Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Financial Accounting Expert

Problem:

You’ve been assigned to perform a stock take in company. Your Audit Supervisor has provided you with the audit programme.

As part of briefing session to your juniors, you’re required to describe the specific audit objective of each of tests below and to which assertion does it relate.

(a) Observe client physical inventory count

(i) Make test count.

(ii) Look for indications of the slow moving, obsolete or damage inventory.

(iii) Account for all count sheets and inventory tags employed in making inventory count.

(b)  Test clerical accuracy of the inventory listing

(i) Refind out footing and extensions.

(ii) Trace test count to listing.

(iii)  Vouch items on listing to count sheet and inventory tags.

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M99579

Have any Question? 


Related Questions in Financial Accounting

Benskin corporationrsquos capital structure consists of

Benskin Corporation’s capital structure consists of $600,000 of assets and $325,000 of liabilities. The average interest rate on Benskin’s debt is 10% and the stockholders desire a 15% return. What is Benskin’s cost of c ...

The board of directors hired you to educate the mothers in

The board of directors hired you to educate the mothers in your state about the importance of vaccinating their children. Your start-up organization’s mission is to educate and successively run a small, nonprofit organiz ...

A mark and lisa were divorced in 2014 in 2015 mark has

a. Mark and Lisa were divorced in 2014. In 2015, Mark has custody of their children, but Lisa provides nearly all of their support. Who is entitled to claim the children as dependents? b. During the year, Hernando has th ...

The entry to record the return of 25 of inventory to a

The entry to record the return of $25 of inventory to a supplier under the perpetual inventory system is recorded with a debit to _____. a. accounts payable and a credit to purchase discounts b. purchase returns and allo ...

When travel combined business and pleasures1 no

When travel combined business and pleasures: 1. No transportation can be deducted if foreign travel in involved. 2. Transportation expenses must be allocated if domestic travel in involved. 3 . For Foreign trave, no allo ...

You have recently applied for a position as a graduate with

You have recently applied for a position as a graduate with a company in the very competitive retail fashion business. The company sells low cost fashion items in its own branded shops throughout Australia. It produces i ...

City of erie 20151 how does the audit opinion given to this

City of Erie 2015 1. How does the audit opinion given to this city by its independent auditors differ from the audit opinion rendered on the financial statements for a for-profit business? 2. A reconciliation should be p ...

Linda day george company had bonds outstanding with a

Linda Day George Company had bonds outstanding with a maturity value of $452,900. On April 30, 2014, when these bonds had an unamortized discount of $14,100, they were called in at 105. To pay for these bonds, George had ...

Assignment introduction to accountingpart aprepare in

Assignment: Introduction to Accounting Part A Prepare in proper form journal entries for the following transactions. Omit explanations. October 2 Owner made a cash investment into the company $5,000 8 Bought supplies on ...

Bowyer driving schoolrsquos 2014 balance sheet showed net

Bowyer Driving School’s 2014 balance sheet showed net fixed assets of $3.4 million, and the 2015 balance sheet showed net fixed assets of $3.9 million. The company’s 2015 income statement showed a depreciation expense of ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate