Why are many of the revenue and expense accounts audited by analytical procedures only?
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 76% (17 reviews)
Many of the revenue and expense accounts are not mat...View the full answer
Answered By
ANDREW KIPRUTO
Academic Writing Expert
I have over 7 years of research and application experience. I am trained and licensed to provide expertise in IT information, computer sciences related topics and other units like chemistry, Business, law, biology, biochemistry, and genetics. I'm a network and IT admin with +8 years of experience in all kind of environments.
I can help you in the following areas:
Networking
- Ethernet, Wireless Airmax and 802.11, fiber networks on GPON/GEPON and WDM
- Protocols and IP Services: VLANs, LACP, ACLs, VPNs, OSPF, BGP, RADIUS, PPPoE, DNS, Proxies, SNMP
- Vendors: MikroTik, Ubiquiti, Cisco, Juniper, HP, Dell, DrayTek, SMC, Zyxel, Furukawa Electric, and many more
- Monitoring Systems: PRTG, Zabbix, Whatsup Gold, TheDude, RRDtoo
Always available for new projects! Contact me for any inquiries
4.30+
1+ Reviews
10+ Question Solved
Related Book For
Auditing An International Approach
ISBN: 978-0071051415
6th edition
Authors: Wally J. Smieliauskas, Kathryn Bewley
Question Posted:
Students also viewed these Auditing questions
-
Why do accountants close revenue and expense accounts prior to preparing the financial statements?
-
Revenue and expense accounts of Reschke Training Services for November 30, 2012, are given as follows. Prepare a compound journal entry that will close the revenue and expense accounts to the...
-
Why are many of the large industrialized nations (U.S., U.K., France, Japan) running continuing large federal deficits and what must be done to avoid default?
-
Show the income statement, cash flow statement and balance sheet of the company at 31/12/2020 if: 1. The company start its operations on June 1st, 2020. Over the period, it sells 50 laptop for $400....
-
What are the advantages and disadvantages of unstructured questions?
-
The following are various audit procedures performed in the audit of the acquisition and payment cycle and accounts payable: 1. Foot the acquisitions journal for the month of August and trace...
-
Show that the laminar, free convection correlations for a vertical, isothermal flat plate of height \(L\) can be applied to a vertical, isothermal cylinder of diameter \(D\) and height \(L\) if the...
-
Byways Production has an annual capacity of 80,000 units per year. Currently, the company is making and selling 78,000 units a year. The normal sales price is $100 per unit; variable costs are $65...
-
Retained Earnings Balance (before Net Income) Paid-in Capital in Excess of Par Totals 80,690 82,690 $12,352,970 $12,352,970 -/50 !!! Prepare a balance sheet at December 31, 2025, for Novak...
-
A mixture contains only NaCl and Al 2 (SO 4 ) 3 . A 1.45- g sample of the mixture is dissolved in water, and an excess of NaOH is added, producing a precipitate of Al(OH) 3 . The precipitate is...
-
Why should auditors always select the auditees adjusting journal entries for detail audit?
-
What procedures can be applied to audit minor expense accounts?
-
The Gallup Poll uses a procedure called random digit dialing, which creates phone numbers based on a list of all area codes in America in conjunction with the associated number of residential...
-
Pick any technological object you use frequently: how would your life be different if the object didn't exist?
-
How well are you prepared to be a facilitator of technical communication and knowledge (as described above), learning from audiences and helping them learn from each other, in addition to or instead...
-
Look at the seven grouping techniques presented in figure 16.3. Think of a topic in technical communication that could be organized in various ways. Choose two of the grouping techniques and describe...
-
Our research suggested that knowing your audience is one of the most important things in technical communication. What are some possible approaches to learning about audience? What can you do when...
-
Reflect on this claim by answering the questions following the claim: "Knowing how to evaluate an artifact so that it achieves the purpose of having audiences go along and act effectively on it is a...
-
Write equations for the oxidation and reduction processes that occur and the overall equation for the reaction of iron with hydrochloric acid solution to produce H 2 (g) and Fe 2+ . The reaction is...
-
State whether each of the following will increase or decrease the power of a one-way between-subjects ANOVA. (a) The effect size increases. (b) Mean square error decreases. (c) Mean square between...
-
From the point of view of natural selection, why is it important for an organism to survive?
-
What audit procedures do professional auditing standards require that auditors apply to related party transactions? Would any of these procedures have resulted in Ernst & Young discovering the true...
-
What objectives do auditors hope to accomplish in performing subsequent period audit tests?
-
Do you agree with the assertion of John Ellingsen that an audit engagement partner is not responsible for all decisions made in the course of an engagement? Defend your answer. What quality control...
-
Assume that a firm has weighted average cost of capital of 3.6% with a corporate tax rate of 21%. The pre-tax cost of debt is 3.1%. In case the firm would have no debt, the cost of equity for the...
-
Consider the stock of Aya Company, which will pay an annual dividend of $3 one year from today. The dividend will grow at a constant rate of 3%, forever.The market requires a 12% return on the...
-
Analyze the video presented on the link below. Also, please discuss or explain the video and relate it to personal finance. https://www.youtube.com/watch?v=nFY0HBkUm8o
Study smarter with the SolutionInn App