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

Accounting assignment- case study-qual support

Accounting Assignment- Case Study-Qual Support Corporation Plant Closing Case Study 1. QualSupport Corporation manufactures seats for automobiles, vans, trucks, and various recreational vehicles. The company has a number ...

Iexercises1 an extract from the trial balance of armstrong

I. Exercises 1. An extract from the trial balance of Armstrong Corp. at June 30, 2016 is reproduced below:   Account Amount in unadjusted trial balance Amount in adjusted trial balance 1 Prepaid insurance $1,200 $  800 2 ...

Question 1brisky corporation had net sales of 2400000 and

Question 1 Brisky Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2014. Expenses for 2014 were cost of goods sold $1,450,000; administrative expenses $212,000; selling expenses $280,000; an ...

1-balance sheet computationsbalance sheet presented below

1-Balance sheet computations. (Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2017.   Debit Credit Cash 295,000   Sales Revenue   $12,150 Debt Investments (trading) (at cost, ...

Territory account management calculating sales compensation

Territory Account Management Calculating Sales Compensation In problems 1 – 4, compute both the commission and the total pay based on the information given. 1. Salary, $3,000; commission rate, 6%, total sales, $58,000; r ...

Analyze the changes made to corporate governance rules

Analyze the changes made to corporate governance rules since the implementation of the Sarbanes–Oxley Act of 2002. Based on your analysis, formulate an opinion on whether or not these changes are sufficient in preventing ...

Assignment non-for-profit financial reporting reviewselect

Assignment: Non-for-Profit Financial Reporting Review Select one not-for-profit organization in an area of interest to you and review the financial statements and audit report for the organization. The financial statemen ...

Assignmenta manufacturing company is thinking of launching

Assignment A manufacturing company is thinking of launching a new product. The company expects to sell $950,000 of the new product in the first year and $1,500,000 each year thereafter. Direct costs including labor and m ...

Assignmentyou have just been hired as a new management

Assignment You have just been hired as a new management trainee by XYZ Co, a distributor of earrings to various retail outlets located in shopping malls across the country. In the past, the company has done very little i ...

Discussion sustainable income and ratio Discussion: Sustainable Income and Ratio Analysis

Discussion: Sustainable Income and Ratio Analysis • Describe sustainable income and the importance of sustainable income in the evaluation of the income statement. Choose at least two items or events that will affect sus ...

  • 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

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen