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Why should the auditor review the cost accounting records and test their accuracy?

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The cost accounting records are often an essential area to audit in a manufacturing or construction company. a. Why should the auditor review the cost accounting records and test their accuracy? b. For the audit of standard cost accounting records in which 35 parts are manufactured, explain how you would determine whether each of the […]

Design a test of control to determine whether the control is operating effectively.

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The Frist Corporation has the following internal controls related to inventory: 1. Only authorized inventory and warehousing personnel are allowed in inventory stor- age areas. 2. All inventory products are stored in warehousing areas that are segregated from other storage areas used to house equipment and supplies. 3. All inventory held on consignment at Frist […]

If the Bartender’s Association has 100 actual attendees at the conference, how much (if any) will they owe for the attrition fee? Show your calculations.

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Bartender’s Association Conference at Highball Hotel. The Bartender’s Association Conference is to be held at the Highball Hotel. Some of the contract terms are as follows: • XYZ Hotel will hold the following block of rooms for Bartender’s Association’s (“Group”) use (“Room Block”): Date Type No. of Rooms 05/24/2023 Single/Double 150 • Highball Hotel will […]

How much will ABC Corp owe H-Town Hotel under the attrition clause if they have 35 attendees, each staying both nights?

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ABC Corp is holding a meeting at XYZ Hotel. Some of the terms of the contract between the two parties are as follows: • XYZ Hotel will hold the following block of rooms for Group’s use (“Room Block”): Date Type No. 03/01/2021 Single/Double 125 03/02/2021 Single/Double 125 Total room nights 250 • XYZ Hotel is […]

Why is the monthly reconciliation of bank accounts by an independent person an important internal control over cash balances? Which individuals will generally not be considered independent for this responsibility?

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1. Explain the relationships among the initial assessed control risk, tests of controls and  substantive tests of transactions for cash disbursements, and the tests of details of cash balances. Give one example in which the conclusions reached about internal controls in cash disbursements will affect the tests of cash balances. 2. Why is the monthly […]

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