Which of the following would the auditor use to determine the existence of investments?
a. Footing the schedule of recorded investments.
b. Confirming or examining recorded investments.
c. A schedule of investments sold during the year.
d. Recomputing interest and/or gains and losses.
b
You might also like to view...
Which of the following would be an example of the last step in Benjamin Schneider’s attraction-selection-attrition cycle?
a. An employee of three years feels the company is no longer environmentally friendly and decides to resign. b. An employee of three years feels the company is an acceptable place to work and signs a new two-year contract. c. An employee decides to accept a job at a company because it seems to fit his model organization. d. The loss of a valued employee decreases the productivity of others in that department.
In gross margin pricing, the markup percentage is based on total production costs
Indicate whether the statement is true or false
Over the four marketing eras, how did the emphasis on the four Ps change? List the four eras and describe which of the four Ps were emphasized during each era.
What will be an ideal response?
Lakatos Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. There is no variable manufacturing overhead. The standard cost card for the company's only product contains the following information concerning direct materials:InputsStandard Quantityor HoursStandard Price or RateStandard CostDirect materials3.7kilos$9.00per kilo$33.30During the year, the company completed the following transactions concerning direct materials:a.Purchased 151,800 kilos of raw material at a price of $9.70 per kilo.b.Used 140,870 kilos of the raw material to produce 38,100 units of work in process.The company calculated the following direct materials
variances for the year:Materials price variance$106,260UMaterials quantity variance$900FAssume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation.?CashRaw MaterialsWork in ProcessFinished GoodsPP&E (net)=Materials Price VarianceMaterials Quantity Variance1/1$1,130,000$59,940$0$81,510$432,900=$0$0a.?????=??b.?????=???Labor Rate VarianceLabor Efficiency VarianceFOH Budget VarianceFOH Volume VarianceRetained Earnings1/1$0$0$0$0$1,704,350a.?????b.?????When recording the raw materials purchases in transaction (a) above, the Cash account will increase (decrease) by: A. ($1,472,460) B. $1,366,200 C. ($1,366,200) D. $1,472,460