In auditing for unrecorded long- term bonds payable, an audit team most likely will a. Perform analytical
Question:
a. Perform analytical procedures on the bond premium and discount accounts.
b. Examine documentation of assets purchased with bond proceeds for liens.
c. Compare interest expense with the bond payable amount for reasonableness.
d. Confirm the existence of individual bondholders at year- end.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 69% (13 reviews)
a Incorrect If bonds are unrecorded nothing will show up in bond premium or discount b Incorrect Th...View the full answer
Answered By
Ajeet Singh
Hi there! Are you looking for a committed, reliable, and enthusiastic tutor? Well, teaching and learning are more of a second nature to me, having been raised by parents who are both teachers. I have done plenty of studying and lots of learning on many exciting and challenging topics. All these experiences have influenced my decision to take on the teaching role in various capacities. As a tutor, I am looking forward to getting to understand your needs and helping you achieve your academic goals. I'm highly flexible and contactable. I am available to work on short notice since I only prefer to work with very small and select groups of students. Areas of interest: Business, accounting, Project management, sociology, technology, computers, English, linguistics, media, philosophy, political science, statistics, data science, Excel, psychology, art, history, health education, gender studies, cultural studies, ethics, religion. I am also decent with math(s) & Programming. If you have a project you think I can take on, please feel welcome to invite me, and I'm going to check it out!
5.00+
4+ Reviews
24+ Question Solved
Related Book For
Auditing and Assurance Services
ISBN: 978-0077862343
6th edition
Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Straws
Question Posted:
Students also viewed these Auditing questions
-
An audit team most likely would assess control risk at the maximum if the payroll department supervisor is responsible for a. Examining authorization forms for new employees. b. Comparing payroll...
-
1. Perform preliminary analytical procedures on the financial statements. a. Perform horizontal (year-to-year changes) and vertical (common size financial statements) analyses using the provided...
-
An audit plan to examine long- term debt most likely would include steps that require a. Comparing the carrying amount of held- to- maturity securities with their year- end market values. b....
-
For the following exercises, use shells to find the volume generated by rotating the regions between the given curve and y = 0 around the x-axis. 130. y = 1-x,x = 0, and x = 1 131. y = x, x = 0, and...
-
Mark and Patricia report adjusted gross income of $380,500 and itemized deductions of $64,000 (interest on home acquisition mortgage with a principal amount of $890,000, taxes, and charitable...
-
Layers of 23-cm-thick meat slabs (k = 0.47 W/mK and = 0.13 10 -6 m 2 /s) initially at a uniform temperature of 7C are to be frozen by refrigerated air at 230C flowing at a velocity of 1.4 m/s. The...
-
Derive expressions for \(\left(\frac{\partial c_{v}}{\partial v} ight)_{T}\) for substances obeying the following laws: (a) \(p=\frac{\Re T}{v-b} \mathrm{e}^{-\frac{a}{\Re T v}}\) (b) \(p=\frac{\Re...
-
The graphs below represent cost behavior patterns that might occur in a companys cost structure. The vertical axis represents total cost, and the horizontal axis represents activity output. Required:...
-
a) Your manufacturing division produces resistors with a nominal value of 22 kn, with a tolerance of +/- 10%. A random sample of ten resistors was taken, and their value was measured by a colleague,...
-
Weston Products manufactures an industrial cleaning compound that goes through three processing departmentsGrinding, Mixing, and Cooking. All raw materials are introduced at the start of work in the...
-
An audit team testing long- term investments would ordinarily use analytical procedures to ascertain the reasonableness of the a. Existence of unrealized gains or losses. b. Completeness of recorded...
-
Which of the following questions would auditors most likely include on an internal control questionnaire for notes payable? a. Are assets that collateralize notes payable critically needed for the...
-
Albert Machine Tool Company produces tools on a job order basis. During May, two jobs were completed, and the following costs were incurred: Other factory costs for the month totaled $16,800. Factory...
-
1. Write about a experiences working as a leader and/or with a leader: try to describe your experience according to trait, situational and functional perspectives. How might these different ways of...
-
Identify and give examples to illustrate the following aspects of customer relationship management, enterprise resource management, and supply chain management systems: a. Business processes...
-
National banks are owned by Group of answer choices Credit union the bank's depositers greedy rich people the bank's shareholders
-
Give a detail analysis with examples and references to work Question 1 - Scenario: During the initiation phase of a software development project, stakeholders express conflicting opinions about the...
-
How is the disposal group of a long - lived asset held for sale reported ? Long - lived assets held for sale are reported with other long - lived assets . Assets and liabilities of the disposal group...
-
The distance between successive C atoms in a sheet is 3.5 . Can a single 9-residue segment with a conformation serve as the transmembrane portion of an integral membrane protein?
-
Study the pictures/images below. Obviously these was focus on LT sociology, anthropology and poltical science. Try to do some analysis by finding clues that are synonymous with the main concepts....
-
Kaizen costing emphasises: A. The need to bring about efficiency and effectiveness B. Continuous improvement C. A 'push' production flow system D. The rapid elimination of all internal failure costs
-
An audit plan for the examination of the retained earnings account should include a step that requires verification of the (choose two steps) a. Market value used to charge retained earnings to...
-
When an entity uses a trust company as custodian of its marketable securities, the possibility of concealing fraud most likely would be reduced if the a. Trust company has no direct contact with the...
-
An audit team would most likely verify the interest earned on bond investments by a. Vouching the receipt and deposit of interest checks. b. Confirming the bond interest rate with the issuer of the...
-
You work for the CDC and have been called in to consult about the appearance in Connecticut of a single zombie. It is known from studies of past zombie epidemics, that for this strain of the zombie...
-
5. Given a random variable X with E(X) = 1, Var(X)=4. Find the following: (a) E(X2) (b) E( 2X | 1) (e) Var( 2X 1).
-
We are given an array A[1...n] of n 2 positive and negative integers. The goal is to find a contiguous interval of the array to exclude so as to maximize the sum of the remaining numbers....
Study smarter with the SolutionInn App