Accounting 405 Study guides, Revision notes & Summaries

Question 2 Not yet answered Marked out of 1.00 Flag question Question text The transactions are summarised in the ledgers and contain the information such as names of parties to the transaction, description of transactions, source document numbers etc. Select one: True False Question 3 Not yet answered Marked out of 2.00 Flag question Question text Use the following information to answer the question below: SA Traders is a business that sells electronic equipment. The entity i...

and inherent risk and control risk are both low, then planned detection risk should be high. - answerTrue In a test of controls, auditors may trace receiving reports to vouchers recorded in the voucher register. This is a test for - answerCompleteness Report on the need for the states to consider reporting requirements for chemical use data. - answeroperational audit; governmental auditor Once the auditor detects a control deficiency, which of the following steps must he or she take first...

Accounting 405 Exam Questions And Answers (Verified And Updated) Which of the following best describes the purpose of control activities? - answerthe policies and procedures that help ensure that necessary actions are taken to address risks to the achievement of the entity's objectives In performing tests concerning the granting of stock options, an auditor should: - answerTrace the authorization for the transaction to a vote of the board of directors. An auditor who wished to test for t...

Accounting 405 with complete solution

Accounting 405 Exam Questions With 100% Correct Answers On April 1, 2011, BigBen Company acquired 30% of th shares of Little Tick, Inc. BigBen aid $100,000 for the investment, which is $40,000 difference to inventory that will be sold in the remainder of 2011, and the rest to goodwill. Little Tick recognized a total of $10,000 of dividends to shareholders. BigBen's investment in Little Tick will affect Big Ben's 2011 net income by: - answera loss of $10,500 When the equity method of acc...

Accounting 405 with complete solution

Accounting 405 Exam Questions And Answers (Verified And Updated) Which of the following best describes the purpose of control activities? - answerthe policies and procedures that help ensure that necessary actions are taken to address risks to the achievement of the entity's objectives In performing tests concerning the granting of stock options, an auditor should: - answerTrace the authorization for the transaction to a vote of the board of directors. An auditor who wished to test for t...

Investments in securities available for sale are reported at: - answerFair value on the reporting date When an investor classifies an investment in common stock as securities available for sale, cash dividends are classified by the investor as: - answerDividend income In the statement of cash flows, inflows and outflows of cash from buying and selling available for sale securities are considered: - answerinvesting activities Hawk Corporation purchased 10,000 shares of Diamond Corporation s...

Accounting 405 Exam Questions With 100% Correct Answers On April 1, 2011, BigBen Company acquired 30% of th shares of Little Tick, Inc. BigBen aid $100,000 for the investment, which is $40,000 difference to inventory that will be sold in the remainder of 2011, and the rest to goodwill. Little Tick recognized a total of $10,000 of dividends to shareholders. BigBen's investment in Little Tick will affect Big Ben's 2011 net income by: - answera loss of $10,500 When the equity method of acc...

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