, a
1. For what primary purpose does the auditor obtain an understanding of the entity and its
A: to plan the audit and determine the nature, timing and extend of audit procedures to be
2. Which of the following statements be
Objective: Youre bearish on a stock - you think its price will be
lower in the future. You want to Sell high now, and in the future Buy
at a lower price. (The opposite of buy now and sell later.)
Short selling is set up to let people do th
5 Simple Ways to Create a
by Rochelle Bailis
7 min read
A balance sheet is an essential way to evaluate a
business financial health, and can be calculated every month,
quarter or half-year to create a snapshot of a companys net
Exam 1 Review (CH. 1-4)
A Framework for Financial Accounting
Accounting is the language of business
It is a system of maintaining records of a companys operations and communicating that information to
Chapter 12: Differential Analysis: The key to
Differential analysis: the cost and benefits of one alternative must be compared to
the costs and benefits of other alternatives.
Relevant cost: difference in cost between any two alternatives.
What is a budget?
Budget: is a detailed plan for the future that is usually expressed in
formal quantitative terms.
*Budget has to have these two things to be effective
1. Planning: involves developing goals and preparing various budgets to
Oil and Gas- Exam 1 Crib Sheet
CH 1: Classification of O&G companies: Upstream (E&P): exploration, acquisition, drilling, developing, and producing oil & gas. Finding & producing oil &
gas up to the initial point that the oil or gas is capable of being so
Exam 3 Study Guide
Ch 7: capitalize both unsuccessful and successful costs under full cost accounting. This
included Development, exploration, and acquisition. This includes, G&G studies, delay
rentals, exploratory dry holes impairment, abandonment, and G
Chapter 4 presents a detailed discussion of the concepts and techniques that underlie
the preparation of the Income Statement and the reporting of other comprehensive
income. The requirements for adequate presen
SOLUTIONS TO EXERCISES
EXERCISE 19-1 cfw_15-20 minutes
Pretax nancial income for 2004 $300,000
Temporary difference resulting in future taxable
amounts in 2005 (55,000)
in 2005 (50.000)
in 200? cfw_55,0001
Taxable income tor 2004 5
EXERCISE 19-5 (Continued
Note to instructor: Because of the flat tax rate for all years, the amount
of cumulative temporary difference existing at the beginning of the
year can be calculated by dividing the $40,000 balance in Deferred Tax
Liability by 40%
EXERCISE 19-3 (Continued)
Deferred tax liability at the end of 2004 $140,000
Deferred tax liability at the beginning of 2004 92,000
Deferred tax expense for 2004 (increase
required in deferred tax liability) 40,000
Current tax expense for 2004 162 000
EXERCISE 19-2 (15-20 minutes)
(a) Pretax financial income for 2003 $300,000
Excess of tax depreciation over book depreciation cfw_40,000
Rent received in advance 20 000
Taxable income m
(b) Income Tax Expense cfw_$300,000 X .40J . 120,000
Name:_ Section Letter:_ Row #:_ ID: A
Financial Accounting Exam 2
Identify the choice that best completes the statement or answers the question.
Tina creates the following accounts receivable aging report at the end of the year.