ACCT 555 Week 7 HW KB

Powerful Essays
Khalia Brewer
Accct 555
Week 7
Homework

20-17

A.(2)- have a paymaster who has no other payroll responsibility distribute the payroll checks.
B.(3)- Employees might be paid for hours they did not work.
C.(3)- authorization of transactions from the custody of related assets.

20-20

TYPE OF TEST
TRANSACTION-RELATED AUDIT OBJECTIVE(S)
1. Substantive test of transactions
To determine if monthly payroll costs have been correctly allocated (accuracy).
2. Test of control
To determine if recorded payroll transactions are for work actually performed by existing employees (occurrence).
3. Substantive test of transactions
To determine if employees are paid for the hours they have worked (accuracy).
4. Substantive test of transactions
To determine if the appropriate person is paid and amount and time are correct (accuracy and timing).
5. Substantive test of transactions
To determine if the correct job is charged for labor and if the amount is recorded correctly for each job (classification and accuracy).
6. Test of control
To determine if all payroll checks are recorded (completeness).
7. Substantive test of transactions
To determine whether terminated employees were subsequently paid for work not performed (occurrence). To determine whether an obligation may exist for unpaid severance pay (completeness).

21-17
A.(3)- The perpetual inventory system will not allow an addition of inventory to be posted without entry of a valid receiving report number.
B.(2)- forwarded to the receiving department.
C.(1)- Maintain a perpetual inventory master file of only the more valuable items with frequent periodic verification of the validity of the perpetuals.

21-18
A.(1)-Costs have been correctly assigned to finished goods, work-in-process, and cost of goods sold.
B.(2)- Receiving reports
C.(2)- Purchasing agents who arrange for shipment of raw materials from vendors are responsible for verifying actual receipt of the inventory items at the receiving dock.

21-19

A.(4)-

You May Also Find These Documents Helpful

  • Good Essays

    ACCT 555 Week 6 HW KB

    • 2320 Words
    • 11 Pages

    Khalia Brewer ACCT 555 Week 6 Homework 14-21 A. (2)- Occurrence B. (1)- Accuracy C. (3)- Monthly statements are sent to customers and any discrepancies are resolved by someone independent of cash handling and accounting. D. (4)- existing cash receipts are recorded. 14-22 A.(4)- Receiving reports are prepared for all materials received and such reports are accounted for on a timely basis. B.(3)- Employees involved in the credit-granting function are separated from the sales function C.(1)-…

    • 2320 Words
    • 11 Pages
    Good Essays
  • Good Essays

    Acct 555 HW Week 6

    • 3582 Words
    • 14 Pages

    Acct 555 HW Week 6 Chapter 14, pages 468–469: Problems 14-21, 14-22, 14-23, and 14-24 a. The accounting system will not post a sales transaction to the sales journal without a valid bill of lading number. This control is most relevant to which transaction-related objective for sales? (1) Accuracy (2) Occurrence (3) Completeness (4) Posting and summarization 467468 b. The accounting system automatically obtains the unit price based on scans of bar codes for merchandise sold. This control is most…

    • 3582 Words
    • 14 Pages
    Good Essays
  • Better Essays

    Acct 555 Smackey

    • 2369 Words
    • 10 Pages

    Course Project This paper analyzes a fictional privately held company, Smackey Dog Foods, Inc. as well as its fictional auditor, Keller CPAs. The analysis is based on a Keller Graduate School of Management scenario and a series of questions developed to address concepts learned throughout the External Auditing course. Concepts include: SEC influence, audit planning, audit stages, internal controls, confirmations, sample size, obtaining evidence, inventory, warehousing cycles, Professional Rules of…

    • 2369 Words
    • 10 Pages
    Better Essays
  • Good Essays

    Ac 555 Assignment Week- 7

    • 980 Words
    • 4 Pages

    AC 555 Assignment Week- 7 Problem 18-18 a. (2) b. (2) c. (2) Problem 18-21 a. 1. Both (test of authorization is a test of control) 2. Test of control 3. Substantive test of control 4. Test of control 5. Substantive test of transactions 6. Both (accounting for sequence is a test of control) 7. Substantive test of transactions b. 1. a) To determine that the amount recorded in the acquisitions journal is correct (accuracy)…

    • 980 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Hw 1 Acct

    • 312 Words
    • 2 Pages

    Multiple Choice (12 marks) Choose the best answer for each of the following 8 multiple choice questions. Circle your answer directly on the quiz booklet. Only one answer will be accepted for each multiple choice question. There is no penalty for guessing. Question No. 1 (2 marks) Bobcat Company uses a job-order costing system. During April, the following costs appeared in the Work in Process Inventory account: Beginning balance $ 24,000 Direct material used 70,000 Direct labor incurred 60…

    • 312 Words
    • 2 Pages
    Good Essays
  • Satisfactory Essays

    week 7 hw Essay Example

    • 779 Words
    • 3 Pages

    Homework 1. Explain how the use of substances alters a person’s state of consciousness, including depressants, stimulants, and hallucinogens. Include in this explanation what happens to the neurotransmitters and body chemicals as well as how you might recognize whether a person at work or in your family is in an altered state of consciousness due to the influence of drugs. Stimulants can be used to speed up the central nervous system making a person fell more alert and aware of their surroundings…

    • 779 Words
    • 3 Pages
    Satisfactory Essays
  • Satisfactory Essays

    WEEK 7 RESEARCH PROJECT (SET #1) DeVry University Acct 429-Professor Woodard Rosa Leon TAX FILE MEMORANDUM-1st Assignment FROM: Rosa Leon SUBJECT: Tracy Meal Deduction Question Today I talked to Tracey taxpayer with respect to her question regarding the meal deductions. Tracey is a sales representative for a national pharmaceutical company. FACTS: She has a rather large sales territory, and she makes her rounds to her customers using acompany-owned car over a 16- to 19-hour period of…

    • 518 Words
    • 3 Pages
    Satisfactory Essays
  • Satisfactory Essays

    CMGT 555 Week 5 DQs

    • 422 Words
    • 3 Pages

    This work of CMGT 555 Week 5 Discussion Questions shows the solutions to the following problems: DQ 1: Identify advantages and risks associated with open source software. DQ 2: Explain unit, integration and systems testing. Who is responsible for each type of testing? General Questions - General General Questions CMGT 555 Week 2 Individual Assignment Systems Development Paper CMGT 555 Week 2 Learning Team Assignment CMGT 555 Week 3 Individual Assignment Requirements Paper…

    • 422 Words
    • 3 Pages
    Satisfactory Essays
  • Powerful Essays

    Acct Hw Chap 4 Solutions

    • 10630 Words
    • 43 Pages

    other financial statements. Preparation of balance sheet; issues of format, terminology, and valuation. Subsequent events. Questions 1, 2, 3, 5, 6, 7, 10, 18, 21, 24, 25 11, 12, 13, 14, 15, 16, 18, 19 4, 7, 8, 9, 16, 17, 20, 23, 26 22 1 Brief Exercises Exercises Problems 2. 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11 1, 2, 3, 6, 7, 8, 9, 10 4, 5, 6, 7, 11, 12 13, 14 1, 2, 3, 4, 5 6 3. 4. © 2008 For Instructor Use Only 4-1 ASSIGNMENT CLASSIFICATION TABLE (BY LEARNING OBJECTIVE)…

    • 10630 Words
    • 43 Pages
    Powerful Essays
  • Satisfactory Essays

    Week 1 hw

    • 605 Words
    • 3 Pages

    the personal tax rate on (both dividend and non-dividend) income is 30%. How much is left for you after all taxes are paid? 0.40 * $2 = $0.80 2-0.80 = $1.20 income after corporate tax 0.30 * 1.20 = $0.36 1.20-0.36 = $0.84 after tax income 7. Repeat Problem 6 assuming the corporation is an S corporation. In S Corporation only the individual is liable for taxation. 0.30 * $2= 1.40 Chapter 2 8. In early 2009, General Electric (GE) had a book value of equity of $105 billion, 10.5…

    • 605 Words
    • 3 Pages
    Satisfactory Essays