Principles Of Accounting 2 Exam 3 Flashcards

Principles of Accounting 2 Exam 3 Flashcards

Risk that the auditor is willing to take of accepting the account as fairly stated when it is materially misstated, i.e., when misstatement exceeds TM. Detecting Fraud Case Summary Debits always balanced credits prior to closing, and after books were closed, assets were in balance with the total of liabilities and equity accounts.

A consumer will only purchase clothing once or twice a month and will only spend some minutes or an hour deciding on which brand to purchase from. The consumer is already aware of the product but requires more information on the brands to identify which suits them best. As a member, you’ll also get unlimited access to over 84,000 lessons in math, English, science, history, and more. Plus, get practice tests, quizzes, and personalized coaching to help you succeed. If the LCL & UCL both fall completely within the tolerable misstatement range, the auditor ___ accept the conclusion that the population is not misstated by a material amount.

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Nominal decision-making can also be termed repeated decision-making and can be as many of hundreds of decisions that a consumer or individual makes in a day. Routine decision-making does not contain any mental involvement in making the decision and is comprised of basic choices such as what to eat. Routine decision-making is usually applied to low-level purchases. That is, routine decision-making is often applied to items that are frequently purchased and contain low purchase value. For a sample of checks recorded in the cash disbursements journal, trace to voucher package for evidence of cancellation. For a sample of vouchers recorded in the purchases journal, trace to the invoice & reperform footing & cross-footing.

Principles of Accounting 2 Exam 3 Flashcards

During the past year, Oster has taken two expensive vacations, and Hall wonders how Oster can afford these trips on her $52,000 annual salary and commissions. List at least three ways Oster could be defrauding Hall of cash. In each instance, also identify how Hall can determine whether Oster’s actions are ethical. The Ohio salesperson exam consists of 80 questions about national real estate matters and 40 state-specific questions. Decisions that result from routine-decision making are often instinctive or habitual and may even appear completely automatic. A key characteristic of nominal purchases is that they do not require the consumer to be strategic.

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Identify the differences among the three types of decisions, and discover examples of limited decision-making. When another firm audited a material portion of the FS & the principal CPA couldn’t review their work. Make certain that users who are relying on the FS are informed of the misstatements. The client can inform users, but if they refuse to cooperate, the auditor must notify regulatory agencies & all relying on FS.

Principles of Accounting 2 Exam 3 Flashcards

You’re only one 120-hour prelicensing course away from selling cozy homes in Cleveland or modern condos in Cincinatti. And we’ve made choosing real estate classes in Ohio a breeze. In limited decision making, consumers will combine the information they had before with information they gather about the product to make their choice. Routine or nominal decision-making is decision-making that occurs or is performed daily without any thought being afforded to the decision itself. A day-to-day example of routine decision-making can be seen in the case of postage stamps. Extended decision-making can be defined as the decision-making process involving an expensive product. Extended decision-making is usually employed for major purchases, such as acquiring a fleet of trucks and a warehouse for in-house baked goods delivery.

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Karen Knox Exports, Inc., is located in Clancy, New Mexico. Knox is the only company with reliable sources for its imported gifts. The company does a brisk business with specialty stores such as Neiman Marcus. Knox’s recent success has made the company a prime target for a takeover. An investment group in Alberton is attempting to buy 52% of Knox’s outstanding stock against the wishes of Knox’s board of directors. Board members are convinced that the Alberton investors would sell the most desirable pieces of the business and leave little of value. At the most recent board meeting, several suggestions were advanced to fight off the hostile takeover bid.

The auditor concludes that the overall FS are fairly presented, but the scope of the audit has been materially restricted or GAAP were not followed in preparing the FS. The five conditions required for a statement unqualified report have been met. TRUE; FS must be recalled or reissued only when information that would indicate that the FS were not fairly presented already existed at the audit report date. Attorneys may be reluctant to provide certain information to auditors due to . The recipient’s requested to respond/return the confirmation only when the information’s incorrect; if no response is received, assume accuracy.

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  • When another firm audited a material portion of the FS & the principal CPA couldn’t review their work.
  • The client can inform users, but if they refuse to cooperate, the auditor must notify regulatory agencies & all relying on FS.
  • Turns out it is not complete in the “Answer key section”.
  • How many units of Product R and Product T should the company produce if it continues to operate with only one shift?
  • The recipient’s requested to respond/return the confirmation only when the information’s incorrect; if no response is received, assume accuracy.
  • Suppose that the company determines that it can increase Product R’s maximum sales to 675 units per month by spending$4,500 per month in marketing efforts.

Many of their classes are state-specific in content, and they offer them in two easy-to-use formats. Exam prep package, for instance, includes progress exams to check your understanding of core concepts, flashcards to help you study, and practice exams so you feel confident on exam day. Sung Company is able to produce two products, R and T, with the same machine in its factory. Management is thinking about operating the machine for two shifts, which will increase its productivity by another eight hours per day for 22 days per month. This change would require $3,250 additional fixed costs per month. Determine the contribution margin per machine hour that each product generates. How many units of Product R and Product T should the company produce if it continues to operate with only one shift?

Accounting Test 3 Flashcards _ Quizlet Pdf

Do you think you know everything about the market environment and analysis? Play this quiz and test your understanding Principles of Accounting 2 Exam 3 Flashcards of strategic marketing analysis. Marketing environmental analysis refers to a marketing analysis tool that…

  • The five conditions required for a statement unqualified report have been met.
  • You may feel more confident sitting for the Ohio real estate licensing exam if you’ve spent time studying with high-quality exam prep materials.
  • Should the company pursue this strategy and the double shift?
  • The 30 hours must include nine hours of classes covering Canons of Ethics, Core Law , and Civil Rights.
  • Whether you sign up for classes through The CE Shop or Davis College, you’ll receive the same program.

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How much total contribution margin does this mix produce each month? If the company adds another shift, how many units of Product R and Product T should it produce?

Basis of cash flows, not on a revenue and expense basis. The starting point is usually expenditures, not receipts. https://accountingcoaching.online/ It is the important end-product of the operating budgets. It provides a basis for evaluating company performance.

It is often considered to be the most important output in preparing financial budgets. The CE Shop has expanded its courses offerings to keep pace with competitors. Not only do they have a lot of experience in online education, but their online platform is also sleek, with easy-to-use features that make navigating your online course a breeze. LET ReviewersTypesLinksPRC LET Reviewerpdf/docxDownloadPNU LET Reviewerpdf/docxDownloadThese LET Reviewers will help you develop better-analyzing skills. Download and try these LET Reviewers 2022 for Professional Education , General Education , and Area of Specialization with Answer Keys. All reviewers are free and printable in pdf/docx format. A consumer wishes to import their first car, but the options considered by the consumer are expensive.

Principles of Accounting 2 Exam 3 Flashcards

Next, real estate classes in Ohio must be completed at an institution of higher education that awards a degree. The schools on our list that offer prelicensing courses are all approved by the State of Ohio.

Should the company pursue this strategy and the double shift? It takes about three months to get a real estate license in Ohio. Online real estate classes in Ohio are the first step to becoming a real estate agent in the Buckeye State.

Shows the units that must be produced to meet anticipated sales. It is calculated using the sales budget numbers and the desired change in ending inventory. All of the options listed are part of an organization’s marketing environment.

Expected interest and dividends receipts, proceeds from planned sales of investments, plant assets, and capital stock. In order to have effective budgeting, a business must have a… PHILIPPINE CALL CENTER – Facebook ALORICA HOME BASED AND OFFICE BASED in selected sites. Here are the download links of LET Reviewers for Majorship with Answer Keys. Here are the download links for Professional Education LET Reviewers with Answer Keys. Here are the download links for General Education LET Reviewers with Answer Keys. Do you think you know enough about Marketing planning?

In order to decide whether sufficient evidence has been accumulated to warrant a clean opinion, an auditor must . When the auditor determines that a subsequent event occurred after field work was completed but before the audit report was issued. Total estimated misstatement in the population based on sample results.

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