Questions from Accounting for Government and Non-Profit

Q: The following questions concern the use of analytical procedures during an audit

The following questions concern the use of analytical procedures during an audit. Select the best response. a. Analytical procedures used in planning an audit should focus on identifying (1) Material...

Q: The following are various activities an auditor does during audit planning.

The following are various activities an auditor does during audit planning. 1. Send an engagement letter to the client. 2. Tour the client's plant and offices. 3. Compare key ratios for the company to...

Q: In the normal course of performing their responsibilities, auditors often conduct

In the normal course of performing their responsibilities, auditors often conduct audits or reviews of the following: 1. Federal income tax returns of an officer of the corporation to determine whethe...

Q: In your audit of Canyon Outdoor Provision Company's financial statements, the

In your audit of Canyon Outdoor Provision Company's financial statements, the following transactions came to your attention: 1. Canyon Outdoor's operating lease for its main store is with York Propert...

Q: The minutes of the board of directors of the Tetonic Metals Company

The minutes of the board of directors of the Tetonic Metals Company for the year ended December 31, 2011, were provided to you. Meeting of March 5, 2011 The meeting of the board of directors of Tetoni...

Q: Analytical procedures are an important part of the audit process and consist

Analytical procedures are an important part of the audit process and consist of the evaluation of financial information by the study of plausible relationships among financial and nonfinancial data. A...

Q: Your comparison of the gross margin percent for Jones Drugs for the

Your comparison of the gross margin percent for Jones Drugs for the years 2008 through 2011 indicates a significant decline. This is shown by the following information: A discussion with Marilyn Adams...

Q: In the audit of the Worldwide Wholesale Company, you did extensive

In the audit of the Worldwide Wholesale Company, you did extensive ratio and trend analysis. No material exceptions were discovered except for the following: 1. Commission expense as a percent of sale...

Q: An auditor often tries to acquire background knowledge of the client's industry

An auditor often tries to acquire background knowledge of the client's industry as an aid to audit work. How does the acquisition of this knowledge aid the auditor in distinguishing between obsolete a...

Q: As part of the analytical procedures of Mahogany Products, Inc.,

As part of the analytical procedures of Mahogany Products, Inc., you perform calculations of the following ratios: For each of the preceding ratios: Required a. State whether there is a need to inves...