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2 years ago

If an auditor is expected to detect the overstatement of sales, what should the auditor trace transactions from?.

1 answer:

7 0

If an auditor is asked to observe the overstatement of sales, the auditor trace transactions from The cash receipts diary should be linked to the sales journal.

<h3>How would an auditor detect the overstatement of sales?</h3>

The auditor detect the overstatement of sales are given below-

Observe a sample of transfers from the sales journal to the central ledger's sales account.
Approve a sample of sales from the sales diary to the shipment papers.

Thus, The cash receipts diary should be linked to the sales journal.

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Read the following prompt and type your response in the space provided.

Softa [21]

Answer:

See explanation below.

Explanation:

Physical fitness can be used to describe a state of health and of well-being. It can be defined as the ability of the body to function efficiently and effectively during work and leisure activities, it means to be healthy, to resist disease, and to be able to quickly react to emergency situations.

The benefits of being physically fit include:

- Easy burning of calories: by adopting a physically fit lifestyle, you will find it easier to burn calories, and by so doing, your body weight and body fat will be easily controlled and checked.

- The physically fit lifestyle will also help to boost muscle mass, thereby making it easier to tackle demanding tasks easily and more efficiently.

The risks of being physically inactive are as follows:

- Physically active people are less likely to develop coronary heart disease than people who are inactive.

- People who are physically inactive will increase their chances of developing high blood pressure than people who are physically fit.

4 0

3 years ago

Cotton White, Inc., makes specialty clothing for chefs. The company reported the following costs for 2018: Factory rent $ 36,100

salantis [7]

Answer:

1) Direct materials=$43070

2)Direct labor=$126300

3)Manufacture overhead=$117600

4)Total manufacturing cost=$286970

5)Prime cost=$169370

6)Conversion costs = 126300+117600= $243900

7)Total period cost= $418670

Explanation:

The company reported the following costs for 2018:

1) Direct materials

Thread 1,020

Premium quality cotton material 41,300

Buttons 750

Total= $43070

2)Direct labor

Wages paid to seamstresses 76,200

Wages paid to cutters 50,100

Total= $126300

3) Manufacture overhead

Factory rent $ 36,100

Utilities for factory 24,600

Cutting room supervisor's salary 31,300

Factory insurance 19,100

Depreciation on sewing machines 6,500

Total= $117600

Notice that marketing, Depreciation on salespersons' vehicles and president's salary are not part of manufacturing overhead.

4)Total manufacturing cost=$43070+126300+117600=$286970

5)Prime cost= direct material + direct labor=43070+126300=$169370

6)Conversion costs = Direct labor + Manufacturing overhead= 126300+117600= $243900

7)Total period cost= manufacturing cost + Company advertising + Depreciation on salespersons' vehicles + President’s salary

Total period cost= 286970 + 24200 + 30600 + 76900= $418670

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3 years ago

Several line items and account titles are listed below. For each, indicate in which of the following financial statement(s) we w

Ainat [17]

Answer:

a. Cash asset - Balance Sheet (BS) and Statement of Cash Flows (SCF)

Cash is recorded as an asset in the balance statement and derived from the statement of cash flows.

b. Expenses - Income statement (IS)

Expenses are deducted from revenue in the income statement to come up with Net Income.

c. Non-cash assets - Balance Sheet (BS)

Non-cash assets are recorded in the balance sheet as all assets are.

d. Contributed capital - Balance Sheet (BS) and Statement of stockholders' equity (SE)

Contributed capital from shareholders will appear in the equity section of the balance sheet and in the statement of equity.

e. Cash outflow for capital expenditures - Statement of Cash Flows (SCF)

This is a Cashflow statement entry under Investing activities.

f. Retained earnings - Balance Sheet (BS) and Statement of stockholders' equity (SE)

Retained earnings will go into the balance sheet and the statement of equity.

g. Cash inflow for stock issued - Statement of Cash Flows (SCF) and Statement of stockholders' equity (SE)

Cash inflow from stock issued will be recorded in the financing section of the cashflow statement as well as in the statement of stockholder equity.

h. Cash outflow for dividends - Statement of Cash Flows (SCF) and Statement of stockholders' equity (SE)

Cash outflow from dividends issued will be recorded in the financing section of the cashflow statement as well as in the statement of stockholder equity.

i. Net income - Income statement (IS), Statement of Cash Flows (SCF) and Statement of stockholders' equity (SE)

Net income is derived from the Income statement and used in the statement of cashflow as well as the equity statement.

6 0

3 years ago

How much should i budget monthly for trajsportation

zhannawk [14.2K]

Answer:

You should say about $500 for transportation

Explanation:

6 0

2 years ago

When a title insurance policy is being issued, the public records are searched and the title company's record of title is contin

matrenka [14]

Answer: A report of title or commitment for title insurance

Explanation:

This kind of notification or document is also called ''title commitment'' or ''a preliminary title report'' and it is using in this case when a title insurance policy is being issued.

It will do the disclose and give people the copies and claims that are found by that company where the title is from. A document will be delivered to the buyer without any cost to the one who was buying something after opened escrow.

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3 years ago