Question: Please identify risk of misstatement and effect in this case. During the year, the management change the business plan by transferring 'a plot of idle

Please identify risk of misstatement and effect in this case.

During the year, the management change the business plan by transferring 'a plot of idle land' (which recorded in inventory account) to property, plant and equipment account because the company needs more spaces for storing bundle of documents. Therefore, the company did not record inventory loss from NRV (net realizable value).

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Please identify risk of misstatement and effect in this case. During the year, the management change the business plan by transferring 'a plot of idle land' (which recorded in inventory account) to...

Please identify risk of misstatement and effect in this case. The management change the accounting policy by applying the assets revaluation for this plot of land to reflect the fair value of the...

answer problem 1 2 and 3 **UPDATED QUESTIONS*** 1) what discourses or information, if any, does the company include about their products in inventory. What key details are important to understanding...

Old MathJax webview please complete 1 2 and 3( there is no additional information) thanks **UPDATED QUESTIONS*** 1) what discourses or information, if any, does the company include about their...

2.Excel Ratio File spreadsheet: Using the SEC Financial Statements Ratios and Calculations, prepare a ratio analysis of your SEC corporation's current and prior year's financial statements. In...

Please help with the following questions related to the attached financial statements:...

Hello, I am looking to double check my calculation. Only 3 ratios - please show all the calculations. Need only 2010 -see attached for Financial statements: Days in Accounts Receivable Days Cash on...

An organization'spurpose and respective strategy are influenced by its stakeholders. Use the relevant dimensions of Figure 5.2 to identify the main stakeholders for Volkwagen'selectric vehicle...

attached Case 21: ZOU's Fencing Controls Handout 1 Page 1 ZOU Fencing Inc. (Case 13-9 handout) Account Scoping and Risk Assessment Account Balance and Disclosure: Revenue Class of Transaction:...

Teresa Granger is the manager of Chicago Cheese, which produces cheese spreads and other cheese-related products. E-Z Spread Cheese is a product that has always been popular. The probability of...

These transactions took place for Splish Brothers Inc. 2021 May 1 Received a $ 4,500 , 12-month, 5 % note in exchange for an outstanding account receivable from R. Stoney. Dec. 31 Accrued interest...

CH . 2 1 : An employee is paid $ 0 . 4 5 per mile for use of his or her personal vehicle on the job. During the month of June, the employee drove 3 4 2 miles to perform job - related errands and...

A router has EIGRP configured as the only routing protocol. In what way does EIGRP respond if there is no feasible successor route to a destination network and the successor route fails?