Auditing problems test bank pdf 1 - Composition of Cash and Cash Equivalents The following data pertain to PRTC Corporation at December 31, 2015: Current account at Metrobank P 1,800,000 Current account at Allied Bank (100,000) Payroll account 500,000 Foreign bank account (in equivalent pesos) 800,000 Savings deposit in a closed bank 150,000 Postage stamps 1,000 Employee's Auditing Problems Test Bank 2 - Free download as PDF File (. SOLUTION - AUDITING PROBLEMS TEST BANK; B Sales (P1,353,000 + P10,500 Freight) P1,363, 1 CIA Part1 2018 PDF - nice; Related documents. The company is a dealer of appliances and has several branches in Metro Manila. AUDITING THEORY TEST BANK. Problem 1 provides trial balance accounts and transactions for Brandy Co. It includes 29 multiple choice questions covering topics such as the functions of accounting and auditing, types of audits, professional judgment, duty of care for professionals, quality control policies and procedures, and monitoring and review AUDITING PROBLEMS TEST BANK 2 PROBLEM NO. lOMoARcPSD|32324011 SELF TEST-SHE - Test Banks in Shareholders Equity both auditing problems and auditing theory Auditing (Marian College) Studocu is not sponsored or endorsed by any college or university Downloaded by Emily Willow (emy. 1 You have been assigned to audit the financial statements of AYALA MERCHANTS CORPORATION for the year 2017. 1 Per books Adjustments Per audit Current assets Cash 481,600 Accounts receivable 1,127,000 Merchandise inventory 3,025,000 4,633,600 Current liabilities Accounts payable Other current liabilities 2,100,500 215,500 2,316,000 Working capital (CA-CL) Current ratio (CA/CL) 2,317,600 2. com) lOMoARcPSD|32324011 CPA REVIEW SCHOOL OF THE PHILIPPINES Manila CPA Review AUDITING Page 1 of 18 CPA REVIEW SCHOOL OF THE PHILIPPINES Manila AUDITING PROBLEMS PREWEEK LECTURE PROBLEM NO. Problem 2 provides similar information for Makahiya Co. Services designed to express an opinion on the fairness of historical financial statements based on the results of an audit. Correcting for prepaid insurance, accrued wages, rent revenue collected in advance, and interest receivable results in an adjusted pre-tax profit of $4,750,000. 1 The following accounts were included in the unadjusted trial balance of Pistons Company as of December 31, 2006: Cash Accounts receivable Merchandise inventory Accounts payable Other current liabilities P 481,600 1,127,000 3,025,000 Sir Benzington failed to recognize accruals and prepayments in its first year, resulting in an overstated pre-tax profit. pdf), Text File (. B. easy c Recording, classifying, and summarizing economic events in a logical mann 0 0 91KB Read more In the process of your audit, you gathered the following: At December 31, 2012, the bank statement and general ledger showed balances of P350,000 and P293,500, respectively. and requires calculating accumulated depreciation and gain/loss on disposal. EXISTENCE – to ascertain that cash in the custody of the client is actually on hand or deposited in the bank. Follow up the subsequent disposition of items included in the count 3. Problem No. Problem 3 describes a share Substantive Test of Cash and Cash Equivalents AUDIT OBJECTIVES a. AUDITING PROBLEMS TEST BANK 2 with answers - Free download as Word Doc (. Problem 2 discusses the construction of a production equipment by Maritess Company and calculates the total self-construction cost. It lists 12 debt obligations of the company with details on amounts, due dates, repayment terms, and other conditions. Problem 3 provides acquisition details for Test Bank Auditing - CH 1 Chapter 1 Multiple-Choice Questions 1. Students shared 1382 documents in this course. Problem 1 provides transaction details for Ariel Company and requires calculating account balances, depreciation, and other amounts. solution - auditing problems test bank 2 problem 1— ayala merchants corporation adjusting journal enries december 31, 2017 1 10. May 29, 2021 · Enhanced Document Preview: lOMoARcPSD |8241300 Auditing Problems Test Bank 2 BS Accountancy (Lyceum of the Philippines University). txt) or read online for free. CHAPTER 7 – Audit of Property, Plant, & Equipment. Correcting for items like The document provides information about 4 problems related to auditing property, plant, and equipment. 1) The auditor found several issues with the company's cash accounts including discrepancies in the bank reconciliation, returned checks, and unrecorded bank charges. The procedures include counting cash, confirming bank balances, obtaining bank reconciliations, examining cutoff bank statements, and tracing . A check payable to a supplier, dated December 29, 2012, in the amount of P14,750, released on January 5, 2013. lOMoARcPSD |8241300 AUDITING PROBLEMS TEST BANK 2 PROBLEM NO. Problem 1 The trial balance of Aguilar Enterprises on December 31, 2006 shows P350,000 as the unaudited balance of the Machinery account. Independent professional services that are intended to enhance the credibility of information to meet the needs of an intended user. StuDocu is not sponsored or endorsed by any college or university Downloaded by Sarah Jean Olivier (sarahjeanalivio02@gmail. University: New Era University. The Meow Company also failed to recognize accruals and deferrals over multiple years. The document provides a problem involving the audit of liabilities for Pukpok, Inc. Count all cash on hand simultaneously 2. and asks questions about share subscriptions and contributed capital. SOLUTION GUIDE TO SELECTED PROBLEMS: PROBLEM NO. The problem asks the auditor to determine the amounts to report for current and non-current liabilities on the statement of financial position as of December 31, 2022 based on the This document provides information about four problems related to auditing shareholders' equity. Broadly defined, the subject ma 2,912 507 222KB Read more. I- AUDIT OF CASH AND CASH EQUIVALENTS PROBLEM NO. Which of the following statements best describes assurance services? A. The cut-off bank statement showed a bank charge on January 2, 2013 for P30,000 representing correction of an erroneous bank credit. Course: BS Accountancy (BSA 2019-2020) 999+ Documents. AUDITING PROBLEMS TEST BANK 2 PROBLEM NO. willows123@gmail. Practice problems on auditing cash and cash equivalents, including composition, adjustments, cash counts, and bank reconciliation. Mar 1, 2024 · CPAR - MANILA AP 9302-1 -AUDIT OF LIABILITIES Page 2 of 5 Pages current liabilities. Jan 15, 2024 · The document outlines audit procedures for cash and cash equivalents. The document details audit findings for Ayala Merchants Corporation for the year ended December 31, 2017. 1. 9 In the audit of Pasig Company’s cash account, you obtained the following information: The company’s bookkeeper prepared the following bank reconciliation as of November 30, 2010: Bank balance – November 30, 2010 Undeposited collections Bank service charges Bank collection of customer’s note Outstanding checks: Number Substantive Test of Receivables and Sales When auditing receivables and sales, the principal objective for the substantive tests is to determine the following: EXISTENCE OR OCCURENCE All receivables on the statement of financial position are authentic claims of the entity and all sales have really occurred and pertain to the entity. 1 You have been assigned to audit the financial AI Chat with PDF Auditing Theory Test Bank Select the best answer for each of the following questions. Its main office is located in Makati City. Problem 2 describes a share option grant with a market condition and asks about related compensation expense over three years. On February 10, 2023, Pukpok obtained a period of grace from Mayo Bank until January 31, 2024, having convinced the bank that the company's normal 3 to 1 ratio of current assets to current liabilities will be reestablished during 2023. Problem 1 discusses the acquisition of 4 trucks by Marisol Company and calculates the total cost. Audit procedures: 1. com). ASSURANCE SERVICES. pdf from DBA 8552 at Columbia Southern University. AUDITING PROBLEMS AUDIT OF CASH AND CASH EQUIVALENTS PROBLEM NO. 00 AP-PW 5/06 Oct 1, 2017 · View Test prep - 359415641-Auditing-Problems-Test-Bank-2. The following data were taken from your current working papers in connection with your audit of the Rizal Company’s financial statements for the year ended December 31, 2006. The accounts payable balance at December 31, 2022 should be P1,477,000 after adjusting for: - Debit balances totaling P18,000 - Invoice received in January of P45,000 2. The need for assurance services arises because the interests of the users of information may be different from that of the interests of those responsible for providing information. The document provides details on 4 problems related to auditing property, plant, and equipment (PPE) for various companies. Chapter 3 - Partnership and 1. It lists three audit objectives: to verify cash balances, ensure proper recording of transactions, and appropriate classification and disclosure of cash in financial statements. uw 2, 2b. Problem 3 requires The document provides a test bank of questions related to auditing theory, professional practice of accounting, and quality control standards. docx), PDF File (. 2. As of December 31, 2022, Pukpok has breached this loan covenant. Auditing Problems Test Banks- LIABILITIES Part 2 - Free download as PDF File (. doc / . Process costing test bank; PART-2 - SASE, UPCAT REVIEWER; Share Based Payment; Cost Behavior CVP Analysis MCQs by Hilario Tan; Linear Programming Test Bank - An Introduction to Management Science 1; Aud Theories Chapter 5 & 6 Auditing Theories - CPAR Testbank. Cash account consists of the following items: Chapter 1: Auditing: Integral to the Economy Student: _____ 1. Included in the list of outstanding checks were the following: a. ldg kkwtak imm ciwtwia ygmbfv ctmlr cxfah iztte wvsyx siwrn cjuhfoz qqb tqokyeu yxfpeo hnpnyz