Explain why existence is a relevant assertion for fixed assets. How does identifying relevant assertions affect audit
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 76% (17 reviews)
Existence would be a relevant assertion for fixed assets bec...View the full answer
Answered By
Mugdha Sisodiya
My self Mugdha Sisodiya from Chhattisgarh India. I have completed my Bachelors degree in 2015 and My Master in Commerce degree in 2016. I am having expertise in Management, Cost and Finance Accounts. Further I have completed my Chartered Accountant and working as a Professional.
Since 2012 I am providing home tutions.
3.30+
2+ Reviews
10+ Question Solved
Related Book For
Auditing The Art and Science of Assurance Engagements
ISBN: 978-0133405507
13th Canadian edition
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Joanne C. Jones
Question Posted:
Students also viewed these Auditing questions
-
What is a relevant assertion?
-
Assume that you are responsible for developing an audit program for a manufacturing client that sells to over 1,400 customers. You want to ensure your audit program addresses all relevant assertions...
-
General Television, Inc. manufactures televisions and during the current year acquired Micro Engineering, Inc., which manufactured flat panel plasma screens for computers so that it could compete in...
-
The LEGO company is a perfect example of planning. They carefully crafted the name from two phrases into one word. Besides the name, they also planned how they would make the bricks fit into one...
-
Joses Electronic Repair Shop has budgeted the following time and material for 2014. Joses budgets 5,000 hours of repair time in 2014 and will bill a profit of $5 per labor hour along with a 30%...
-
Explain the term design for manufacturing and briefly explain why it is important. LO.1
-
From the following figures prepare a reconciliation statement: Rs Net loss as per costing records 1,72,400 Works overheads under-recovered in costing 3,120 Administrative overheads recovered in...
-
Marcia Young earns $25 per hour for up to 400 units of production per day. If she produces more than 400 units per day, she will receive an additional piece rate of $0.50 per unit. Assume that her...
-
Mathis Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April: a. On April 1, Mathis purchased merchandise on account from Reece...
-
The worksheet of Bridgets Office Supplies contains the following revenue, cost, and expense accounts. Prepare a classified income statement for this firm for the year ended December 31, 2016. The...
-
Distinguish between the existence and completeness balance-related audit objectives. State the effect on the financial statements (overstatement or understatement) of a violation of each in the audit...
-
Identify the management assertion and presentation and disclosure-related audit objective for the specific presentation and disclosure-related audit objective: Read the fixed asset footnote...
-
Solve the problem using a system of equations. The table was generated using a function y 1 = ax 2 + bx + c. Use any three points from the table to find the equation for y 1 . PLOAY UTR EN FARIAH...
-
4. What is the time complexity of the following procedure for in/2 to n do j 2 end for while (j
-
If the concentration of a constituent in the influent to the equalization basin is constant over the 24 h period, will the load of the constituent from the basin be constant? If the concentration of...
-
A three-phase transmission line of a 60 Hz circuit has a length of 370 km (230 miles). the conductors are of the 795,000cm (54/7) type with horizontal spacing of 25 feet between them. The load on the...
-
Simulate rolling a dice using Math.random() . Your roll function should allow the caller to specify any number of sides, but default to 6 if no side count is given: roll() assumes a 6 sided dice,...
-
Drama Read the excerpt from a play. Then, answer the question(s). (1) (2) Belle: Having trouble deciding what will make you look like both a power to be reckoned with and a fetching young lady while...
-
An investor buys $10 million of five-year protection, and the CDS contract has a duration of four years. The companys credit spread was originally 500 bps and widens to 800 bps. Estimate the CDS...
-
At Glass Company, materials are added at the beginning of the process and conversion costs are added uniformly. Work in process, beginning: Number of units Transferred - in costs Direct materials...
-
When does the auditor assess client business risk? Why?
-
How does engagement risk (auditor business risk) affect the audit process?
-
Explain why inherent risk is estimated for segments rather than for the overall audit. What is the effect on the amount of evidence the auditor must accumulate when inherent risk is increased from...
-
A company sells two products. Assuming the same sales mix as shown below, how many units of Product A must be sold to breakeven? Product A Product B Total Units 100,000 150,000 250,000 Sales $300,000...
-
South Sea Baubles has the following (incomplete) balance sheet and income statement. BALANCE SHEET AT END OF YEAR (Figures in $ millions) Assets 2015 2016 Liabilities and Shareholders' Equity 2015...
-
When the investor pays $100,000 to acquire 40% of a company's outstanding voting shares at a time when the fair value of the company's net assets are $175,000, the resulting goodwill amount is...
Study smarter with the SolutionInn App