All categories

2 years ago

The document that details the specific audit procedures for each type of test is the?

Business

1 answer:

solniwko [45]2 years ago

6 0

The document that details the specific audit procedures for each type of test is the audit program.

The procedures that auditors follow in order to gather enough relevant audit evidence to make a professional judgment about the efficacy of an organization's internal controls.

To determine if transactions were appropriately categorized in the accounting records, audit techniques are utilized. For instance, it is possible to check purchase records for fixed assets to determine whether they were properly categorized into the appropriate fixed asset account.

To check if transactions have been recorded during the appropriate reporting period, audit processes are utilized. For instance, the shipping log can be examined to determine whether shipments to clients on the final day of the month were properly documented.

Learn more about audits here:

brainly.com/question/14652228

#SPJ4

You might be interested in

Zarasiato24, I couldn't give Brainliest so I am posting a new question so I can give you Brainliest

Orlov [11]

Answer:

im here

Explanation:

7 0

3 years ago

if a company calculated the final sales value of its various products that are manufactured and then subtracts out identified se

Colt1911 [192]

Answer:

The allocation method use if a company calculated the final sales value of its various products that are manufactured and then subtracts out identified separable costs is <u>Direct Allocation Method</u>

Explanation:

The direct method allocates costs directly to the producing departments based on relative use.

This method subtracts reciprocal services that incur additional costs For example, this method would ignore service provided by the data processing department to other support departments, such as personnel or maintenance.

Final sales value of its various products and services that are manufactured and the costs form a portion of the overhead cost of production, which is then allocated to inventory and the cost of goods sold.

This method provides a better picture of how costs are incurred, but requires more accounting effort. It also tends to delay the recognition of expenses until a later period, when some portion of the produced goods are sold.

Identified separable costs are then subtracted from final sales value.

4 0

3 years ago

On December 31, Strike Company sold one of its batting cages for $20,084. The equipment had an initial cost of $223,162 and had

Anna35 [415]

Answer:

Loss on disposal = $2232

Explanation:

To calculate the amount of gain or loss on sale, we must first calculate the net book value or NBV of the asset. The net book value is the difference between the cost of the asset and the accumulated depreciation. The formula for NBV is as follows,

NBV = Cost - Accumulated depreciation

NBV = 223162 - 200846

NBV = 22316

If the sales proceeds are more than the NBV of the asset, the asset is sold on gain and vice versa.

Loss on disposal = 20084 - 22316 = - $2232 or$2232 loss

8 0

3 years ago

Cost assignment ________. Group of answer choices includes future and arbitrary costs encompasses allocating indirect costs to a

Vika [28.1K]

Answer:

encompasses allocating indirect costs to a cost object

Explanation:

Cost assignment -

It refers to the distribution of the cost in various objects and activities which initiate the proper bifurcation of the costs , is referred to as cost assignment .

The method is used in the activity - based costing .

It is also known as cost allocation .

All the direct and indirect cost are allotted with the help of cost assignment .

Hence , from the given information of the question ,

The correct answer is -

encompasses allocating indirect costs to a cost object .

4 0

3 years ago

Allied Biscuit Co. is expected to generate a free cash flow (FCF) of $8,140.00 million this year (FCF₁ = $8,140.00 million), and

Anarel [89]

Answer:

The answer is $259,116.04 million

Explanation:

The current total firm value of Allied Biscuit Co will be equal to the present value of future cash flow of the firm.

Present value of FCF1 = 8,140 million / 1.063 = $7,657.57 million;

Present value of FCF2 = (8,140 x 1.19) / 1.063^2 = $8,572.45 million;

Present value of FCF3 = (8,140 x 1.19^2) / 1.063^3 = $9,596.63 million.

Present value of the growing perpetuity at 2% of cash flow after year 3:

[ (8,140 x 1.19^2 x 1.021) / ( 6.3% - 2.1%) ] / 1.063^3 = $233,289.39 million.

So, the current total firm value:

7,657.57 + 8,572.45 + 9,596.63 + 233,289.39 = $259,116.04 million.

3 0

3 years ago