Showing posts with label Acc. Show all posts
Showing posts with label Acc. Show all posts
Friday, October 29, 2010
Thursday, October 28, 2010
ACC311 Assignment No. 1 solution
Semester “Fall 2010”
“Auditing (ACC311)”
Assignment No. 01 Marks: 20
Question 1:
MR. A is a newly inducted trainee student in the audit firm. He thinks that auditor should
conduct an audit with a detective approach and should look only for frauds. Principal, Mr. X
tells him that audit has to be conducted with an approach of professional skepticism. The
principal has asked you to explain the concept of professional skepticism to Mr. A. (10)
Question 2
Explain Auditor’s responsibilities with respect to confidentiality of information. (10)
Important Tips
1. This Assignment can be best attempted from the knowledge acquired after
watching video lecture no. 1 to lecture no.8 and reading handouts as well as
recommended text book).
2. Video lectures can be downloaded for free from Online VU Lectures.
Schedule
Opening Date and Time October 26, 2010 At 12:01 A.M. (Mid-Night)
Due Date and Time October 29, 2010 At 11:59 P.M. (Mid-Night)
solution
professional skepticism is conducting the audit with a questioning mind and ensuring critical assessment of the audit evidence. this means that the firm should neither go into the audit thinking that the client is very honest nor thinking that he is absolutely dishonest
.......
Basic principles governing an audit
SA 200 “Basic Principals Governing an Audit”, describes the basic principles which govern
the auditor’s professional responsibilities and which should be complied with wherever an
audit is carried. They are described below:
(i) Integrity objectivity and independence: An auditor should be honest, sincere,
impartial and free from bias. He should be a man of high integrity and objectivity.
(ii) Confidentiality: The auditor should respect confidentiality of information acquired
during the course of his work and should not disclose the information without the
prior permission of the client, unless there is a legal duty to disclose.
(iii) Skill and competence: The auditor must acquire adequate training and experience.
He should be competent, skillful and keep himself abreast of the latest developments
including pronouncements of ICAI on accounting and auditing matters.
(iv) Work performed by others: If the auditor delegates some work to others and uses
work performed by others including that of an expert, he continues to be responsible
for forming and expressing his opinion on the financial information.
(v) Documentation: The auditor should document matters which are important in
providing evidence to ensure that the audit was carried out in accordance with the
basic principles.
(vi) Planning: The auditor should plan his work to enable him to conduct the audit in an
effective, efficient and timely manner. He should acquire knowledge of client’s
accounting system, the extent of reliance that could be placed on internal control and
coordinate the work to be performed.
(vii) Audit evidence: The auditor should obtain sufficient appropriate evidences through
the performance of compliance and other substantive procedures to enable him to
draw reasonable conclusions to form an opinion on the financial information.
(viii) Accounting System and Internal Control: The management is responsible for
maintaining an adequate accounting system incorporating various internal controls
appropriate to the size and nature of business. He auditor should assure himself that
the accounting system is adequate and all the information which should be recorded
has been recorded. Internal control system contributes to such assurance.
(ix) Audit conclusions and reporting: On the basis of the audit evidence, he should review
and assess the audit conclusions. He should ascertain:
SA 200 “Basic Principals Governing an Audit”, describes the basic principles which govern
the auditor’s professional responsibilities and which should be complied with wherever an
audit is carried. They are described below:
(i) Integrity objectivity and independence: An auditor should be honest, sincere,
impartial and free from bias. He should be a man of high integrity and objectivity.
(ii) Confidentiality: The auditor should respect confidentiality of information acquired
during the course of his work and should not disclose the information without the
prior permission of the client, unless there is a legal duty to disclose.
(iii) Skill and competence: The auditor must acquire adequate training and experience.
He should be competent, skillful and keep himself abreast of the latest developments
including pronouncements of ICAI on accounting and auditing matters.
(iv) Work performed by others: If the auditor delegates some work to others and uses
work performed by others including that of an expert, he continues to be responsible
for forming and expressing his opinion on the financial information.
(v) Documentation: The auditor should document matters which are important in
providing evidence to ensure that the audit was carried out in accordance with the
basic principles.
(vi) Planning: The auditor should plan his work to enable him to conduct the audit in an
effective, efficient and timely manner. He should acquire knowledge of client’s
accounting system, the extent of reliance that could be placed on internal control and
coordinate the work to be performed.
(vii) Audit evidence: The auditor should obtain sufficient appropriate evidences through
the performance of compliance and other substantive procedures to enable him to
draw reasonable conclusions to form an opinion on the financial information.
(viii) Accounting System and Internal Control: The management is responsible for
maintaining an adequate accounting system incorporating various internal controls
appropriate to the size and nature of business. He auditor should assure himself that
the accounting system is adequate and all the information which should be recorded
has been recorded. Internal control system contributes to such assurance.
(ix) Audit conclusions and reporting: On the basis of the audit evidence, he should review
and assess the audit conclusions. He should ascertain:
.............
ACC311 Assignment No. 1 solution
Semester “Fall 2010”
“Auditing (ACC311)”
Assignment No. 01 Marks: 20
Question 1:
MR. A is a newly inducted trainee student in the audit firm. He thinks that auditor should
conduct an audit with a detective approach and should look only for frauds. Principal, Mr. X
tells him that audit has to be conducted with an approach of professional skepticism. The
principal has asked you to explain the concept of professional skepticism to Mr. A. (10)
Question 2
Explain Auditor’s responsibilities with respect to confidentiality of information. (10)
Important Tips
1. This Assignment can be best attempted from the knowledge acquired after
watching video lecture no. 1 to lecture no.8 and reading handouts as well as
recommended text book).
2. Video lectures can be downloaded for free from Online VU Lectures.
Schedule
Opening Date and Time October 26, 2010 At 12:01 A.M. (Mid-Night)
Due Date and Time October 29, 2010 At 11:59 P.M. (Mid-Night)
solution
professional skepticism is conducting the audit with a questioning mind and ensuring critical assessment of the audit evidence. this means that the firm should neither go into the audit thinking that the client is very honest nor thinking that he is absolutely dishonest
.......
Basic principles governing an audit
SA 200 “Basic Principals Governing an Audit”, describes the basic principles which govern
the auditor’s professional responsibilities and which should be complied with wherever an
audit is carried. They are described below:
(i) Integrity objectivity and independence: An auditor should be honest, sincere,
impartial and free from bias. He should be a man of high integrity and objectivity.
(ii) Confidentiality: The auditor should respect confidentiality of information acquired
during the course of his work and should not disclose the information without the
prior permission of the client, unless there is a legal duty to disclose.
(iii) Skill and competence: The auditor must acquire adequate training and experience.
He should be competent, skillful and keep himself abreast of the latest developments
including pronouncements of ICAI on accounting and auditing matters.
(iv) Work performed by others: If the auditor delegates some work to others and uses
work performed by others including that of an expert, he continues to be responsible
for forming and expressing his opinion on the financial information.
(v) Documentation: The auditor should document matters which are important in
providing evidence to ensure that the audit was carried out in accordance with the
basic principles.
(vi) Planning: The auditor should plan his work to enable him to conduct the audit in an
effective, efficient and timely manner. He should acquire knowledge of client’s
accounting system, the extent of reliance that could be placed on internal control and
coordinate the work to be performed.
(vii) Audit evidence: The auditor should obtain sufficient appropriate evidences through
the performance of compliance and other substantive procedures to enable him to
draw reasonable conclusions to form an opinion on the financial information.
(viii) Accounting System and Internal Control: The management is responsible for
maintaining an adequate accounting system incorporating various internal controls
appropriate to the size and nature of business. He auditor should assure himself that
the accounting system is adequate and all the information which should be recorded
has been recorded. Internal control system contributes to such assurance.
(ix) Audit conclusions and reporting: On the basis of the audit evidence, he should review
and assess the audit conclusions. He should ascertain:
SA 200 “Basic Principals Governing an Audit”, describes the basic principles which govern
the auditor’s professional responsibilities and which should be complied with wherever an
audit is carried. They are described below:
(i) Integrity objectivity and independence: An auditor should be honest, sincere,
impartial and free from bias. He should be a man of high integrity and objectivity.
(ii) Confidentiality: The auditor should respect confidentiality of information acquired
during the course of his work and should not disclose the information without the
prior permission of the client, unless there is a legal duty to disclose.
(iii) Skill and competence: The auditor must acquire adequate training and experience.
He should be competent, skillful and keep himself abreast of the latest developments
including pronouncements of ICAI on accounting and auditing matters.
(iv) Work performed by others: If the auditor delegates some work to others and uses
work performed by others including that of an expert, he continues to be responsible
for forming and expressing his opinion on the financial information.
(v) Documentation: The auditor should document matters which are important in
providing evidence to ensure that the audit was carried out in accordance with the
basic principles.
(vi) Planning: The auditor should plan his work to enable him to conduct the audit in an
effective, efficient and timely manner. He should acquire knowledge of client’s
accounting system, the extent of reliance that could be placed on internal control and
coordinate the work to be performed.
(vii) Audit evidence: The auditor should obtain sufficient appropriate evidences through
the performance of compliance and other substantive procedures to enable him to
draw reasonable conclusions to form an opinion on the financial information.
(viii) Accounting System and Internal Control: The management is responsible for
maintaining an adequate accounting system incorporating various internal controls
appropriate to the size and nature of business. He auditor should assure himself that
the accounting system is adequate and all the information which should be recorded
has been recorded. Internal control system contributes to such assurance.
(ix) Audit conclusions and reporting: On the basis of the audit evidence, he should review
and assess the audit conclusions. He should ascertain:
.............
Wednesday, October 27, 2010
Acc501 Assignment Announced
Assignment # 01 Marks: 20
“Accounting Ratios”
ABC Manufacturing Company had sales amounting Rs. 40,000,000 in fiscal year 2009. Given below are some ratios of the ABC Company. Use this information to determine the Rupee values of various income statement and balance sheet accounts as requested.
ABC Manufacturing Company
Year ended December 31, 2009
Sales Rs.80,000,000
Gross profit margin 80%
Operating profit margin 35%
Net profit margin 8%
Return on total assets 16%
Return on common equity 20%
Total assets turnover 2
Average collection period 70 days
Calculate the values for the following;
• Gross profit
• Cost of goods sold
• Operating profit
• Operating expenses
• Earnings available for common stockholders
• Total assets
• Total common equity
• Accounts receivable
(Assume360 days in a financial year)
solution:
Gross Profit 64,000,000
COGS 16,000,000
Operating Profit 28,000,000
Operating Expenses 36,000,000
Earning Available for common stockholder's 3,200,000
Total assets 40,000,000
Total common equity 1,280,000
Accounts recievable 41,120,000
“Accounting Ratios”
ABC Manufacturing Company had sales amounting Rs. 40,000,000 in fiscal year 2009. Given below are some ratios of the ABC Company. Use this information to determine the Rupee values of various income statement and balance sheet accounts as requested.
ABC Manufacturing Company
Year ended December 31, 2009
Sales Rs.80,000,000
Gross profit margin 80%
Operating profit margin 35%
Net profit margin 8%
Return on total assets 16%
Return on common equity 20%
Total assets turnover 2
Average collection period 70 days
Calculate the values for the following;
• Gross profit
• Cost of goods sold
• Operating profit
• Operating expenses
• Earnings available for common stockholders
• Total assets
• Total common equity
• Accounts receivable
(Assume360 days in a financial year)
solution:
Gross Profit 64,000,000
COGS 16,000,000
Operating Profit 28,000,000
Operating Expenses 36,000,000
Earning Available for common stockholder's 3,200,000
Total assets 40,000,000
Total common equity 1,280,000
Accounts recievable 41,120,000
Acc501 Assignment Announced
Assignment # 01 Marks: 20
“Accounting Ratios”
ABC Manufacturing Company had sales amounting Rs. 40,000,000 in fiscal year 2009. Given below are some ratios of the ABC Company. Use this information to determine the Rupee values of various income statement and balance sheet accounts as requested.
ABC Manufacturing Company
Year ended December 31, 2009
Sales Rs.80,000,000
Gross profit margin 80%
Operating profit margin 35%
Net profit margin 8%
Return on total assets 16%
Return on common equity 20%
Total assets turnover 2
Average collection period 70 days
Calculate the values for the following;
• Gross profit
• Cost of goods sold
• Operating profit
• Operating expenses
• Earnings available for common stockholders
• Total assets
• Total common equity
• Accounts receivable
(Assume360 days in a financial year)
solution:
Gross Profit 64,000,000
COGS 16,000,000
Operating Profit 28,000,000
Operating Expenses 36,000,000
Earning Available for common stockholder's 3,200,000
Total assets 40,000,000
Total common equity 1,280,000
Accounts recievable 41,120,000
“Accounting Ratios”
ABC Manufacturing Company had sales amounting Rs. 40,000,000 in fiscal year 2009. Given below are some ratios of the ABC Company. Use this information to determine the Rupee values of various income statement and balance sheet accounts as requested.
ABC Manufacturing Company
Year ended December 31, 2009
Sales Rs.80,000,000
Gross profit margin 80%
Operating profit margin 35%
Net profit margin 8%
Return on total assets 16%
Return on common equity 20%
Total assets turnover 2
Average collection period 70 days
Calculate the values for the following;
• Gross profit
• Cost of goods sold
• Operating profit
• Operating expenses
• Earnings available for common stockholders
• Total assets
• Total common equity
• Accounts receivable
(Assume360 days in a financial year)
solution:
Gross Profit 64,000,000
COGS 16,000,000
Operating Profit 28,000,000
Operating Expenses 36,000,000
Earning Available for common stockholder's 3,200,000
Total assets 40,000,000
Total common equity 1,280,000
Accounts recievable 41,120,000
MGT402 Assignment # 1 solution
Semester “FALL 2010”
“ Cost & Management Accounting (MGT402) ”
Assignment No. 01 Marks: 15
PROBLEM:
On March 01, 2008, FC Corporation had 250 gallons of material in store at Rs. 5.00 per gallon.
Following were the receipt and issues during March:
March 03: Purchased 1,200 gallons . Rs. 10 per gallon.
March 07: Issued 650 gallons to job #2325
March 13: 150 gallons were returned to store room.
March 29: Returned to supplier 80 gallons which was purchased on March 3.
Additional Information:
During that period, factory worked for 1,000 direct labour hours. Direct labour was Rs. 9,325
and factory overhead applied rate is Rs. 6.00 per direct labour hour. Actual factory over head
for that period was Rs. 7,500.
Following are the year end inventories:
Work in process Rs. 2,450
Finished goods Rs. 4,530
There were no beginning inventories for Work in process and finished goods.
Required:
1. Prepare Material Ledger Card under FIFO costing method. (10 Marks)
2. Prepare Cost of Goods Sold Statement under FIFO. (5 Marks)
Note: Cost of Goods Sold for the period is adjusted for under or over applied factory overhead.
“ Cost & Management Accounting (MGT402) ”
Assignment No. 01 Marks: 15
PROBLEM:
On March 01, 2008, FC Corporation had 250 gallons of material in store at Rs. 5.00 per gallon.
Following were the receipt and issues during March:
March 03: Purchased 1,200 gallons . Rs. 10 per gallon.
March 07: Issued 650 gallons to job #2325
March 13: 150 gallons were returned to store room.
March 29: Returned to supplier 80 gallons which was purchased on March 3.
Additional Information:
During that period, factory worked for 1,000 direct labour hours. Direct labour was Rs. 9,325
and factory overhead applied rate is Rs. 6.00 per direct labour hour. Actual factory over head
for that period was Rs. 7,500.
Following are the year end inventories:
Work in process Rs. 2,450
Finished goods Rs. 4,530
There were no beginning inventories for Work in process and finished goods.
Required:
1. Prepare Material Ledger Card under FIFO costing method. (10 Marks)
2. Prepare Cost of Goods Sold Statement under FIFO. (5 Marks)
Note: Cost of Goods Sold for the period is adjusted for under or over applied factory overhead.
solution:
Question No 1.
date
Received
Issued
Balance
Gallons of material
Unit cost
amount
Gallons of material
Unit cost
amount
Gallons of material
Unit cost
amount
2008
Rs
Rs
Rs
Rs
Rs
Rs
MAR.1
250
5.00
1250
MAR.3
1200
10
12000
250
1200
5.00
10
1250
12000
MAR.7
250
400
650
5.00
10
1250
4000
800
10
8000
MAR13
150
10
1500
150
800
10
10
1500
8000
80
10
800
70
800
10
10
700
8000
MAR29
MAR29
870
10
8700
CLOSING INVENTORY ACCORDING TO FIFO IS RS 8700.
Question No 2
2. RUPEES
OPNING INVENTORY =250*5=1250
ADD. NET PURCHASES =(1200*10)-(80*10)
=12000-800
=11200
MATERIAL AVAILABLE FOR USE =1250+11200=12450
LESS. CLOSING INVENTORY =12450-8700
DIRECT MATERIAL CONSUMED =3750
ADD.DIRECT LABOUR COST =3750+9325
PRIME COST =13075
ADD.F.O.H =13075*(1000*6)
TOTAL FACTORY COST =19075
COST OF GOODS TO BE MANUFECTURED=19075
LESS.CLOSING WORK IN PROCESS =19075-2450
COST OF GOODS MANUFECTURED =16625
COST OF GOODS TO BE SOLD= =16625
LESS.CLOSING FINISHED GOODS =16625-4530
COST OF GOOD TO SOLD AT NORMAL=12095
ADD UNDER APPLIED FACTORY OVERHEADS=12095+1500
COST OF GOOD SOLD AT ACTUAL =13595
SUPPORTING CALCULATION
ACTUAL FACTORY OVERHEADS =7500
APPLIED FACTORY OVERHEADS =6000
UNDER APPLIED FACTORY OVERHEADS =1500
MGT402 Assignment # 1 solution
Semester “FALL 2010”
“ Cost & Management Accounting (MGT402) ”
Assignment No. 01 Marks: 15
PROBLEM:
On March 01, 2008, FC Corporation had 250 gallons of material in store at Rs. 5.00 per gallon.
Following were the receipt and issues during March:
March 03: Purchased 1,200 gallons . Rs. 10 per gallon.
March 07: Issued 650 gallons to job #2325
March 13: 150 gallons were returned to store room.
March 29: Returned to supplier 80 gallons which was purchased on March 3.
Additional Information:
During that period, factory worked for 1,000 direct labour hours. Direct labour was Rs. 9,325
and factory overhead applied rate is Rs. 6.00 per direct labour hour. Actual factory over head
for that period was Rs. 7,500.
Following are the year end inventories:
Work in process Rs. 2,450
Finished goods Rs. 4,530
There were no beginning inventories for Work in process and finished goods.
Required:
1. Prepare Material Ledger Card under FIFO costing method. (10 Marks)
2. Prepare Cost of Goods Sold Statement under FIFO. (5 Marks)
Note: Cost of Goods Sold for the period is adjusted for under or over applied factory overhead.
“ Cost & Management Accounting (MGT402) ”
Assignment No. 01 Marks: 15
PROBLEM:
On March 01, 2008, FC Corporation had 250 gallons of material in store at Rs. 5.00 per gallon.
Following were the receipt and issues during March:
March 03: Purchased 1,200 gallons . Rs. 10 per gallon.
March 07: Issued 650 gallons to job #2325
March 13: 150 gallons were returned to store room.
March 29: Returned to supplier 80 gallons which was purchased on March 3.
Additional Information:
During that period, factory worked for 1,000 direct labour hours. Direct labour was Rs. 9,325
and factory overhead applied rate is Rs. 6.00 per direct labour hour. Actual factory over head
for that period was Rs. 7,500.
Following are the year end inventories:
Work in process Rs. 2,450
Finished goods Rs. 4,530
There were no beginning inventories for Work in process and finished goods.
Required:
1. Prepare Material Ledger Card under FIFO costing method. (10 Marks)
2. Prepare Cost of Goods Sold Statement under FIFO. (5 Marks)
Note: Cost of Goods Sold for the period is adjusted for under or over applied factory overhead.
solution:
Question No 1.
date
Received
Issued
Balance
Gallons of material
Unit cost
amount
Gallons of material
Unit cost
amount
Gallons of material
Unit cost
amount
2008
Rs
Rs
Rs
Rs
Rs
Rs
MAR.1
250
5.00
1250
MAR.3
1200
10
12000
250
1200
5.00
10
1250
12000
MAR.7
250
400
650
5.00
10
1250
4000
800
10
8000
MAR13
150
10
1500
150
800
10
10
1500
8000
80
10
800
70
800
10
10
700
8000
MAR29
MAR29
870
10
8700
CLOSING INVENTORY ACCORDING TO FIFO IS RS 8700.
Question No 2
2. RUPEES
OPNING INVENTORY =250*5=1250
ADD. NET PURCHASES =(1200*10)-(80*10)
=12000-800
=11200
MATERIAL AVAILABLE FOR USE =1250+11200=12450
LESS. CLOSING INVENTORY =12450-8700
DIRECT MATERIAL CONSUMED =3750
ADD.DIRECT LABOUR COST =3750+9325
PRIME COST =13075
ADD.F.O.H =13075*(1000*6)
TOTAL FACTORY COST =19075
COST OF GOODS TO BE MANUFECTURED=19075
LESS.CLOSING WORK IN PROCESS =19075-2450
COST OF GOODS MANUFECTURED =16625
COST OF GOODS TO BE SOLD= =16625
LESS.CLOSING FINISHED GOODS =16625-4530
COST OF GOOD TO SOLD AT NORMAL=12095
ADD UNDER APPLIED FACTORY OVERHEADS=12095+1500
COST OF GOOD SOLD AT ACTUAL =13595
SUPPORTING CALCULATION
ACTUAL FACTORY OVERHEADS =7500
APPLIED FACTORY OVERHEADS =6000
UNDER APPLIED FACTORY OVERHEADS =1500
Monday, July 19, 2010
ACC501 - Business Finance GDB solution
Capital structure of ABC Company has a mixture of debt and equity. The company is considering a restructuring that would involve issuing more debt and using proceeds to buy back some of the outstanding equity. How it will effect on financial leverage?
Below is the idea to solve subject GDB. Kindly don't copy as it is, take idea from here and make it in your own style / words.
1. Issuing More Debts means that we are issuing bonds / debentures etc.
2. Buy back some outstanding equity means we are invoking Call Provision for our shares.
3. Effect on financial leverage shall be positive.
Kindly review related lectures for a better understanding.
ACC501 - Business Finance GDB solution
Capital structure of ABC Company has a mixture of debt and equity. The company is considering a restructuring that would involve issuing more debt and using proceeds to buy back some of the outstanding equity. How it will effect on financial leverage?
Below is the idea to solve subject GDB. Kindly don't copy as it is, take idea from here and make it in your own style / words.
1. Issuing More Debts means that we are issuing bonds / debentures etc.
2. Buy back some outstanding equity means we are invoking Call Provision for our shares.
3. Effect on financial leverage shall be positive.
Kindly review related lectures for a better understanding.
Tuesday, July 6, 2010
ACC501 Gdb solution
Question:
Approches NPV Payback period
Project A -1,280 2.88
Project B 2,560 3.2
Project C 2,560 2.88
Project D -2,240 2.89
Solution:
Project : C
Reason: Because it has the lowest payback period
Approches NPV Payback period
Project A -1,280 2.88
Project B 2,560 3.2
Project C 2,560 2.88
Project D -2,240 2.89
Solution:
Project : C
Reason: Because it has the lowest payback period
ACC501 Gdb solution
Question:
Approches NPV Payback period
Project A -1,280 2.88
Project B 2,560 3.2
Project C 2,560 2.88
Project D -2,240 2.89
Solution:
Project : C
Reason: Because it has the lowest payback period
Approches NPV Payback period
Project A -1,280 2.88
Project B 2,560 3.2
Project C 2,560 2.88
Project D -2,240 2.89
Solution:
Project : C
Reason: Because it has the lowest payback period
Friday, June 25, 2010
Tuesday, June 22, 2010
ACC GDB # 2 solution
ACC GDB # 2 Solution:
Following are the techniques of audit testing:
Inspection
Observation
Inquiry
Confirmation
Computation
Analytical review
If an Auditor studies significant ratios and compares financial information with prior periods and investigates unusual fluctuations, his technique of audit testing will fall into which of the above given techniques?
Answer:
yes neo You r right " It is Analytical Review"
Analytical Review
Compare amounts and ratios (e.g., effective tax rates) for the current period with the prior year. Investigate significant fluctuations. Test ratios and other calculations, as necessary.
Following are the techniques of audit testing:
Inspection
Observation
Inquiry
Confirmation
Computation
Analytical review
If an Auditor studies significant ratios and compares financial information with prior periods and investigates unusual fluctuations, his technique of audit testing will fall into which of the above given techniques?
Answer:
yes neo You r right " It is Analytical Review"
Analytical Review
Compare amounts and ratios (e.g., effective tax rates) for the current period with the prior year. Investigate significant fluctuations. Test ratios and other calculations, as necessary.
ACC GDB # 2 solution
ACC GDB # 2 Solution:
Following are the techniques of audit testing:
Inspection
Observation
Inquiry
Confirmation
Computation
Analytical review
If an Auditor studies significant ratios and compares financial information with prior periods and investigates unusual fluctuations, his technique of audit testing will fall into which of the above given techniques?
Answer:
yes neo You r right " It is Analytical Review"
Analytical Review
Compare amounts and ratios (e.g., effective tax rates) for the current period with the prior year. Investigate significant fluctuations. Test ratios and other calculations, as necessary.
Following are the techniques of audit testing:
Inspection
Observation
Inquiry
Confirmation
Computation
Analytical review
If an Auditor studies significant ratios and compares financial information with prior periods and investigates unusual fluctuations, his technique of audit testing will fall into which of the above given techniques?
Answer:
yes neo You r right " It is Analytical Review"
Analytical Review
Compare amounts and ratios (e.g., effective tax rates) for the current period with the prior year. Investigate significant fluctuations. Test ratios and other calculations, as necessary.
Monday, June 21, 2010
Acc311 GDB Solution
Following are the techniques of audit testing:
Inspection
Observation
Inquiry
Confirmation
Computation
Analytical review
If an Auditor studies significant ratios and compares financial information with prior periods and investigates unusual fluctuations, his technique of audit testing will fall into which of the above given techniques?
Observation
Inquiry
Confirmation
Computation
Analytical review
If an Auditor studies significant ratios and compares financial information with prior periods and investigates unusual fluctuations, his technique of audit testing will fall into which of the above given techniques?
Answer:-
Analytical review
Acc311 GDB Solution
Following are the techniques of audit testing:
Inspection
Observation
Inquiry
Confirmation
Computation
Analytical review
If an Auditor studies significant ratios and compares financial information with prior periods and investigates unusual fluctuations, his technique of audit testing will fall into which of the above given techniques?
Observation
Inquiry
Confirmation
Computation
Analytical review
If an Auditor studies significant ratios and compares financial information with prior periods and investigates unusual fluctuations, his technique of audit testing will fall into which of the above given techniques?
Answer:-
Analytical review
Sunday, May 30, 2010
ACC311 current paper (May 2010)
28 mcqs
enlist the categories of risk assessment procedure ( 3 marks)
definition of internal control and enlist the procedure of audit ? (3 marks)
what is the purpose of substantive procedure and define the "timing"? (5 marks)
what is the information system and what is the importance in the accounting systems (5 marks)
enlist the categories of risk assessment procedure ( 3 marks)
definition of internal control and enlist the procedure of audit ? (3 marks)
what is the purpose of substantive procedure and define the "timing"? (5 marks)
what is the information system and what is the importance in the accounting systems (5 marks)
ACC311 current paper (May 2010)
28 mcqs
enlist the categories of risk assessment procedure ( 3 marks)
definition of internal control and enlist the procedure of audit ? (3 marks)
what is the purpose of substantive procedure and define the "timing"? (5 marks)
what is the information system and what is the importance in the accounting systems (5 marks)
enlist the categories of risk assessment procedure ( 3 marks)
definition of internal control and enlist the procedure of audit ? (3 marks)
what is the purpose of substantive procedure and define the "timing"? (5 marks)
what is the information system and what is the importance in the accounting systems (5 marks)