Accounting Archives - Page 3 of 48

Describe deficiencies in Parts for Wheels’ online sales system that may lead to material misstatements in the financial statements.

Posted on February 19, 2023 by Shady

ASSIGNMENT Parts for Wheels, Inc., has historically sold auto parts directly to consumers through its retail stores. Due to competitive pressure, Parts for Wheels installed an Internet-based sales system that allows customers to place orders through the company’s website. The company hired an outside website design consultant to create the sales system because the company’s […]

List the deficiencies in internal control for each of these situations. To identify the deficiencies, use the methodology that was discussed in this chapter.

Posted on February 18, 2023 by Shady

ASSIGNMENT Each of the following internal controls has been taken from a standard internal control questionnaire used by a CPA firm for assessing control risk in the payroll and personnel cycle. 1. Human resource policies require an investigation of an employment application from new employees. Investigation includes checking the employee’s background, former employers, and references.2. […]

During the planning stage of an audit, the auditor initially assessed both inherent risk and control risk at a high level. Further testing of the client’s internal controls led the auditor to reduce the assessment of control risk. Which of the following will most likely occur as a result?

Posted on February 18, 2023 by Shady

ASSIGNMENT The following are general questions about assessing control risk, testing controls, and reporting on internal controls. Choose the best response. a. During the planning stage of an audit, the auditor initially assessed both inherent risk and control risk at a high level. Further testing of the client’s internal controls led the auditor to reduce […]

Describe the four steps performed by the auditor when obtaining an understanding of internal control and assessing control risk.

Posted on February 18, 2023 by Shady

ASSIGNMENT 1. Describe the four steps performed by the auditor when obtaining an understanding ofinternal control and assessing control risk.2. What is the purpose of a control risk matrix?3. What four types of procedures are used by auditors to test whether internal controlsare operating effectively?

Briefly describe how the Maxwell Technologies, Inc. 2011 and 2012 financial statements were misstated.

Posted on February 18, 2023 by Shady

ASSIGNMENT The SEC issues Accounting and Auditing Enforcement Releases (AAERs) summarizing SEC actions concerning civil lawsuits brought by the SEC in federal court and related settlements from administrative proceedings. Visit the SEC’s website (www.sec.gov) and locate the link to Accounting and Auditing Enforcement Releases (AAERs) under the “Enforcement” tab. Locate AAER-3932 involving Maxwell Technologies, Inc. […]

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

Posted on February 17, 2023 by Shady

ACCT301: Assignment Question(s): Q1. Differentiate with suitable examples the traditional costing systems and activity-based costing. Explain how ABC is used in manufacturing by providing a numerical example (Chapter7) 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. Q2. […]

Which of the following situations is not an example of an inherent limitation of internal control?

Posted on February 17, 2023 by Shady

Following are descriptions of 10 internal controls. 1. The company has an organizational chart that establishes the formal lines of reporting and authorization protocols. 2. Before a cash disbursement can be processed, all payee information must be verified by matching the payee to the company’s approved vendor listing. 3. The company’s computer systems track individual […]

Describe why auditors generally evaluate entity-level controls be- fore evaluating transaction-level controls.

Posted on February 17, 2023 by Shady

REVIEW QUESTIONS Describe which of the three categories of broad objectives for internal controls are considered by the auditor in an audit of both the financial statements and internal control over financial reporting. What two aspects of internal control must management assess when reporting on internal control to comply with Section 404 of the Sarbanes–Oxley […]

What are the five components of internal control in the COSO internal control frame- work? What is the relationship among these five components?

Posted on February 17, 2023 by Shady

TASK 1.What are the five components of internal control in the COSO internal control frame-work? What is the relationship among these five components?2. How do the COSO principles help an organization assess whether internal controls aredesigned and operating effectively?

Provide a numerical example of special order decisions and make or buy decisions and explain how these decisions are backed by quantitative and qualitative considerations.

Posted on February 16, 2023 by Shady

TASK Q1. Differentiate with suitable examples the traditional costing systems and activity-based costing. Explain how ABC is used in manufacturing by providing a numerical example. Q2. RCR has two support departments, X1 and X2, and two operating departments, Z1 and Z2. RCR has decided to use the direct method and allocate variable X1 dept. costs […]

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Tag: Accounting

List the deficiencies in internal control for each of these situations. To identify the deficiencies, use the methodology that was discussed in this chapter.

During the planning stage of an audit, the auditor initially assessed both inherent risk and control risk at a high level. Further testing of the client’s internal controls led the auditor to reduce the assessment of control risk. Which of the following will most likely occur as a result?

Describe the four steps performed by the auditor when obtaining an understanding of internal control and assessing control risk.

Briefly describe how the Maxwell Technologies, Inc. 2011 and 2012 financial statements were misstated.

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

Which of the following situations is not an example of an inherent limitation of internal control?

Describe why auditors generally evaluate entity-level controls be- fore evaluating transaction-level controls.

What are the five components of internal control in the COSO internal control frame- work? What is the relationship among these five components?

Provide a numerical example of special order decisions and make or buy decisions and explain how these decisions are backed by quantitative and qualitative considerations.