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Varvara68 [4.7K]
3 years ago
5

Briefly describe at least one additional test you could perform to gain evidence as to whether or not the cash account is materi

ally misstated about The bank confirmation from Brigham National Bank was received quite late and was faxed on a non-standard bank confirmation form. There is no corroborating evidence that the document is genuine, or that it was received directly from the bank. Also, no job title is indicated for Gretchen Larson, the person who signed the bank confirmation.
Business
1 answer:
user100 [1]3 years ago
7 0

Answer:

I will review the bank reconciliation statement against the bank statements (both past and subsequent statements) received from Brigham National Bank and the internal records maintained by the company.  The review may yield the result that there are no issues or otherwise.  With this review, the confirmation received from Brigham National Bank will be verified as correct or not.

Explanation:

Auditor's review of some information will collaborate some third party evidence as either correct or misleading.  Since it is being suspected that the confirmation from Brigham National Bank, because of its form, could be forged, it is then necessary to gain additional evidence by reviewing other supporting evidence.

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Question:                                      

                                                            standard total cost        Actual total cost

Direct material

Standard  2000 pints  $3.50/pint                   $7,000

Actual      2,500 pints   $5.00/pint                                                       $12,000

Answer:

Materials quantity​ variance= $1,750 unfavorable

Explanation:

<em>Material quantity variance occurs when the actual quantity used to achieved a given level of output is more or less than the standard quantity.  </em>

<em>It is determined by the difference between the actual and standard quantity of material for the actual level of output multiplied by the the standard price  </em>

                                                                                               pints

Standard quantity allowed                                                  2,000

Actual quantity used                                                           <u> 2,500</u>

Quantity variance                                                                 500 unfavorable

Standard price                                                                     <u> $3.50 </u>

Materials quantity​ variance                                               <u>1,750  </u>unfavorable

Materials quantity​ variance= $1,750 unfavorable

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3 years ago
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