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Summarize acquisitions by customer number. The company is required to disclose all vendors who represent greater than 5 percent of acquisitions of the year. Identify the vendor number, name, and amount of purchases for any vendor that meets the disclosure criteria.

Posted on February 16, 2023 by Assessments

You are part of the engagement team for the audit of Suzuki Manufacturing for the year ended December 31, 2019, and are responsible for auditing the acquisition cycle. Download the Excel file for the problem from the textbook website, which contains a worksheet with acquisition transactions for the year, and a second worksheet with the […]

Examine loan agreements for key information such as interest rate, payment schedules, collateral, and restrictive covenants to determine whether management has properly included required disclosures in the footnotes to the financial statements.

Posted on February 11, 2023 by Assessments

The following are audit procedures from different transaction cycles: 1. Examine sales invoices for evidence of internal verification of prices, quantities, and extensions. 2. Select items from the client’s perpetual inventory records and examine the items in the company’s warehouse. 3. Use audit software to foot and cross-foot the cash disbursements journal and trace the […]

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Tag: acquisition transactions

Summarize acquisitions by customer number. The company is required to disclose all vendors who represent greater than 5 percent of acquisitions of the year. Identify the vendor number, name, and amount of purchases for any vendor that meets the disclosure criteria.

Examine loan agreements for key information such as interest rate, payment schedules, collateral, and restrictive covenants to determine whether management has properly included required disclosures in the footnotes to the financial statements.