Question 1
Harry's House of Hamburgers (HHH) wants to prepare a cash budget for months of September through December. Using the following information, prepare the cash budget schedule and interpret the results. ? Sales were $50,000 in June and $60,000 in July. Sales have been forecasted to be $65,000, $72,000, $63,000, $59,000, and $56,000 for months of August, September, October, November, and December, respectively. In the past, 10 percent of sales were on cash basis, and the collection were 50 percent in the first month, 30 percent in the second month, and 10 percent in the third month following the sales. ? Every four months (three times a year) $500 of dividends from investments are expected. The first dividend payment was received in January. ? Purchases are 60 percent of sales, 15 percent of which are paid in cash, 65 percent are paid one month later, and the rest is paid two months after purchase. ? $8,000 dividends are paid twice a year (in March and September). ? The monthly rent is $2,000. ? Taxes are $6,500 payable in December. ? A new hamburger press will be purchased in October for $2,300. ? $1,500 interest will be paid in November. ? $1,000 loan payments are paid every month. ? Wages and salaries are $1,000 plus 5 percent of sales in each month. ? August's ending cash balance is $3,000. ? HHH would like to maintain a minimum cash balance of $10,000.
Question 2
Dear Teacher i am sending you a zip folder of my assessments( risk management) with one pdf file of answers too.. please use that answers in preparation of my assessment it will make your job quick and easy because i need my answers ASAP .. its my humble request Regards Rajbir singh,Dear Teacher i am looking forward for the relevant answers, i am already scared from the thought of not getting my answers because of other tutor replied me late and cancelled my assessment due to lack of knowledge in this topic.. hope i will get my answers on time .. thanks Regards Rajbir singh,thanks teacher,Dear Teacher thanks for informing me Rajbir singh,Dear Teacher Hi .. hope you fine with my assessment so far because tomorrow is my last date of submission Regards Rajbir singh,Dear Teacher well i need all 3 parts, if you not willing to complete then its sad for me because you already accepted my assessment and i have no time now .. and there is no word limit except the very 1st question of assessment 1 is mention(4oo words) and for other questions i just need relevant answers.. and on the top of that i send you another "pdf" file of the answers too to make your job quick and easy.. i hope i will get my answers soon .. Regards Rajbir singh,Dear Teacher. Oki 20 hours .. Hope I will get my answer soon Regards. Rajbir singh,Dear Teacher this is very shocking for me till now because these are not my answers .. very first party of my assessment is a project report (theory) and partb of assessment 1 is roll play and assesment 2 is something els.. could you please make me understand what asweres you send to me.. bcoause there is no any asweres fro assessment 1 question 1 to 4.. and assessment 2 complete Regards rajbir singh,Dear Teacher looking forward for correct answeres Regards Rajbir singh,DEAR Teacher i need simple solution in points and a simple theory nothing critical Regards Rajbir Singh,dear Teacher i just want to knew that how much time you will need for answering my questions? Regards Rajbir singh,Dear Teacher I am still waiting for your reply upon that how much more time it will take? Regards Rajbir singh,Dear Teacher i am disappointed by not clarified answers given by you and its too late for me now and i deserve my money back at least thanks Regards Rajbir singh,Dear Teacher could you please make me understand which one is the answer of assessment 2 .. i didn't understand yet Regards Rajbir singh,Dear Teacher right now i only need assessment 2nd by 16 march 2012 please don't bother about assessment 1st both parts Thanks Regards Rajbir singh
Question 3
96. Rufus and Rhonda are a married couple with 3 dependent children, all under 16 years of age. Rufus, 46, is an executive with Plowshare Corporation. Rhonda, 39, is a self-employed attorney. Rufus receives an annual salary of $78,000. He participates in Plowshare?s qualified pension plan by contributing 4% of his annual salary, which is matched by Plowshare. Rufus also receives group term life insurance at twice his annual salary. The coverage costs Plowshare $2,100. All employees are covered by a medical insurance policy. (Rufus?s policy costs $2,300.) He also participates in the company?s flexible benefits plan by paying $200 per month into the plan. During the year, Rufus submits claims totaling $1,800 to the plan. An additional benefit that only top-level executives such as Rufus enjoy is the payment of $2,300 in country club dues by Plowshare. Although Rufus occasionally entertains clients at the club, his primary use of the facility is personal. Rhonda bills clients a total of $125,000 for services rendered during the current year. She receives $17,000 in payments from billings in prior years and $87,000 from current-year billings. Rhonda pays the following expenses related to her legal practice: Office rent $14,400 Secretary?s salary 24,000 Withholdings from secretary?s salary Federal income taxes $2,250 State income taxes 520 Social Security taxes 1,836 4,606 Matching Social Security tax payment 1,836 Entertainment costs 4,000 Seminar costs 1,155 Insurance on building?2 years prepaid on August 1 1,600 Supplies 2,250 Bar association dues 600 State licensing fee 725 Automobile costs 4,700 Business gifts 850 Salary paid to Rhonda 64,000 Salary paid to Rhonda?s son 2,500 In addition to these out-of-pocket costs, Rhonda determines that $2,400 in accounts receivable from previous years? billings are uncollectible. The entertainment costs consist of the following: Dues to social club $1,000 Meals while discussing cases with clients 1,200 Open house 1,800 Rhonda has records that show that she uses the club 70% of the time for entertainment directly related to business, 10% for entertainment associated with her business, and 20% for personal purposes. The open house costs consist of $1,400 for food and $400 for a jazz combo at a reception she hosted for clients when she moved into her new offices this year. Rhonda uses her automobile extensively in her business. She keeps a log to record business miles and related costs. Her records show that she drove 10,000 business miles and 3,000 personal miles during the current year. In past years, she had always kept track of her business miles but failed to keep an accurate record of her actual costs. Accordingly, her records indicate that she has never depreciated any of the $26,000 cost of the automobile she purchased 2 years ago?she has used the standard mileage rate method.,Thank you! I'll be looking forward to your response!
Question 4
Assignment 2: Weekly Assignment: Analysis and Research for a data warehouse system Based on knowledge and examination, you will analyze the data warehouse system of your selected organization (ALPHA BOOKS) from Module 1 Assignment 3. Describe how the data and information are stored and used. Develop a proposal for improving the data warehouse capabilities for the selected organization. Include the following: o Analyze the benefits of such a data warehouse system for the business function. o Determine how the data and information are stored and retrieved. o Determine how the data and information are used and by whom. o Describe how your proposed data warehouse would work within a distributed organization?supposing that your selected organization has or will have additional locations as well as a company headquarters. Write a 4- to 5-page paper in Word format. Apply current APA standards for writing style to your work. Use the following file naming convention: LastnameFirstInitial_M4_A2.doc. By Wednesday, June 26, 2013, 12:00EST, deliver your assignment to the M4: Assignment 2 Dropbox. Assignment 2 Grading Criteria Maximum Points Analyzed the benefits of a data warehouse system for the business function. 25 Defined how the data and information are stored and retrieved. 25 Defined how the data and information are used and by whom. 15 Explained how the proposed data warehouse would work within a distributed organization. 25 Applied current APA standards for editorial style and expression of ideas. 10
Question 5
1. Which of the following is ordinarily considered an "extended procedure" in external auditors' independent audits of financial statements? A. Send positive confirmations on recorded customer accounts receivable balances. B. Perform physical observation and testcount during the client's inventorytaking. C. Measure the time lag between the date of recording cash receipts in the books to the date of deposit credit in the bank. D. Conduct interviews with the client's sales billing personnel to learn about sales recording control procedures. 2. Auditors ordinarily send a standard confirmation request to all banks with which the client has done business during the year under audit, regardless of the year-end balances. A purpose of this procedure is to A. provide the data necessary to prepare a proof of cash. B. request that a cutoff bank statement and related checks be sent to the audit. C. detect kiting activities that may otherwise not be discovered. D. seek information about contingent liabilities and security agreements. 3. An auditor wishes to perform tests of controls on a client's cash disbursements procedures. If the control procedures leave no audit trail of documentary evidence, the auditor most likely will test the procedures by A. confirmation and observation. B. observation and inquiry. C. analytical procedures and confirmation. D. inquiry and analytical procedures. 4. Which of the following would the auditor consider to be an incompatible operation if the cashier receives remittances? A. The cashier prepares the daily deposit. B. The cashier makes the daily deposit at a local bank. C. The cashier posts the receipts to the accounts receivable subsidiary ledger cards. D. The cashier endorses the checks. 5. When auditing with "fraud awareness," auditors should especially notice and follow up employee activities under which of these conditions? A. The company always estimates the inventory but never takes a complete physical count. B. The petty cash box is always locked in the desk of the custodian. C. Management has published a company code of ethics and sends frequent communication newsletters about it. D. The board of directors reviews and approves all investment transactions. 6. Narbona, CPA is reviewing controls over cash received through a bank night depository. Which controls would she find most important? A. Responsibilities are rotated for processing night depository receipts among employees of the various departments. B. Dual control (joint custody) is established over the contents of the night depository box from the time of removal until initial recording is completed. C. Vacations are required for all employees engaged in night depository activities. D. All deposit tickets related to night deposits are numbered. 7. A small business owner can best offset the lack of segregation of duties by A. Creating an internal audit department B. Installing the latest computer equipment and software C. Being actively involved in the accounting process D. Relying on the external auditor to detect errors. 8. Confirmations of accounts receivable provide the most evidence for which of the following assertions? A. Existence. B. Valuation or Allocation. C. Rights and obligations. D. Completeness. 9. In determining the adequacy of the allowance for uncollectible accounts, the least valuable evidence would be obtained from A. an aging schedule of past due accounts which the auditor has tested. B. correspondence with the client's collection agency. C. financial statements of individual customers. D. no reply to negative confirmations. 10. In which of the following circumstances would the use of the negative form of accounts receivable confirmation most likely be justified? A. A substantial number of accounts may be in dispute and the accounts receivable balance arises from sales to a few major customers. B. A substantial number of accounts may be in dispute and the accounts receivable balance arises from sales to many customers with small balances. C. A small number of accounts may be in dispute and the accounts receivable balance arises from sales to a few major customers. D. A small number of accounts may be in dispute and the accounts receivable balance arises from sales to many customers with small balances. 11. In evaluating the adequacy of the allowance for doubtful accounts, an auditor most likely reviews the entity's aging of receivables to support management's financial statement assertion of A. existence or occurrence. B. valuation or allocation. C. completeness. D. rights and obligations. 12. Which of the following responses to a confirmation of balances at December 31 would be most troubling to an auditor? A. We paid this amount on December 28. B. We received this amount on January 2. C. We returned this amount on December 28 under our standing agreement with the company. D. This amount isn't due until January 15. 13. When confirming accounts payable, emphasis should be put on what kind of accounts? A. Accounts with small or zero balances. B. All accounts should be equally emphasized. C. Accounts with large balances. D. Accounts listed in the accounts payable subsidiary. 14. Which of the following situations indicates a potential material weakness in internal control over acquisition and expenditure? A. Purchase orders are not prepared for services acquired directly under authorization of department heads. B. Voucher packages are authorized and checks are signed by the same person. C. Unacceptable goods are not scheduled on receiving reports. D. The same person signs checks and stamps vouchers "paid." 15. Which of the following accounts would most likely be reviewed by the auditor to gain reasonable assurance that additions to the equipment (fixed asset) account are not understated? A. Depreciation expense. B. Gain on disposal of equipment. C. Accounts payable. D. Repairs and maintenance expense. 16. An auditor wishes to perform tests of controls on a client's cash disbursements procedures. If the control procedures leave no audit trail of documentary evidence, the auditor most likely will test the procedures by A. confirmation and observation. B. observation and inquiry. C. analytical procedures and confirmation. D. inquiry and analytical procedures. 17. Improperly capitalizing an expense item results in. A. understatement of profit in the current year and overstatement in future years. B. understatement of profit in the current year and in future years C. overstatement of profit in the current year and understatement in future years D. overstatement of profit in the current year and in future years. 18. Which of the following would be an indicator of potential fraud? A. Photocopies of invoices in the voucher file. B. Vendor invoices in numerical order. C. Vendors with only post office box addresses. D. All of the above indicate potential fraud. 19. An important method used by the auditor to learn of material contingencies is A. Examining documents in the client's possession concerning contingencies. B. Inquiring and discussing them with management. C. Obtaining an attorney letter. D. Confirming accounts receivable with the client's customers. 20. Which of the following items would appear in management's representations with no limitation due to materiality? A. Statements that a physical inventory was taken and inventory is properly valued. B. Information regarding all misstatements detected during the audit. C. Recommendations for improvements in the client's operations. D. The availability of all financial records and related data to the auditor. 21. The Orange Corporation was audited for the year ended December 31 and the reports were delivered on February 15. After the fieldwork was completed on January 25, the auditor learned of a two-for-one stock split on February 1. If dual dating is used, what are the proper dates for the audit reports? A. December 31 and January 25. B. January 25 and February 1. C. January 25 and February 15. D. February I and February 15. 22. A second-partner review of the audit documentation and financial statements is performed to ensure that the: A. "To-do lists" are reviewed and cleared. B. Audit program procedures are "signed off." C. Tick-mark notations are cleared. D. Audit work meets the quality standards of the firm. 23. The primary objective of analytical procedures used in the final review stage of an audit is to A. Obtain evidence from details tested to corroborate management assertions. B. Obtain evidence on the validity of the assessment of control risk. C. Assist the auditor in evaluating the overall financial statement presentation. D. Identify areas that represent specific risks relevant to the audit. 24. An entity's income statements were misstated due to the recording of journal entries that involved debits and credits to an unusual combination of expense and revenue accounts. The auditor most likely could have detected this irregularity by A. Tracing a sample of journal entries to the general ledger. B. Evaluating the effectiveness of the internal control policies and procedures. C. Investigating the reconciliations between controlling accounts and subsidiary records. D. Performing analytical procedures designed to disclose differences from expectations. 25. Select the description that best illustrates sampling risk. A. Applying audit procedures, which are inappropriate for the audit objectives. B. Failing to recognize misstatements or deviations in the documents examined. C. Arriving at incorrect statistical conclusions due to computational errors. D. Choosing a sample which has proportionately more errors than the population. 26. An auditor is most likely to use statistical sampling under which of the following situations? A. Random numbers can be associated with population items. B. Strictly defensible results based on mathematics are not necessary. C. The auditor has a very good knowledge of the population. D. The population is very diverse with some segments especially prone to misstatement. 27. What is the primary drawback with respect to the use of sampling? A. Individuals may fail to obtain a true understanding of the question they are examining. B. The time spent in planning and selecting the sample may exceed the time savings from examining only a subset of the items. C. The conclusion reached by examining a sample of items may differ from the conclusion that would be reached if the entire population were examined. D. Sampling cannot be used to examine account balances that are material to the financial statements. 28. Which of the following most closely represents an unrestricted random selection procedure? A. Identifying a starting point within the population and bypassing a fixed number of items. B. Matching items in the population to a series of randomly-selected numbers. C. Randomly selecting invoices to customers whose last names start with "W". D. Randomly picking items from an accounts receivable file. 29. If the adjusted sample deviation rate exceeds the tolerable deviation rate, the auditor would most likely: A. Accept the account balance as fairly stated. B. Reject the account balance as fairly stated. C. Increase the planned effectiveness of substantive procedures. D. Not increase the planned effectiveness of substantive procedures. 30. Why is the auditor most concerned with the risk of assessing control risk too low rather than the risk of assessing control risk too high? A. The risk of assessing control risk too high is not a type of sampling risk. B. The risk of assessing control risk too low exposes the auditor to an efficiency loss. C. The risk of assessing control risk too low may result in the auditor failing to perform sufficient substantive procedures. D. The risk of assessing control risk too low cannot be controlled by the auditor during the sampling process. 31. The SEC requires all of the following for revenue to be recognized except A) Cash is collected B) Persuasive evidence of an arrangement exists. C) Delivery has occurred or services have been rendered. D) The seller's price to the buyer is fixed or determinable. 32. Which of the following audit procedures most likely would provide an auditor with the most assurance about the effectiveness of the operation of a client's internal control? A. Confirmation with outside parties. B. Inquiry of client personnel. C. Recomputation of transaction amounts. D. Observation of client personnel. 33. The ultimate purpose of assessing control risk is to contribute to the auditor's evaluation of the A. factors that raise doubts about the auditability of the financial statements. B. operating effectiveness of internal control policies and procedures. C. risk that material misstatements exist in the financial statements. D. possibility that the nature and extent of substantive tests may be reduced. 34. Proper segregation of duties reduces the opportunities to allow persons to be in positions to both A. journalize entries and prepare financial statements. B. record cash receipts and cash disbursements. C. establish internal controls and authorize transactions. D. perpetuate and conceal errors and fraud. 35. Which of the following is a step in an auditor's decision to assess control risk at below the maximum? A. Apply analytical procedures to both financial data and nonfinancial information to detect conditions that may indicate weak controls. B. Perform tests of details of transactions and account balances to identify potential errors and fraud. C. Identify specific internal control policies and procedures that are likely to detect or prevent material misstatements. D. Document that the additional audit effort to perform tests of controls exceeds the potential reduction in substantive testing.
