1. Discuss the circumstances in which an auditor would prepare a proof of cash. (6 marks) Auditors would prepare a proof of cash when the client has material internal control weakness in cash. If all cash receipts were deposited and all deposits were recorded in the accounting records‚ all recorded cash disbursements were paid by the bank and all amounts that were paid by the bank were recorded. 2. What should be audited on an interbank transfer schedule? (5 marks) The following should be audited
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INTRODUCTION For this course which is Audit 1‚ I need to complete the case study‚ the topic that I have chosen is Audit of property‚ plant and equipment. Property‚ plant and equipment are assets that have expected lives of more than one year‚ used by the company for business purposes‚ and are not acquired for resale. The purpose of using property‚ plant and equipment as part of the operation of client’s business and their expected lives of more than one year are the significant characteristics that
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Property‚ Plant and Equipment Property‚ Plant and Equipment I- Nature of Accounting Issues Businesses purchase and use a variety of fixed assets‚ such as equipment‚ furniture‚ tools‚ machinery‚ buildings‚ and land. These fixed assets are long-term or relatively permanent assets. Also‚ they are tangible assets because they exist physically. They are owned and used by the business and are not offered for sale as part of normal operations. Perhaps the most descriptive titles these assets are
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PROPERTY‚ PLANT AND EQUIPMENT I. Major Characteristics a. Tangible assets (with physical substance) b. Used in business – production or supply of goods or services‚ for rental purposes‚ and for administrative purposes c. Expected to be used for a period of more than one year Examples Property not subject to depreciation – e.g.‚ land Property subject to depreciation – e.g.‚ building‚ machinery‚ equipment‚ furniture‚ fixtures‚ leasehold improvements II. Initial Recognition a. Should comply with
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13/08/2012 Topic 3 Property‚ Plant & Equipment The nature of PP&E • AASB 116 defines property‚ plant & equipment (PP&E) as: • tangible items • with a specific use within the entity • that are expected to be used during more than one period AASB 116 specifically excludes assets held for re-sale PP&E is normally divided into classes. Common classes include land‚ buildings‚ machinery‚ motor vehicles. • • 1 13/08/2012 Initial recognition of PP&E • Cost of an item is recognised as
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Mattel Property‚ Plant‚ and Equipment Property‚ plant‚ and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over estimated useful lives of 10 to 40 years for buildings‚ 3 to 10 years for machinery and equipment‚ and 10 to 20 years‚ not to exceed the lease term‚ for leasehold improvements. Tools‚ dies‚ and molds are amortized using the straight-line method over 3 years. Estimated useful lives are periodically reviewed
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Magdalena Company purchased an equipment in exchange for a noninterest bearing note requiring eight payments of P 250‚000. The first payment was made on December 31‚ 2012‚ and the others are due annually on December 31. At the date of issuance‚ the prevailing rate of interest for this note is 13%. PV of an ordinary annuity of 1 at 13% for 8 periods 4.799 PV of an annuity of 1 in advance at 13% for 8 periods 5.423 What amount should be recorded as initial cost of equipment? a. P 1‚355‚750
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101 Ideas for Women’s Ministries Success in the church will come only when there are more ministries than programs. People don’t need more programs. They need ministries that will meet their needs where they are. 1. Check the Women’s Ministries website http://wm.gc.adventist.org for ideas 2. Buy a current Women’s Ministries devotional book 3. Plan a “Working Mothers” seminar to help women who juggle home and career 4. Be sure your church has a Women’s Ministries leader 5. Encourage
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Antimicrobial Properties of Plants A plant with antimicrobial properties means that it destroys or inhibits the growth of bacteria and fungi. Aim: our aim was to see weather or not garlic‚ mint and grass contained antimicrobial properties and if they did how effective they were we were trying to see weather the bacteria will grow around the different plants. Control Test: As a control test what we did was‚ we dipped a paper disc into the alcohol solution we used to dissolve the plants; the reason
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Statement: There are many common plants that contain medicinal properties that also explore information on treatment‚ health benefits & side effects. Guide Questions: 1. What are the common plants with medicinal properties? 2. What are the common medicinal properties that these plants contain? 3. What are the benefits and risks brought about by these medicinal properties of plants? 4. What are the side effects in taking up medicinal plants? Are there any? Sentence Outline
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