Which of the following does the design of a MUS sample not require the auditor to determine?
a. Risk of incorrect acceptance.
b. Inherent risk.
c. Ratio of expected misstatement to tolerable misstatement.
d. Ratio of tolerable misstatement to the total population value.
b
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Answer the following statements true (T) or false (F)
1. The cash payments journal is a special journal used to record cash payments by currency but not by check. 2. The cash payments journal has two debit columns - one for Accounts Payable and one for Merchandise Inventory. 3. After posting from the cash payments journal, the posting reference is printed in the general journal. 4. The cash disbursements journal is also called the check register. 5. Entries in the cash payments journal are posted daily to the accounts payable subsidiary ledger and monthly to the general ledger.
What does it mean to act on behalf of others while seeking to serve the needs of others and the organization over selfish concerns?
A. organizational citizenship B. relationship C. stewardship D. affiliation
What is Change Control Management and what function does it perform?
Fill in the blank(s) with the appropriate word(s).
Strods Company reported the following purchases and sales of its only product. Strods uses a perpetual inventory system. Determine the cost assigned to the ending inventory using FIFO.DateActivitiesUnits Acquired at CostUnits Sold at RetailMay 1Beginning Inventory150 units @ $10.00 5Purchase220 units @ $12.00 10Sales 140 units @ $20.0015Purchase100 units @ $13.00 24Sales 90 units @ $21.00
A. $2,590 B. $2,460 C. $2,850 D. $2,860 E. $2,980