Accounting Archives - Page 22 of 115

What are the key similarities and differences in the business models of Signet, Tiffany, and Blue Nile? How are these factors reflected in their financial ratios? An Excel copy of the ratios is enclosed on Canvas in the spreadsheet “Signet Exhibits and Ratios.” Which of the three companies is performing better? Why?

Posted on February 10, 2023 by Assessments

Accounting Questions From Reading What are the key similarities and differences in the business models of Signet, Tiffany, and Blue Nile? How are these factors reflected in their financial ratios? An Excel copy of the ratios is enclosed on Canvas in the spreadsheet “Signet Exhibits and Ratios.” Which of the three companies is performing better? […]

Which of the following internal controls will best detect the theft of valuable items from an inventory that consists of hundreds of different items selling for $1 to $10 and a few items selling for hundreds of dollars?

Posted on February 10, 2023 by Assessments

The following questions address fraud risks in specific audit areas and accounts. a. Which of the following internal controls will best detect the theft of valuable items from an inventory that consists of hundreds of different items selling for $1 to $10 and a few items selling for hundreds of dollars? (1) Maintain a perpetual […]

Describe how you would reorganize the data to enable the calculation of accounts receivable.

Posted on February 10, 2023 by Assessments

Financial Accounting: Determine and Analyze Accounts Receivable Fluffy allows their customers to pay in installments. In the current system, sales orders and payments are recorded in two separate files. The SalesOrders file records the amount the customer owes Fluffy and the payments that have been received. The CashReceipts file records all payments received. Samples of […]

Which of the following does not increase the need for sufficient appropriate audit evidence?

Posted on February 10, 2023 by Assessments

The following questions deal with audit risk and evidence. Choose the best response. a. Which of the following does not increase the need for sufficient appropriate audit evidence? (1) A lower acceptable level of detection risk (2) An increase in the assessed control risk (3) A lower acceptable audit risk (4) A decrease in the […]

Explain why Ling set performance materiality for inventory at a lower amount as compared to accounts receivable, PP&E, and other assets.

Posted on February 10, 2023 by Assessments

Ling, an audit manager, is planning the audit of Modern Technologies, Inc. (MT, Inc.), a manufacturer of electronic components. This is the first year that Ling’s audit firm has performed the audit for MT, Inc. Ling set the preliminary judgment about materiality for the financial statements as a whole at $66,000 and is now in […]

Based on the audit of the assets accounts and ignoring other accounts, are the overall financial statements acceptable? Explain.

Posted on February 10, 2023 by Assessments

You are evaluating audit results for assets in the audit of Roberts Manufacturing. You set the preliminary judgment about materiality at $50,000. The ac- count balances, performance materiality, and estimated overstatements in the accounts are shown next. Account Account Balance Performance Materiality Estimate of Total Overstatements Cash $ 50,000 $ 5,000 $ 1,000 Accounts receivable […]

Differentiate with suitable examples thetraditional costing systems and activity-based costing. Explain how ABC is used in manufacturing by providing a numerical example.

Posted on February 10, 2023 by Assessments

Q1. Differentiate with suitable examples thetraditional costing systems and activity-based costing. Explain how ABC is used in manufacturing by providing a numerical example. (3 Marks) Note: Your answer must include suitable numerical examples. You are required to assume values of your own and they should not be copied from any sources. Answer: Q2. Provide a […]

In which of the following circumstances would an auditor of an issuer be least likely to reevaluate established materiality levels?

Posted on February 10, 2023 by Assessments

The following questions deal with client acceptance, audit planning, and materiality. Choose the best response. a. In which of the following circumstances would an auditor of an issuer be least likely to reevaluate established materiality levels? (1) The materiality level was established based on preliminary financial statement amounts that differ significantly from actual amounts. 258Part […]

What is the meaning of the rule that requires the auditor be independent?

Posted on February 10, 2023 by Assessments

The following questions concern auditor independence. Choose the best response. a. What is the meaning of the rule that requires the auditor be independent? (1) The auditor must adopt a critical attitude during the audit. (2) The auditor’s sole obligation is to third parties. (3) The auditor may have a direct ownership interest in the […]

Accounting for Securitization under SFAS No. 140 (2000) is a limited attempt to describe complex transactions that are structured to yield desired economic and accounting outcomes. This accounting raises three issues for users of financial reports.

Posted on February 10, 2023 by Assessments

Q.1 Accounting for Securitization under SFAS No. 140 (2000) is a limited attempt to describe complex transactions that are structured to yield desired economic and accounting outcomes. This accounting raises three issues for users of financial reports. State these three issues

Essay Quoll

Category: Accounting

Which of the following internal controls will best detect the theft of valuable items from an inventory that consists of hundreds of different items selling for $1 to $10 and a few items selling for hundreds of dollars?

Describe how you would reorganize the data to enable the calculation of accounts receivable.

Which of the following does not increase the need for sufficient appropriate audit evidence?

Explain why Ling set performance materiality for inventory at a lower amount as compared to accounts receivable, PP&E, and other assets.

Based on the audit of the assets accounts and ignoring other accounts, are the overall financial statements acceptable? Explain.

Differentiate with suitable examples thetraditional costing systems and activity-based costing. Explain how ABC is used in manufacturing by providing a numerical example.

In which of the following circumstances would an auditor of an issuer be least likely to reevaluate established materiality levels?

What is the meaning of the rule that requires the auditor be independent?

Accounting for Securitization under SFAS No. 140 (2000) is a limited attempt to describe complex transactions that are structured to yield desired economic and accounting outcomes. This accounting raises three issues for users of financial reports.