Premium Essay

Textbook Questions

In:

Submitted By kittanna
Words 1895
Pages 8
Running head: Unit 3 Textbook Questions

Unit 3 Textbook Questions
Wendy Fast
AC503: Advanced Auditing

Unit 3 Textbook Questions
5-29: (Assertions). In planning the audit of a client’s inventory, an auditor identified the following issues that need audit attention. 1. Inventories are properly stated at the lower of cost or market.
Valuation or Allocation. 2. Inventories included in the balance sheet are present in the warehouse on the balance sheet date.
Rights and obligations. 3. Inventory quantities include all products, materials, and supplies on hand.
Completeness.
4. Liens on the inventories are properly disclosed in notes to the financial statements.
Presentation and Disclosure. 5. The client has legal title to the inventions.
Rights and Obligations. 6. The financial statements disclose the amount of raw materials, work in progress, and finished goods.
Valuation or Allocation. 7. Inventories include all items purchased by the company that are in transit at the balance sheet date and that have been shipped to customers on consignment.
Completeness.
8. Inventories received on consignment from suppliers have been excluded from inventory.
Rights and Obligations 9. Quantities times prices have been properly extended on the inventory listing, the listing is properly totaled, and the total agrees with the general ledger balance for inventories.
Valuation or Allocation. 10. Slow-moving items included in inventory have been properly identified and priced.
Valuation or Allocation. 11. Inventories are properly classified in the balance sheet as current assets.
Rights and Obligations.
Identify the assertion for items 1 through 11 above.
6-21: (Audit Evidence). In an audit of financial statements, an auditor must judge the validity of the audit evidence obtained.
Required.
a. In the course of an

Similar Documents

Free Essay

Business and Economics

...FULLERTON International Law for Business (Mgmt 346) Section 20579 Course Syllabus for Fall 2016 MIHAYLO COLLEGE OF BUSINESS AND ECONOMICS Professor Carl Pentis DEPARTMENT OF MANAGEMENT Office: SGMH 5385 Law Office telephone: (714)385-9682 Cell (text or call me!): (310)594-0869 Office hours: Tuesday, Thursday 5:00-5:30 pm; and by appointment School Office e-mail: cpentis@fullerton.edu Law Firm e-mail:carlpentis@gmail.com Law Firm fax: (714) 385-9682 Class day, hours and location: Tuesday and Thursday 5:30 to 6:45 p.m.; SGMH 1109 Course Description From the CSUF Catalog Prerequisite: Management 246 or equivalent. Textbook and Other Course Materials The course text is International Business Law and its Environment, by Schaffer, Agusti, Dhooge, Cengagge Learning, (9th ed. 2015). This can be an expensive textbook so you should consider purchasing the eBook at the Titan Bookstore. Also, I will provide links to PowerPoint presentations and other select added course materials on the course website. Course Mechanics and Procedures Open-Door Policy. My policy has always been “open-door.” Therefore, you should not hesitate to contact me in person or by e-mail1 or telephone. Reading. We will cover many chapters from the text during the semester. Course readings will include chapters from the text plus the assigned cases cited below. Bring your text to all class sessions since we will refer to it frequently. 1 Please be advised that e-mails may...

Words: 3880 - Pages: 16

Premium Essay

Dsc Review

...TEXTBOOK REVIEW Purchasing and Materials Management Textbooks A Review by Dan Reid Bowling Green State University The area of purchasing and materials management has entered a challenging era. In an effort to retain its competitive standing in the international marketplace, American industry has turned to purchasing and materials management for help. The importance placed on purchasing and materials management is highlighted in a forthcoming study done for the National Association of Purchasing Managers by Hahn and Kim which found that more than two hundred universities and colleges now offer courses in this area. General observations can be made about the textbooks available in this area. First, if purchasing and materials management is to remain a viable focal point for retaining the competitive edge, professionals in this area must interact successfully with engineers, production planners, vendors, quality assurance personnel, controllers, management information systems, and computers. The diversity of knowledge required is evident in the textbooks. Although a core of standard topics has been developed, the emphasis placed on each topic varies considerably according to the author's biases; the same can be said about the coverage of peripheral topics. Second, academic research in purchasing and materials management is in its infancy. Most of the research referenced or techniques used have 878 James M. McFillen Textbook Review Editor been done in peripheral areas. Because...

Words: 2313 - Pages: 10

Free Essay

Computers

...The question of replacing students’ textbooks with individual laptops, or other similar gadgets, in an increasingly popular conception. Still, this is connected to a myriad of issues and peculiarities to be considered, and some scientists believe that technological advancement makes such conundrums inevitable (Cavanaugh, 2006). As modern lifestyles become more efficient and more complicated, people seek ways to apply technology to mundane activities in order to simplify these tasks. According to Professor Brian Nejmeh (2012), the acquisition of knowledge needs to be in tandem with current technological trends. One of the spheres having the rifest debates about implementing technologies is education. Among several radical proposals concerning this question was a blanket ban on textbooks in favor of laptops, which resulted in controversy reaching its peak. The general cost of buying a laptop and maintaining it is higher as compared to school textbooks. The digital text combination, inherent in laptops, is still a relatively new and expensive technology (Cavanaugh, 2006). Someday, in the future, its cost might lower significantly. As of now, though, not every student can afford to have a laptop. Presently, the most affordable way to gradually slash costs is creating CDs of textbooks by publishers to be used in schools. This could also eliminate the need for paper, and lower printing expenses. This would also be a boon to environmental preservation. The other important issue...

Words: 365 - Pages: 2

Free Essay

Marketing 279 Term Paper

...students to have access to required textbooks through an electronic book service. This type of service will be different from our competitors as it will be available through kiosks placed on campus and students will have choices between renting only a portion or an entire book. Rent duration will be anywhere from just one day to an entire semester – all for a student to decide. Another characteristic that differentiates us from competitors is our ability to offer electronic books at a low price. Our product is user-friendly and developed specifically for college students who need quick and easy access to desirable textbooks and parts of textbooks without paying a large amount of money for them. In order to move forward with our product, we first needed to estimate our potential customer demand. A survey was conducted on various college and university campuses and covered over 200 students. Questions required both qualitative and quantitative responses that allowed us to answer our research objectives. * What industry are we in? * What are the current industry trends for e textbooks? Growth or decline? Products offered? Consumer targets? Advertising and promotions? * Who are the competitors and what is their target and marketing mix? * What is the consumer behavior of students with regard to buying textbooks and e-textbooks? How much are they spending? Where are they buying? What factors contribute to their decision to buy a textbook or not? * How likely are students...

Words: 18818 - Pages: 76

Free Essay

Media Sources

...Media Summary The media sources I used this week are the same media sources I used in the previous weeks of this course. The media sources I used for this week’s topics included the textbook, the online videos provided, and my wife. I used the text book for most of the assignments this week. I felt like the text book for week 2 and week 3 did a good job of explaining the meanings of the topics presented and did not require additional readings. Chapter thirteen introduced the concept of sustainable income, or “the most likely level of income to be obtained in the future.”(Kimmel, Weygandt, Kieso, 2011). Chapter thirteen also explains how irregular items are presented, comprehensive income, the horizontal analysis, vertical analysis, how to compute ratios, and the concept of quality of earnings. Another valuable media source was the online videos. The video “Balancing the Books: Understanding Financial Reporting” discusses accounting tools, how the balance sheet works, profit and loss, and other topics. Like the previous videos, this video directly relates to and supports the topics in the text. Also, like the videos in previous weeks, the video is a nice change of pace from reading long text. I actually liked the videos used in week two more than the video used in this week’s lesson. The “Jeopardy” style video was a little boring and the way the contestant flashed back to his experiences made it a little drawn out for my taste, however I understand the attempt to make the...

Words: 355 - Pages: 2

Free Essay

Brand Management

...United International University School of Business and Economics Course Policies/ Brand Management |Program |Bachelor of Business Administration (BBA) | |Course Title & Code |Brand Management (MKT 4311) | |Section |A, B, C | |Trimester |Summer, 2014 | Assessment Plan |Assessment Breakup |Contribution to Grade |Total Contribution | |Class Attendance & Participation |05% |30% | |Quiz/Class Test |15% | | |Assignment and Presentation |10% | | |Mid Term 1 |20% |70% | |Mid Term 2 |20% | | |Final Exam |30% | | Course Polices ▪ Attendance: Attendance in class is mandatory. Only two absences are allowed with prior permission. For each subsequent absence, you...

Words: 400 - Pages: 2

Free Essay

Kena

...6/27/13 Free Analysis Essay Sample: Replacing School Textbooks With Laptops | Academic Help. Online Academic Writing Help A CA DEMIC HELP. ONLINE A CA DEMIC WRITING HELP > SA MPLE ESSA YS, RESEA RCH PA PERS, REVIEWS, A PPLICA TION A ND BUSINESS PA PERS > FREE SA MPLE ESSA YS A ND ESSA Y EXA MPLES > A NA LYSIS ESSA Y SA MPLES > A NA LYSIS ESSA Y SA MPLE Analysis Essay Sample Replacing School Textbooks With Laptops The question of replacing students’ textbooks with individual laptops, or other similar gadgets, in an increasingly popular conception. Still, this is connected to a myriad of issues and peculiarities to be considered, and some scientists believe that technological advancement makes such conundrums inevitable (Cavanaugh, 2006). As modern lifestyles become more efficient and more complicated, people seek ways to apply technology to mundane activities in order to simplify these tasks. According to Professor Brian Nejmeh (2012), the acquisition of knowledge needs to be in tandem with current technological trends. One of the spheres having the rifest debates about implementing technologies is education. Among several radical proposals concerning this question was a blanket ban on textbooks in favor of laptops, which resulted in controversy reaching its peak. The general cost of buying a laptop and maintaining it is higher as compared to school textbooks. The digital text combination, inherent in laptops, is still a relatively new and expensive technology (Cavanaugh...

Words: 787 - Pages: 4

Premium Essay

Kindle Device Essay

...assignment is a group project and my part is the highlighted question below. **** Collaborative report Situation D: Proposal for Kindle-like devices/electronic textbooks to be used for textbook/academic purposes (institutions of higher ed would be audience). Situation: As any college student knows, textbooks for classes are expensive and students are not likely to keep some textbooks related to classes outside of one’s major. Some students will return these books to the bookstore in an effort to recoup some of their money, while others will offer them directly to other students at a discounted price. Bookstores tend to make most of their textbook-related income from selling used textbooks, while publishers make money from new editions. Additionally, many textbook editions come with a Website companion to enhance instruction with those textbooks. Kindle is a portable device with which someone can access texts electronically by purchasing them, usually at a discounted price off the print-version. Kindle is the original product, but Apple has a similar device too. These devices tend to cost over $200. However, there is discussion about their use as an option for textbook purchases. Also, bookstores have implemented a rental system; however, not all textbooks are available for rental, much as not all textbooks have an electronic version yet. You work for Learned Books, a textbook publisher that is trying to think of ways to balance...

Words: 451 - Pages: 2

Free Essay

Northlake Bookstore

...Question 1 Northlake’s income statement for 2004 shows a healthy increase of 2.6% to 12.1% of net income over the previous years. Industry wide, there has been shrinkage in sales and Northlake is no exception. Northlake has managed to keep shrinkage at 1%. Sales per FTE student are very high/good. Sales per FTE employee are lower than expected. Sales per square foot of total space low as well, 60% of average. Management had managed to control costs in all categories. Inventory was being kept lower than average with good turnover in all categories except software and accessories and supplies and sundry. A look at other performance measures however show some causes for concern. Percent of textbooks available first day had inched up slightly, as had textbook sell through even though both were still relatively low. Days textbooks in receiving area was now at 10 and cartons processed per employee hour down to 3.3. I would recommend that days in receiving area be steadily reduced to reduce inventory costs. And also increase employee morale to increase productivity. Alternatively FTEs in the receiving area may need to be deployed elsewhere or cut. Customer queuing time had been halved in the 2 years. GMROI was also up. Comparing Northlake’s progress to NACS benchmarks reveals several areas that could do with improvement. Most notable is the sale of used course books. Northlake lags the industry average of 20.7% by 7.3%. This is a big contributor to the lag in total book sales 67...

Words: 1645 - Pages: 7

Premium Essay

Bookstore Case

...Introduction Currently the University Bookstore is facing an obsolescence of its unsold textbooks in the warehouse. This memo is trying to find the inventory estimation method, the major causes of loss, and suggestions to improve bookstore’s internal control. Retail Method/Cost-To-Retail Ratio Retail method and estimation method are the two ways to estimate inventory. For the University Bookstore and other retailers, retail method is the better choice. First, the retail method is easier to use. Because of the seasonal sales period and a wide variety of products with different costs, it is complicated for retailers to record every product’s costs, prices and sales. The retail method allows retailers to make physical counts in summer break when the bookstore is not busy. Also, retailers just need to record the retail price of inventory instead of recording cost, retail prices, and total sales. Second, by relying on the current cost-to-retail ratio rather than historical cost, the retail method is acceptable by GAAP. For retail method, cost-to-retail ratio is one of the most important information for retailers to estimate inventory. Cost-to-retail ratio for new and used books can be calculated by using the following formula: Cost of goods available for sale/ (Retail price of goods available for sale + Net markups). The cost-to-retail ratio for new books is 0.7297, and for used books is 0.5813. Then the reported ending inventory on June 10, 2010 is $707,901 for new books...

Words: 1002 - Pages: 5

Free Essay

Understanding History 415

...thoroughly understand where a specific person came from and what they have done. If we were to study individuals without knowing prior context for example the French in Vietnam; if you begin reading in the middle of our textbook in chapter two you would believe the French were going to be in Vietnam for the long haul and were not going to accept defeat. But in all reality, by the end of chapter two the French had all but surrendered and were overpowered and America was forced to come into Vietnam. From there into Chapter three, its hard to find French presence in Vietnam. So without knowing prior context from chapter three on you would have almost little to no clue that the French had tried to take back Vietnam under a nationalist puppet government. This is why it is so very important to know the context of prior history. I do not believe many people in my age group even know the French were involved in Vietnam; I for one had no information about Vietnam other than it was an unpopular war America was in that left many veterans out in the cold because there was no support. After reading two chapters of the text book, my perspective is completely changed on this topic and this is why prior context of history is important. In my honest opinion I believe my textbook is going to be my greatest resource. It may seem generic, but as I continue to read I am learning with each new page things I didn’t know before. And for so long...

Words: 572 - Pages: 3

Premium Essay

Weeeeeeeeeeeeeeeeeeeeeeee

...Method: Presents ALL relevant features for the first subject, then ALL relevant features for the second subject. If you were writing a Comparison/Contrast of college and high school you might focus on three points: * Cost of attending high school and college * Workload in high school and college * Social aspects of high school and college Point-by-Point Method Block Method Introduction and ThesisItems to be compared, reason for comparison, and main points | Introduction and ThesisItems to be compared, reason for comparison, and main points | College is more expensive than high school * College tuition costs * High school NO costs * College living expenses * No living expenses in high school * College textbook costs * High School books are free | College costs, workload, and social opportunities will...

Words: 559 - Pages: 3

Premium Essay

Work

...Rosie Mobbs Unit 45 Rob Clegg Unit 45- Independent learning M1- Explain the value of three different resources in the preparation of the complex piece of work. D1- Evaluate the three resources in terms of validity. In this assignment I am going to be talking about a complex piece of work that I have already done for an assignment, and I will be explaining the value of 3 different resources and evaluating the 3 sources in terms of validity. The 3 resources that I am going to be talking about are: the internet, a text book, and NHS facts. I found all of these resources useful in different ways, and also reliable in different ways. I chose these particular resources because I have many opinions about them, some good, some bad. The mix of opinions is good because I can discuss both sides, and have a good balance between the opinions. The internet The source that I will be talking about first is the internet. The use of the internet helped me a lot with the assignment, this is because I was easily able to just search up what I needed to and then was able to put it into my own words and add it into my piece of work. I think that it also made my work better because I knew that the websites I was using were reliable and all the information in them was correct. And I think that this made my work good because I knew the information was correct and knew that I didn’t put anything in that was incorrect. Another way that it helped to support my work was that it was quick and...

Words: 1843 - Pages: 8

Free Essay

Micro

...to “MyLab/Mastering”, you will no longer utilize the CSU Moodle. You need to use the "Access Code" that is bundled in the textbook that you will purchase, along with the "Course ID", in order to register to "On Line" Course. You will find information on how to register for "On Line" web course by clicking on "Student Registration Handout". You must purchase the textbook for this course, either from the Campus Bookstore, or the "Pearson: Prentice Hall Publishing" (http://www.pearsonhighered.com/). You need to purchase the textbook that is bundled with “Access Codes” so that you can sign up to the “MyLab/Mastering”. You will need to register on "MyLab/Mastering" so that you can access the course materials, and take quizzes and exams. Your "Course ID" is: hervani46262 Make sure that you purchase only the textbook with the ISBN# provided below. Do not buy "Used" textbook or any other textbook with different ISBN#. If you purchase a "Used Textbook", you will not have an "Access Code" or if you purchase a textbook with different ISBN# than listed below, then you will not have a valid "Access Code" and will not be able to register for this course. Your "Access Code" comes from the textbook that you purchase (or purchased separately on line). The website to register is: http://pearsonmylabandmastering.com/ and follow the instructions.  REQUIRED TEXTBOOK: Roger LeRoy Miller, Student Value Edition for “Economics Today: The Micro View” plus NEW MEL/ETX SAC, 18/E, (ISBN-13: 9780134004952)...

Words: 782 - Pages: 4

Premium Essay

Africana Womanwood

...------------------------------------------------- or lack of it, for a specific grade in a primary school from either ZPH ------------------------------------------------- College Press or Longman, for the teaching of either isiNdebele, Tonga, Kalanga,Sotho or Xhosa. ------------------------------------------------- ------------------------------------------------- Lucturer: Rev Damasane P ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- In predictive evaluation the questions asked are as follows: ------------------------------------------------- 1. What does the material appear...

Words: 903 - Pages: 4