Date: Thu‚ 17 JAN 2008 7:42:53 +0000 From: "Darlene Wardlaw" Subject: Understanding the Revenue Cycle Attachment: I’ve attached a Sales internal control questionnaire from another engagement that I think you can use for Apollo. You may want to talk to Karina Ramirez to get answers to the questions. 1. Complete the ICQ for Apollo. For “yes” answers‚ add a comment stating which department and clerk performs the function. For “no” answers‚ describe the possible “errors” or “frauds”
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ACCT 340 – Fall 2013 Exam 2 Review Problems: Chapters 5‚7‚8‚9 Chapter 5: 1. On February 1‚ 2007‚ Nance Contractors agreed to construct a building at a contract price of $6‚000‚000. Nance estimated total construction costs would be $4‚000‚000 and the project would be finished in 2009. Information relating to the costs and billings for this contract is as follows: 2007 2008 2009 Costs incurred in current year $1‚500‚000 $1‚140‚000 $1‚960‚000 Estimated costs to complete 2
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The Laramie account is a big account. It is a big account because this is the first time they are having a full-scale audit of their financial statements and they are planning to go public and become an initial public offering (IPO). Since this is our first time this is happening we have to very careful with the analytical procedures. Analytical procedures are reasonableness test auditors compare their estimates of account balances with those recorded by management. Analytical procedures must be
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CHAPTER 12 STATEMENT OF CASH FLOWS SUMMARY OF QUESTIONS BY OBJECTIVES AND BLOOM’S TAXONOMY |Item | |1. | |42.
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Add: ADVANCE \r 1 Net income 4‚300 4‚300 Less: Dividends 1‚700 Retained earnings‚ May 31$2‚600 Special Delivery Balance Sheet May 31‚ 2012 Assets Cash$ 15‚800 Accounts receivable 6‚200 Equipment 56‚000 Total assets$78‚000 Liabilities and Stockholders’ Equity Liabilities Notes payable$28‚000 Accounts payable 2‚400 Total liabilities$30‚400 Stockholders’ equity Common stock 45‚000 Retained earnings 2‚600 47‚600 Total liabilities and stockholders’ equity$78‚000 (b)Special
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Date: 19 Jan 1:30:27 From: Dennis Reese Subject: Revenue Cycle Problems I have looked over Bradley’s report and yes we do have some issues with the Sales‚ and Account Receivables. The fourth quarter deviations overstated are the worst because they can have the most effect on the Financial Statements. The controls need to be more uniform as Bradley stated because then they would even out through the months instead of hitting us mostly on the fourth quarter. The company reports financial
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Goodwill. B.Accounts receivable. C.Inventory. D.Supplies. 23.Which of the following accounts are closed at the end of the accounting period? A.Allowance for uncollectible accounts. B.Unearned revenue. C.Retained earnings. D. Income tax expense. 24.Which is a shareholders’ equity account in the balance sheet? A. Accumulated depreciation. B. Paid-in capital. C.Dividends payable. D.Marketable securities. 25.Rent collected in advance is: A. An asset account in the balance sheet.
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(KidKare‚ Inc. 2011) | | |General Journal | | |G15 | |Date |Account Titles & Explanations |Ref |Debit |Credit | |Dec30 |Childcare Exp. |410 |
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Giving examples‚ evaluate the effectiveness of the controls in the double entry system of accounting in ensuring the accuracy of the accounts. As well as examining the controls‚ your evaluation should consider errors that do not affect the balancing of the trial balance. Double entry accounting system was invented in 15th century and still being in use until today‚ this is quite an interesting fact; however it indicates that there is something about the system‚ thus making it so effective and
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CHAPTER 13 Financial Statement Analysis OVERVIEW OF EXERCISES‚ PROBLEMS‚ AND CASES Estimated Time in Learning Outcomes Exercises Minutes Level 1. Explain the various limitations and considerations in financial statement analysis. 2. Use comparative financial statements to analyze a company 12* 45 Mod over time (horizontal analysis). 13* 30 Mod 3. Use common-size financial statements to compare various 12* 45 Mod financial statement items (vertical analysis)
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