Due now-timed test | Accounting homework help

(1)

 The following misstatements are sometimes found in the sales and collection cycle’s account balances:

                        1. The accounts receivable trial balance total does not equal the amount in the general ledger.

                        2. Several accounts receivable in the accounts receivable master file are not included in the aged trial balance.

                        3. One account receivable in the accounts receivable master file is included on the aged trial balance twice.

                        4. A shipment made in the subsequent period is recorded as a current period sale.

                        5. The allowance for uncollectible accounts is inadequate because of the client’s failure to reflect depressed economic conditions in the allowance.

                        6. Several accounts receivable are in dispute as a result of claims of defective merchandise.

                        7. The pledging of accounts receivable to the bank for a loan is not disclosed in the financial statements.

                        8. Goods shipped and included in the current period sales were returned in the subsequent period.

                        9. Long-term interest-bearing notes receivable from affiliated companies are included in accounts receivable.

Required

                        a. For each misstatement, identify the balance-related audit objective to which it pertains.

                        b. For each misstatement, list an internal control that should prevent it.

                        c. For each misstatement, list one test of details of balances audit procedure that the auditor can use to detect it.

 

 

(2) 

            a. In each of the following independent problems, design an unbiased random sampling plan, using an electronic spreadsheet or a random number generator program. The plan should include defining the sampling unit and establishing a numbering system for the population. After the plan has been designed, select the sample using the computer. Assume that the sample size is 75 for each of (1) through (4).

            (1) Prenumbered sales invoices in a sales journal where the lowest invoice number is 1 and the highest is 8274.

            (2) Prenumbered bills of lading where the lowest document number is 18221 and the highest is 29427.

            (3) Accounts receivable on 20 pages with 50 lines per page except the last page, which has only 29 full lines. Each line has a customer name and an amount receivable.

            (4) Prenumbered invoices in a sales journal where each month starts over with number 1. (Invoices for each month are designated by the month and document number.) There is a maximum of 25 pages per month with a total of 215 pages for the year. All pages have 100 invoices except for the last page for each month.

            b. Using systematic sampling, select the first five sample items for populations (1) through (3) from part a, using the random starting points shown. Recall that the sample size is 75 in each case.

            (1) Invoice #39

            (2) Bill of lading #18259

            (3) Page 1, line #11

 

 

 

 

 

 

University Writings
Calculate your paper price
Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional and Experienced Academic Writers

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.

Essays

Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.

Admissions

Admission Essays & Business Writing Help

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.

Reviews

Editing Support

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.

Reviews

Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.