_________consists of those items that people manufacture by combining natural and human resources A. Financial capital B. Fixed assets C. Economic capital D. Current assets If a firm has $400,000 in credit sales and $100,000 in accounts receivable, accounts receivable turnover is: A. 25%. B. 4%. C. 5%
If the company you work for has or will have a Board of Directors why is it important to know as much as you can about what a Board does? How is a Board involved in the annual audit process that involves the outside Independent auditors? Thanks for your help!
Can you please assist with the questions below? I would like to focus on Bank of America in the DOW Jones Stock Market 1)Why do you think it will be an interesting focus for your economic analysis? 2. What is the price of the stock? How many shares can you purchase with your $1000? To keep things simple, assume the broker
8. An employee of Wu Company collects $100 from a customer for payment of a balance due account. The employee keeps the money for personal use, debits sales returns and allowances, and credits accounts receivable in the general journal. Which internal control procedure would have discouraged this embezzlement? a. Comparing the
Joe Accountant and Mary Supervisor are very busy in meeting some deadlines in their department. The have been under a great deal of pressure to meet the deadlines. All week long they have worked long hours. It is Thursday afternoon and Rudy Auditor comes in and says to Mary that he needs certain files and reports by Monday mo
As audit manager you realize that to complete the audit of xyz company you will need to bring in two more auditors and another audit supervisor March 15th 2010. However the cost of the additional auditors will cause the audit manager to increase the cost of Audit of XYZ company by $45,000. Without the additional auditors the a
Can you help me get started on this assignment? Control measures analysis for the "Panasonic Group". Evaluation and control Please include references! The website is link is: http://www.panasonic.net/corporate/ Strategic Audit for the Panasonic group.
In audit planning, the audit of Circuits Technology, Inc. (CTI). CTI resells, installs, and provides computer networking products (client software, gateway hardware and software, and twinax hardware) to other businesses. Required: a. Calculate purchases, gross margin, inventory turn days, accounts receivable turn days, and
Textbook:Accounting Principles 9th edition, ISBN 978-0470-31754-9, Weygandt Read Chapter 9. Pages 414 and 415 show the formulas needed for this assignment. Bledel Company had accounts receivable of $100,000 on January 1, 2010. The only transactions that affected accounts receivable during 2010 were net credit sales of $1
An auditor's report is the formal presentation of all the effort that goes into an audit. Below is a list of the classifications of audit opinions that can be found in an auditor's report as well as a list of phrases describing the opinions. Classifications of Audit Opinions a. Unqualified opinion b. Qualified opinion
1.Prepare a strategic audit for Wal-Mart. 2.Write a synopsis for Wal-Mart, covering the following points: * Tpye of Industry * Competitation in the industry * Tpye of market the company enages in * Areas for growth nationally and internationally * any additional aspects of the compnay that are important for understand
Audit Proposal Management at Kudler Fine Foods now wants to see the proposed audit schedules for the systems analyzed by the team in Week Two. Prepare a brief of no more than 1,050 words in which you address the following: 1) Distinguish between the types of audits that might be used for each process. 2) Recommend
I am doing something wrong as I keep coming up with numbers that are too small for the cash collections and I believe that the answer for #2 is D, but I would just like a breakdown of the problem to make sure I am doing it right. Thorton Company estimates its sales at 80,000 units in the first quarter and that sales will incr
I need some help getting started on some research on the topic of what internal and external auditors do covering the following items: *providing information to users of the audit like investors *providing information to business owners *meeting the needs of managers *responsibilities to the audit committee *evaluating wh
Stanley Bugg finally realized his dream and began operating Bugg's Bug Extermination as a sole proprietor. Stanley Bugg did not have the cash to purchase a truck, so he borrowed $10,000 from Sucker Bank & Trust. In exchange for the money, Stanley Bugg promised to pay the bank a monthly payment and entered into a security agree
Audit Program Development. Based on the findings of the Internal Controls Questionnaire prepare a list of audit objectives for Wal-Mart Financial Reporting Cycle for revenue. Wal-Mart Stores, Inc. is a large chain of discount department stores, which has been branded as Wal-Mart. According to the Fortune Global 500, it is th
Short term financing with Bank Loans The Hand-to-Mouth Company needs $10,000 loan for the next 90 days. It is trying to decide which of the three alternatives to use: Alternative A: Forgo the discount on its trade credit agreement that offers terms of 2/10, net 30. Alternative B: Borrow the money from Bank A, which has of
5. Generally accepted auditing standards recognize two categories of evidential matter: underlying accounting data and corroborating information. In making an audit in accordance with GAAS: a. corroborating information is always required, while underlying accounting data may be gathered under certain circumstances. b. underl
These are the question that I need help answering: 1. Review your work and the model answer. What accounts for any noticeable differences between the two? (1 paragraph) 2. What alternatives are available to the Farm Bank? (1 paragraph) 3. What would you recommend and why? (1 to 2 paragraphs) 4. Provide justification (1
Is any component of audit risk within the control of the auditor? Explain.
In your audit for calendar 2009, you found a number of matters that you believe represent possible adjustments to the company's books. These matters are described below. Management's attitude is that "once the books are closed, they're closed," and management does not want to make any adjustments. Planning materiality for the
The Bondport file at the text website will help in the solution of the following church endowment fund case study. (This is an actual situation with the original market price data preserved.) In May 1990, Local Church had an endowment fund with a market value of about $750,000. This fund was managed by a bank trust department wi
Answer briefly the following questions 1. Define auditing, attest, and assurance services. Provide two examples of each type of service. 2. What are the issues affecting the auditing profession? 3. List the three categories of GAAS. 4. Give three examples of qualitative factors that might affect the prelimina
The audit committee helps to assure independence. The audit committee is comprised of directors, not managers, and their job is to appoint, retain, oversee, evaluate and terminate the audit firm. I think this is important because the process is not administered by executive level management, but the Board of Directors. I think
a. What is an audit program? b. Identify two tasks that need to be accomplished in the framework for developing an audit program. c. What essential information is generally documented in an audit program?
Please help me answer these: 1. An inaccurate form of the audit risk model would show that: a. detection risk can be determined from audit risk, inherent risk, and control risk b. detection risk is inversely related to audit risk c. increases in control risk will cause decreases in detection risk d. audit
In a 2 page analysis report critically review the CAMELS rating system for assessing bank performance.
Read about the CAMELS rating system. In a 2 page analysis report critically review the CAMELS rating system for assessing bank performance. Also explain why it is fast becoming a global standard adopted by central banks. Do you believe this is the correct tool to use for evaluating banks? Support your position with justifica
Mike is the sole shareholder of Cuteness Dog, Inc. ("CDI"). He is operating his company as a sub chapter S corporation. It is a small manufacturing company that produces a complete line of accessories for dogs such as collars, clothing, play toys, treats, etc. Many of the designs are unique and have been patented by CDI. In
Consider the following information for Susan Supplies Store for the month of June. * Deposits in transits as of June 30, were $3,785.15. * Interest revenues earned was $1,300. * Bank service charges amounted to $48. * An error was discovered: The bank deducted from the Susan Supplies Store account a c
Compare the relationships among auditor, client, and external users. How do professional standards for CPAs govern these relationships?