Question
Assume that PIM = 10000 for the following items: Item inventory Accounts receivable plant Bank Machinery cash Book Value 15000 25000 70000 60000 60000 30000
Assume that PIM = 10000 for the following items:
Item inventory Accounts receivable plant Bank Machinery cash
Book Value 15000 25000 70000 60000 60000 30000
Likely 3000 5000 3000 - 6000 100% audit
misstatement
Required:
1) Find the tolerable misstatement for each item?
2)State the extent of fairness of each item and all balances mentioned in the abovementioned table?
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Financial Accounting
Authors: Carl Warren
13th Edition
1133607616, 978-1133607618
