1 In the audit of sales account, the amount presented on the financial statement is $5,000,000. You are the auditor and you have determined the level of materiality of sales account to be $50,000.<\/p>
Q. What does this materiality level of $50,000 mean to the auditor and the audit. Explain in details.<\/p>", "transcribed_text": "", "related_book": { "title": "Leading Strategic Change In An Era Of Healthcare Transformation", "isbn": "3319808826, 978-3319808826", "edition": "1st Edition", "authors": "Jim Austin ,Judith Bentkover ,Laurence Chait", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/2024\/01\/65a7e2d8df9ef_40065a7e2d8d8762.jpg", "uri": "\/textbooks\/leading-strategic-change-in-an-era-of-healthcare-transformation-1st-edition-978-3319808826-212748", "see_more_uri": "" }, "free_related_book": { "isbn": "", "uri": "", "name": "", "edition": "" }, "question_posted": "2024-09-14 00:02:07", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/industrial-organizational-psychology-understanding-the-workplace\/36-describe-some-of-the-common-perceptual-errors-and-illusions-2006814", "description": "3.6 Describe some of the common perceptual errors and illusions we experience, and explain their causes. (APA 1.1, 1.2, 2.1)", "stars": 0 }, { "url": "\/borkenstick-makes-very-popular-undyed-cloth-sandal-in", "description": "Borkenstick makes a very popular undyed cloth sandal in one style, but in Regular and Deluxe. The Regular sandals have cloth soles and the Deluxe sandals have cloth covered wooden soles. Borkenstick...", "stars": 3 }, { "url": "\/study-help\/questions\/1-in-the-audit-of-sales-account-the-amount-presented-10718606", "description": "1 In the audit of sales account, the amount presented on the financial statement is $5,000,000. You are the auditor and you have determined the level of materiality of sales account to be $50,000. Q....", "stars": 3 }, { "url": "\/study-help\/questions\/valuation-of-inventory-the-inventory-on-hand-at-the-end-5748287", "description": "Valuation of Inventory The inventory on hand at the end of 2016 for Reddall Company is valued at a cost of $94,000. The following items were not included in this inventory: Purchased goods in...", "stars": 3 }, { "url": "\/study-help\/management-accounting\/messers-uptodate-ltd-has-instructed-you-to-prepare-a-cash-1320663", "description": "Messers Up-to-date Ltd. has instructed you to prepare a cash budget for October to December from the following particulars: (i) Cash and bank balance as on October 1, 20,000. (ii) Actual and budgeted...", "stars": 3 }, { "url": "\/study-help\/operations-and-supply-chain-management-the-core\/a-care-warehouse-in-tegucigalpa-honduras-holds-a-variety-of-1397887", "description": "A CARE warehouse in Tegucigalpa, Honduras holds a variety of humanitarian inventory items such as tents, blankets, kitchen utensils, canned food, pallets of water bottles, and medical kits. Over...", "stars": 3 }, { "url": "\/study-help\/particle-physics\/repeat-problem-92-for-a-diverging-mirror-comment-on-any-1374625", "description": "Repeat Problem 92 for a diverging mirror. Comment on any similarities or differences with the two types of mirrors. Data from Problem 92 A converging mirror has a focal length of \\(300...", "stars": 3 }, { "url": "\/study-help\/particle-physics\/a-compound-microscope-consists-of-two-converging-lenses-the-objective-1374581", "description": "A compound microscope consists of two converging lenses, the objective lens and the eyepiece lens, positioned on a common optical axis (Figure 33.47). The objective lens is positioned to form a real,...", "stars": 3 }, { "url": "\/study-help\/particle-physics\/an-object-that-has-a-small-aperture-is-placed-between-1374588", "description": "An object that has a small aperture is placed between a light source and a screen, as shown in Figure 33.4. Which parts of the screen are in the shadow? Data from Figure 33.4 object screen (edge on)...", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/swifty-golf-inc-was-organized-on-july-1-2017-quarterly-10718605", "next": "\/study-help\/questions\/palisades-creek-statement-of-retained-earnings-for-the-quarter-ended-10718607" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": "1 In the audit of sales account, the amount presented on the", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/1-in-the-audit-of-sales-account-the-amount-presented-10718606" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } }t_id": "1" } }