How many inventory items at Roger Company have a market value that exceeds $10,000? What is...
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How many inventory items at Roger Company have a market value that exceeds $10,000? What is the total market value of those items? How many inventory items at Roger Company have a value-at-cost in excess of $10,000? What is the total value-at-cost of those items? Problem Use information from Roger Company to determine how many inventory items have a market value lower than their original value-at-cost. What is the total market value of those items? What is the total value-at-cost of those items? Problem After reviewing a list of parties related to Roger Company, you notice that the customers with customer numbers 803882 and 512198 are related to the owners of the company. Please use the Roger Company AR table to determine the amount of accounts receivable that relates to sales made to these related-party customers. What percent of total accounts receivable are made up of sales to these two related-party customers? Problem As part of the audit of Accounts Payable, you want to identify all invoices (Invoice_Amount) greater than $50,000 so that you can vouch the transaction to original documentation (i.e., approved purchase order, receiving records). Use ACL to identify all Accounts Payable invoices greater than $50,000 and compute the total value of those transactions. Why is it important for auditors to determine if large purchases are properly authorized? Problem Roger Company's policy is to not ship goods unless a valid purchase order has been received. However, based on information obtained during your walk through to confirm your understanding of processes and controls, you learned that occasionally a rush order is received via telephone and the goods are shipped before receiving the purchase order. Rush orders are only processed for existing customers. When rush orders are received the sales person taking the order completes a "Rush Order" form which is then approved by the sales department supervisor. The "Rush Order" form is then attached to the purchase order when it is received and the details of the two forms (i.e., product and quantity) are compared. To test the effectiveness of the controls around rush orders, you want to identify all instances where product is shipped before a purchase order is received. Using the Roger Company shipping file, determine the number of invoices related to orders that were shipped before a purchase order was received. How many inventory items at Roger Company have a market value that exceeds $10,000? What is the total market value of those items? How many inventory items at Roger Company have a value-at-cost in excess of $10,000? What is the total value-at-cost of those items? Problem Use information from Roger Company to determine how many inventory items have a market value lower than their original value-at-cost. What is the total market value of those items? What is the total value-at-cost of those items? Problem After reviewing a list of parties related to Roger Company, you notice that the customers with customer numbers 803882 and 512198 are related to the owners of the company. Please use the Roger Company AR table to determine the amount of accounts receivable that relates to sales made to these related-party customers. What percent of total accounts receivable are made up of sales to these two related-party customers? Problem As part of the audit of Accounts Payable, you want to identify all invoices (Invoice_Amount) greater than $50,000 so that you can vouch the transaction to original documentation (i.e., approved purchase order, receiving records). Use ACL to identify all Accounts Payable invoices greater than $50,000 and compute the total value of those transactions. Why is it important for auditors to determine if large purchases are properly authorized? Problem Roger Company's policy is to not ship goods unless a valid purchase order has been received. However, based on information obtained during your walk through to confirm your understanding of processes and controls, you learned that occasionally a rush order is received via telephone and the goods are shipped before receiving the purchase order. Rush orders are only processed for existing customers. When rush orders are received the sales person taking the order completes a "Rush Order" form which is then approved by the sales department supervisor. The "Rush Order" form is then attached to the purchase order when it is received and the details of the two forms (i.e., product and quantity) are compared. To test the effectiveness of the controls around rush orders, you want to identify all instances where product is shipped before a purchase order is received. Using the Roger Company shipping file, determine the number of invoices related to orders that were shipped before a purchase order was received.
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Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
Posted Date:
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