Explain what is meant by cut-off and why it is important to auditors in establishing the
Question:
Explain what is meant by “cut-off ” and why it is important to auditors in establishing the fairness of the financial statements.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 91% (12 reviews)
Cutoff tests are performed on sales and cash receipts as part of the yearend work to verif...View the full answer
Answered By
Anoop V
I have five years of experience in teaching and I have National Eligibility in teaching (UGC-NET) .
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Auditing A Practical Approach
ISBN: 978-1119566007
3rd Canadian edition
Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton, Valerie Warren
Question Posted:
Students also viewed these Business questions
-
Explain what is meant by this statement: One companys account receivable is another companys account payable.
-
Explain what is meant by the term operating leverage. What impact does increased leverage have on risk?
-
Explain what is meant by a financing risk premium in the equity cost of capital. When will a financing risk premium be negative?
-
Visit any social media site with news stories that includes a photograph/snapshot of story (mandatory) . Choose ONE news story. Use the questions below to help you determine validity of that ONE news...
-
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2016, the end of the year, and its revenue and expenses for the year follow. The retained earnings were $600,000 on...
-
The loudness of a stereo speaker, measured in decibels, varies inversely as the square of your distance from the speaker. When you are 8 feet from the speaker, the loudness is 28 decibels. What is...
-
and 9.18. Complete the following ANOVA table for each of the two dot plots: Source df SS MS F Treatments Error Total
-
Job-order costing in a manufacturing company Keeney Corporation makes custom-order furniture to meet the needs of disabled persons. On January 1, 2011, the company had the following account balances:...
-
A firm has a liability cash flow of 100 at the end of year two and a second liability cash flow of 200 at the end of year three. The firm also has asset cash flows of X at the end of years one and...
-
The reversible set of reactions represented by ki ka AB20 is carried out in a batch reactor under conditions of constant volume and temperature. Only one mole of A is present initially, and any time...
-
Explain the kinds of fraud that could be expected in sales, cash receipts, and sales adjustment transactions in the absence of adequate internal control procedures. Consider the importance of the...
-
CAS 530 Audit Sampling distinguishes between sampling and other selective testing procedures. Explain the application of the requirements of this standard to the selection of accounts receivable...
-
Show how the basic snooping protocol of Figure 5.6 can be changed for a write-through cache. What is the major hardware functionality that is not needed with a write-through cache compared with a...
-
Evaluation a. Evaluate the effectiveness of social media marketing campaign for instagram, facebook and pintrest ?based on your KPIs for example account reached, content reached, likes, shares,...
-
A study was performed at a university to analyze whether the preference for hamburgers or fried chicken is related to the gender of the student. This table lists the results of the study. At a =...
-
A 20-lb homogeneous box has tipped and is resting against a 40-lb homogeneous box as shown in figure attached. The coefficient of friction between box A and the floor is 0.7, and between box B and...
-
The Taylor series for natural logarithm (with base e) In(1+r) is In(1+2) -(-1)+1 for <1. (a) Write a user-defined function using loop that determines In(1+x) using the above Taylor series. Your...
-
Question 1: [up to 4 pts] Suppose that a = 1, a2 = 2, a3 = = 3, and an = an-3 for all n 4. If an integral with respect to y is used to find the area of R, what should the upper limit of integration...
-
Consider the following sets of replicate measurements: For each set, calculate the (a) Mean, (b) Median, (c) Spread or range, (d) Standard deviation, (e) Coefficient of variation. *A *C D *E F 9.5...
-
Information graphics, also called infographics, are wildly popular, especially in online environments. Why do you think infographics continue to receive so much attention? How could infographics be...
-
Li Chen has calculated profitability ratios using data extracted from his clients pre-audit trial balance. He also has the values for the same ratios for the preceding two years (using audited...
-
Featherbed Surf & Leisure Holidays Ltd. is a resort company based on Vancouver Island. Its operations include boating, surfing, diving, and other leisure activities: a backpackers hostel, a family...
-
Securimax Limited has been an audit client of KFP Partners for the past 15 years. Securimax is based in Waterloo, Ontario, where it manufactures high-tech armour-plated personnel carriers. Securimax...
-
Green Lawn Company sells garden supplies. Management is planning its cash needs for the second quarter. The following information has been assembled to assist in preparing a cash budget for the...
-
eBook Question Content Area Comparison of Methods of Allocation Duweynie Pottery, Inc., is divided into two operating divisions: Pottery and Retail. The company allocates Power and General Factory...
-
TYBALT CONSTRUCTION Income Statement For Year Ended December 31 TYBALT CONSTRUCTION Income Statement For Year Ended December 31
Study smarter with the SolutionInn App