Which assertions are violated if a client includes labour expense related to manufacturing processes as a general
Question:
Which assertions are violated if a client includes labour expense related to manufacturing processes as a general expense instead of as cost of inventory?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (3 reviews)
If a client includes labor expense related to manufacturing processes as a general expense instead of as the cost of inventory it can result in severa...View the full answer
Answered By
Wonder Dzidzormenu
As a professional accountant and a teacher, I explain account ing concepts in a more practical way that makes students more connected to the subject.
With over 10 years of teaching accounting , I offer a well constructed , easily understood and in-depth explanations to students questions.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Auditing A Practical Approach
ISBN: 9780730364573
3rd Edition
Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton
Question Posted:
Students also viewed these Business questions
-
Which assertions are violated if a client includes labor expense related to manufacturing processes as a general expense rather than in cost of sales?
-
Assume that you are the auditor of ABC Inc, for the fiscal year 2006. No audit procedures have been performed other than general information gathering. Please read all the information given below...
-
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
-
What constant should replace the question mark in this system so that the solution set is {(1, 1, 1)}? 2x - 3y + -5x + 2y z = 0 - 2 = x + y + 2z = ? 4 -4
-
As a result of studying past cost behavior and adjusting for expected price increases in the future, Nicholson Company estimates that its manufacturing costs will be as follows: Direct...
-
Inglewood Landscaping Corp. began constructing a new plant on December 1, 2014. On this date, the company purchased a parcel of land for $184,000 cash. In addition, it paid $2,000 in surveying costs...
-
Identify and explain the variable components of culture.
-
Spaulding & Kimball Co. ordered from Aetna Chemical Co. 75 cartons of window washers. The buyer received them and sold about a third to its customers but later refused to pay for them, claiming that...
-
Required information [The following information applies to the questions displayed below.] Chavez Company most recently reconciled its bank statement and book balances of cash on August 31 and it...
-
Jurgen is the engagement partner on the audit of Lynch Brothers, a listed company selling small kitchen appliances. The appliances are made in China and imported and sold to retail outlets by Lynch...
-
When testing payroll, the auditor: (a) Does not examine overtime records as these are always insubstantial. (b) Reviews that the hours on timecards are recorded in the payroll transaction file in the...
-
Amino acids can be used as enantiomerically pure starting materials in organic synthesis. Scheme I depicts the first steps in the synthesis of a reagent employed in the preparation of...
-
Problem 4 An electrically heated, square plate (0.4mx 0.4 mx0.005 m) is suspended in air of temperature Too = 20C. Find the electrical power needed to maintain the plate at T=95C if the plate is (a)...
-
Number of units Unit Cost Sales Beginning inventory 800 $50 Purchased 600 $52 Sold 400 $80 Sold 350 $90 Ending inventory 650 In the table below, calculate the dollar value for the period for each of...
-
10. Dr. D went to MGM Springfield casino while the class was taking their midterm exam. He played a Konami machine entitled 88 Fortunes. A slot attendant accidently left the slot manual next to the...
-
10.) Steam enters a well-insulated turbine at 6 MPa, 400C and expands to 200 kPa, saturated vapor at a rate of 10 kg/s. (a) Draw a schematic of the process (5 pts). (b) Determine the exergy...
-
4. [8 marks] The tides in the Bay of Fundy are some of the largest in the world. The height, h(t), of the tide in meters after t hourse can be modeled by 39 h(t) = 25 con (77) + 30 4 COS 6 (a) What...
-
Find the absolute value and the phase of (a) i; (b) 2ei/3; (c) -2e i/3; (d) 1 - 2i.
-
Ashlee, Hiroki, Kate, and Albee LLC each own a 25 percent interest in Tally Industries LLC, which generates annual gross receipts of over $10 million. Ashlee, Hiroki, and Kate manage the business,...
-
Describe the performance of the purchases cut-off test.
-
It is increasingly common for companies to program their computer information system to print and distribute cheques without further authorization. As an auditor, describe controls you would expect...
-
Explain why an unexpected change in the gross profit ratio leads the auditor to suspect a wide range of possible misstatements in recorded transactions and balances.
-
Need help answering Part B Thank you Multiple Production Department Factory Overhead Rate Method Four Finger Appliance Company manufactures small kitchen appliances. The product line consists of...
-
Described below are six independent and unrelated situations involving accounting changes. Each change occurs during 2021 before any adjusting entries or closing entries were prepared. Assume the tax...
-
Swifty Corporation was organized on January 1, 2021. During its first year, the corporation issued 2,300 shares of $50 par value preferred stock and 140,000 shares of $10 par value common stock. At...
Study smarter with the SolutionInn App