1. How much was GAPs merchandise inventory valued at the lower of cost or market in the...

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1. How much was GAP’s merchandise inventory valued at the lower of cost or market in the audited 2010 consolidated balance sheet?

2. Best Buy recognizes revenue from gift cards when (i) the gift card is redeemed by the customer or (ii) the likelihood of the gift card being redeemed by the customer is remote (gift card breakage). How much was Best Buy’s gift card breakage income in fiscal 2011?

3. Best Buy’s revenue from merchandise sales and services is reported net of sales returns, including an estimate of future returns based on historical return rates. How much was their sales returns reserve, which represents the gross profit effect of their sales returns at February 26, 2011?

4. What was the WTI Cushing crude oil spot price on November 30, 2011?

5. How much was Apple’s 2011 Q3 revenue?

6. Olympus is being investigated for an accounting fraud of covering up its investment losses during the 1990s. What was the media’s estimated amount of the losses based on investigation up to November 30, 2011?

7. How much were AMR’s listed liabilities when it filed for Chapter 11 bankruptcy protection?

8. How much capital was Facebook exploring to raise in its IPO?

9. S&P downgraded several of the largest banks in the world the week of November 16, 2013, including Goldman Sachs. How much was Goldman Sachs's exposure to European sovereign debt, as estimated by Fitch?

10. What was the Bank of Canada’s prime business rate as of December 1, 2011?

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Auditing An International Approach

ISBN: 978-1259087462

7th edition

Authors: Wally J. Smieliauskas, Kathryn Bewley

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