Distinguish between substantive tests of transactions and tests of details of balances. Give one example of each
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 88% (9 reviews)
Substantive tests of transactions are performed to verify the accuracy of a clients a...View the full answer
Answered By
Saikumar Ramagiri
Financial accounting:- Journal and ledgers, preparation of trail balance and adjusted trail balance Preparation of income statement, retained earning statement and balance sheet Banks reconciliation statements Financial statement analysis Cash flow statement analysis (both direct and indirect methods) All methods of Depreciations Management Accounting:- Ratios Budgeting control Cash budget and production budget Working capital management Receivable management Costing:- Standard and variance costing Marginal costing and decision making Cost-volume-profit analysis Inventory management (LIFO, FIFO) Preparation and estimation of cost sheet Portfolio management:- Calculation of portfolio standard deviation or risk Calculation of portfolio expected returns CAPM, Beta Financial management:- Time value of money Capital budgeting Cost of capital Leverage analysis and capital structure policies Dividend policy Bond value calculations like YTM, current yield etc International finance:- Derivatives Futures and options Swaps and forwards Business problems Finance problems Education (mention all your degrees, year awarded, Institute/University, field(s) of major): Education Qualification Board/Institution/ University Month/Year of Passing % Secured OPTIONALS/ Major ICWAI(inter) ICWAI inter Pursuing Pursuing - M.com(Finance) Osmania University June 2007 65 Finance & Taxation M B A (Finance) Osmania University Dec 2004 66 Finance & Marketing. B.Com Osmania University June 2002 72 Income Tax, Cost & Mgt, Accountancy, Auditing. Intermediate (XII) Board of Intermediate May 1999 58 Mathematics, Accountancy, Economics. S S C (X) S S C Board. May 1997 74 Mathematics, Social Studies, Science. Tutoring experience: • 10 year experience in online trouble shooting problems related to finance/accountancy. • Since 6 Years working with solution inn as a tutor, I have solved thousands of questions, quick and accuracy Skills (optional): Technical Exposure: MS Office, SQL, Tally, Wings, Focus, Programming with C Financial : Portfolio/Financial Management, Ratio Analysis, Capital Budgeting Stock Valuation & Dividend Policy, Bond Valuations Individual Skills : Proactive Nature, Self Motivative, Clear thought process, Quick problem solving skills, flexible to complex situations. Achievements : 1. I have received an Award certificate from Local Area MLA for the cause of getting 100% marks in Accountancy during my Graduation. 2. I have received a GOLD MEDAL/Scholarship from Home Minister in my MBA for being the “Top Rank student “ of management institute. 3. I received numerous complements and extra pay from various students for trouble shooting their online problems. Other interests/Hobbies (optional): ? Web Surfing ? Sports ? Watching Comics, News channels ? Miniature Collection ? Exploring hidden facts ? Solving riddles and puzzles
4.80+
391+ Reviews
552+ Question Solved
Related Book For
Auditing and Assurance services an integrated approach
ISBN: 978-0132575959
14th Edition
Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley
Question Posted:
Students also viewed these Auditing questions
-
Explain the relationship between substantive tests of transactions for the acquisition and payment cycle and tests of details of balances for the verification of prepaid insurance.
-
The following internal controls for the acquisition and payment cycle were selected from a standard internal control questionnaire. 1. Checks are mailed by the owner or manager or a person under her...
-
Paul Ma is responsible for the acquisition and payment cycle of Raleigh Corporation. Inherent risk for accounts payable is high due to the following risk factors: client's bank covenants are tied to...
-
Jillian operates a sporting goods store in a rented location at a shopping mall. She is insured under a CGL policy with the following limits: Indicate the dollar amount, if any, that Jillians insurer...
-
Show that the real system has a complex solution: x = 2, y = i, z = 3 - i where i2 = -1. Explain. What happens when such a real system has a unique solution? x+ y+ z=5 -3x + 2y + 2z = 0
-
Butane gas and 200% theoretical air, both at 25C, enter a steady flow combustor. The products of combustion exits at 1000 K. Calculate the heat transfer from the combustor per kmol of butane burned.
-
You should have found that the confidence interval when utilizing the paired structure of the data was narrower than the confidence interval ignoring this structure (this will generally be the case,...
-
Walberg Associates, antique dealers, purchased the contents of an estate for $ 75,000. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Walberg Associates...
-
The 2023 annual report of Kingbird Inc. contains the following information (in thousands): Dec. 31, 2023 Dec. 31, 2022 Total assets $1,070,000 $790,000 Total liabilities 626,178 410,044 Consolidated...
-
brown company makes three different types of pumps the demand on its highend model (product a) has decreased, and brown has had to reduce its sales price brown is now considering whe
-
Explain how the calculation and comparison to previous years of the gross margin percentage and the ratio of accounts receivable to sales are related to the confirmation of accounts receivable and...
-
The auditor of Ferguson's Inc. identified two internal controls in the sales and collection cycle for testing. In the first control, the computer verifies that a planned sale on account will not...
-
The allocation of promotional dollars between ''pull'' (consumer promotions + media advertising) and ''push'' varies drastically for many advertisers across countries. What are the factors behind...
-
Develop a sales forecast for the LED light bulb. Consider some quantitative analysis for this case such as what might be the size of this market? How many households are there? How many potential...
-
One of the criticisms of oligopolies is the adverse impacts these firms have on income distribution. Do you believe that is a valid criticism? Discuss with appropriate examples.
-
If the exchange rate is defined by AUD/USD. According to the purchasing power parity, how does the exchange rate change if the price level in Australia increases relative to that in the US? Explain...
-
Two fishermen on Lake Ontario use a fish finder to help them fish. If sound travels at 1440m/s in the water and it takes 0.086s for the pulse to return. What is the depth of the water where they are...
-
Steph Curry is practicing for the 3-point shooting competition at the All-Star Game. Curry releases the basketball at 10 feet above the ground, and 80 feet away from the basketball hoop. Based on a...
-
What is a fault message? Why is it used?
-
Is the modified 5-question approach to ethical decision making superior to the modified moral standards or modified Past in approach?
-
Choose a consumer product and explain the role that pricing plays in its marketing mix and market positioning.
-
Your comparison of the gross margin percent for Juarez Drugs for the years 2020 through 2023 indicates a significant decline. This is shown by the following information: A discussion with Tanvi...
-
You are part of the engagement team for the audit of Suzuki Manufacturing for the year ended December 31, 2023, and are responsible for auditing the acquisition cycle. To access files needed for this...
-
What is the most important balance-related audit objective for depreciation expense? What are the auditors primary concerns?
-
In Unix and Linux systems, the configuration of the operating system, servers, applications and preferences is commonly stored in plain text files. You want to view the hardware attached to the...
-
An actual corporation reported this information on their 2019 Annual Report ($ millions). Inventory cost method of LIFO is used. Date Inventory Balance Cost of Goods Sold (COGS) December 31, 2018...
-
The markets in general are paying a 2% real rate of return. Inflation is expected to be 3%. ABC stock commands a 6% risk premium. What is the expected rate of return on ABC stock? The required rate...
Study smarter with the SolutionInn App