have listed two audit procedures. For each procedure, say:

1. Which of the various management assertions the test most directly addresses. (If you believe the test equally addresses more than one assertion, say why. Don't list four or five assertions - I'll assume you can't tell which is which.....)
2. How does this test address that assertion?

(You need to address BOTH procedures for a full answer)

Inventory

Procedure #1 - The auditor obtains a copy of the year-end inventory listing. For a sample of the items on the list, the auditor checks to see that the client has computed the FIFO cost correctly.

Procedure #2 - The auditor asks the client if there were any inventory items in transit to the client's location on the last day of the year under terms FOB shipping point. (the client would own these goods while they were in transit.)

1. A file that stores sales orders pending shipment of ordered goods or completion of services is an example of a(n) ___________ file. A. master B. transaction C. open D. reference

2. Which of the following is not a reason that an external auditor would have an interest in an organization's internal control?

A. The external auditor is required to evaluate internal control in planning an external audit, according to generally accepted auditing standards

B. Internal control provides a measure of protection against erroneous or fraudulent financial reporting

C. Strong internal control can eliminate the test of controls required to be performed by the external auditor

D. The Sarbanes-Oxley Act of 2002 requires the external auditor attest to and report on management’s assessment of internal control

3. Of the following control activities, which is the most effective?

A. Bonding of employees

B. Segregation of duties

C. Enforced vacations

D. Rotation of assignments

As pointed out in class, a current problem for the WTO is that:

Group of answer choices

Its most recent negotiating round (Doha) failed.

The Trump administration has been blocking the appointment of new judges.

Both A and B.

None of the above.

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Question 531 pts

According to the lecture material on the U.S.-China trade war:

Group of answer choices

China has gained a dominant role as a supplier of goods across the world.

China provides heavy government support to its exporting firms.

Chinese policy has resulted in the widespread piracy of foreign technology.

All of the above.

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Question 541 pts

As described in the lecture, the trade war between the U.S. and China

Group of answer choices

Is now completely over

Is currently escalating

Is expected to lead to military confrontation

Was decisively "won" by China

I have listed two audit procedures. For each procedure, say:

1. Which of the various management assertions the test most directly addresses. (If you believe the test equally addresses more than one assertion, say why. Don’t list four or five assertions – I’ll assume you can’t tell which is which…..)
2. How does this test address that assertion?

(You need to address BOTH procedures for a full answer)

Inventory

Procedure #1 – The auditor obtains a copy of the year-end inventory listing. For a sample of the items on the list, the auditor checks to see that the client has computed the FIFO cost correctly.

Procedure #2 – The auditor asks the client if there were any inventory items in transit to the client’s location on the last day of the year under terms FOB shipping point. (the client would own these goods while they were in transit.)

I have listed two audit procedures. For each procedure, say:

1. Which of the various management assertions the test most directly addresses. (If you believe the test equally addresses more than one assertion, say why. Don’t list four or five assertions – I’ll assume you can’t tell which is which…..)
2. How does this test address that assertion?

(You need to address BOTH procedures for a full answer)

Inventory

Procedure #1 – The auditor obtains a copy of the year-end inventory listing. For a sample of the items on the list, the auditor checks to see that the client has computed the FIFO cost correctly.

Procedure #2 – The auditor asks the client if there were any inventory items in transit to the client’s location on the last day of the year under terms FOB shipping point. (the client would own these goods while they were in transit.)

Origin Enterprises Ltd is incorporated in Australia. The company’s shares are listed on both the Australian and London securities exchanges. Operations of the company are diversified across the following countries: the United Kingdom, Europe and Australia. One third of the company’s operations take place in each of these countries.

The majority (approx. 80%) of its sales contracts are dominated in United Kingdom pounds and this proportion of receipts from operating activities is retained within accounts in the UK. Most of the company’s labour, material and other costs of providing its goods and services are incurred within the individual countries which it operates.

The company has 60% of its operations financed through sources within the UK, with the balance from Australian sources.

Discuss what functional currency is and how it is determined. With the assistance of the class and using the above information, determine the functional currency of Origin Enterprises Ltd.

can you check if my answers are correct and can you please type the correct answers for each question

1. 5 points) Trevor is interested in purchasing the local hardware/electronic goods store in a small town in South Ohio. After examining accounting records for the past several years, he found that the store has been grossing over $850 per day about 60% of the business days it is open.

Estimate the probability that the store will gross over $850

1. at least 6 out of 10 business days.   0.633

2. at most 3 of the 10 business days. 0.0547

3. fewer than 7 out of 20 business days. 0.0065

4. more than 16 out of 20 business days. 0.0159

5. What is the expected (mean) number of business days for which the store would gross over $850 in a month (30 days)? 18 days

) Sher Manufacturing Pty Ltd has two retail divisions., which have the following reported results for the year:

1. (i) Calculate the ROI for both divisions
2. (ii) Calculate residual income assuming the firm requires a return of 18% on invested capital
3. (iii) Which was the more successful division? Explain. (Hint: think carefully about this)

(b) Giratina is a retailer and is a division of a larger retail company. The following data relate to the most recent year of operations:

1. (i) Calculate the division’s return on sales, investment turnover and return on investment.
2. (ii) Describe how the division improve its ROI. (hint issue the 2 component ratios to explain)

1. Etters Manufacturing Company has provided the following financial data for its most recent month.

Required:

Prepare an income statement using an absorption costing format.

LO2

Solution:

Sales                                                                            $171,000

Less cost of goods sold:

   Variable manufacturing                      $123,500

   Fixed manufacturing                               11,400            134,900

Gross profit                                                                      36,100

Less selling and administrative expenses

   Variable                                                   9,500

   Fixed                                                        8,000               17,500

Net operating income                                                   $  18,600

How is the 11,400 (fixed manufacturing) calculated??

The American Baker’s Association reports that annual sales of bakery goods last year rose 15 percent, driven by a 50 percent increase in the demand for bran muffins. Most of the increase was attributed to a report that diets rich in bran help prevent certain types of cancer. You are the manager of a bakery that produces and packages gourmet bran muffins, and you currently sell bran muffins in packages of three. However, as a result of this new report, a typical consumer’s inverse demand for your bran muffins is now P = 4 - 0.5Q.

If your cost of producing bran muffins is C(Q) = 1.5Q, determine the optimal number of bran muffins to sell in a single package and the optimal package price.

Instruction: Enter your response for the optimal package price rounded to two decimal places.

Optimal package size:__ units

Optimal package price: $