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rjkz [21]
2 years ago
12

Which of the following auditing procedures will provide evidence to support management’s assertions regarding the allocation and

valuation of inventories?
A) Vouching inventories to receiving documents.
B) Determining the replacement cost of inventories.
C) Vouching inventory counts to accounting records.
D) Tracing items reported in the accounting records to inventory counts.
Business
1 answer:
Rudiy272 years ago
4 0

Answer:   Option C

                                                     

Explanation: In simple words, vouching refers to the process in which an auditor confirms that something is accurate and true as described earlier.

      While performing auditing, the auditor performs the vouching function by physically counting the inventory and compare the count results with the statements that are presented by the firm to make sure that the documents are accurate.

Hence from the above we can conclude that the correct option is C.

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Carla Vista Co. issued $590,000, 10-year, 7% bonds at 101. Prepare the journal entry to record the sale of these bonds on Januar
34kurt

Answer:

cash             595,900 debit

     bonds payable               590,000 credit

     premium on bonds             5,900 credit

Explanation:

We have to record the issuance of the bonds:

<em><u>cash proceeds:</u></em>

face value x quote:

590,000 x 101/100 = 595,900

face value                <u> (590,000)</u>

<em>premium </em>                        5,900

<em>There is a premium as we are receiving more than we are going to pay at maturity.</em>

We will debit the cash proceeds form the bond

and credit the bonds and premium

6 0
3 years ago
A________is a form of organisation in which the owner maintains complete control over the business and is personally liable for
Ainat [17]

Answer:

Sole Proprietorship

Explanation:

Sole proprietorships own all the assets of the business and the profits generated by it. They also assume complete responsibility for any of its liabilities or debts.

6 0
2 years ago
Read 2 more answers
Suppose on January 1 Aiden​'s Tavern prepaid rent of $ 13 comma 200 for the full year. At July 31​, how much rent expense should
Paha777 [63]

Explanation:

13,200 Rent prepaid on January 1 for 1 year

÷ 12 Months

$ 1,100 Rent expense per month

Thus, $1,100 Rent expense per month

× 7 Months

$7,700 Rent expense for January through July

At July 31, Aiden's Tavern should record $ 7700 of rent expense.

8 0
3 years ago
A two digit number is such that, the sum of its digit is 13. When the digits are interchanged, the original number is increased
LekaFEV [45]

Answer is 67.

As, 6+ 7

= 13

Also, when 67 is interchanged(76), the original no. is increased by 9.

7 0
2 years ago
Rune Co.’s checkbook balance on December 31 was $10,000. On that date, Rune held the following items in its safe: $4,000 check p
jarptica [38.1K]

Answer:

$13,000

Explanation:

<em>Rune Co.'s</em>

<em>As of December 31</em>

Balance as per Bank Statement $10,000

(+) Bank credits and collections $4,000

(-) Bank errors overstate book balance $1,000

Correct Cash Balance $13,000

6 0
3 years ago
Read 2 more answers
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