Tài liệu Khối Ngành Kinh Tế

Control Risk (CR) is the likelihood that a material misstatement would not be caught by the client’s internal controls. Factors affecting control risk include: The environment in which the company operates (its “control environment”). The existence (or lack thereof) and effectiveness of control activities. Monitoring activities (audit committee...

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Costs are accumulated for a period of time for products in work-in-process inventory. Products in work-in-process inventory at the beginning and end of the period are only partially complete. Equivalent units is a concept expressing these partially completed products as a smaller number of fully completed products.

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We need to calculate equivalent units because a department usually has some partially completed units in its beginning and ending inventory. These partially completed units complicate the determination of a department’s output for a given period and the unit cost that should be assigned to that output.

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Transactions between funds are of particular interest to financial statement preparers and users since failure to properly report these transactions results in two funds being misstated. Additionally, since most of these transactions are eliminated in the government-wide statements, it is particularly important that they be identified in the acco...

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We calculate the predetermined overhead rate before the period begins. As we work on a particular job, we apply overhead by multiplying the predetermined rate times the actual level of activity. If overhead is applied on the basis of machine hours, we would apply overhead by multiplying the predetermined rate by the actual number of machine hours u...

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Specialized skills are often needed to evaluate the effect of computerized processing on the audit, to understand the flow of transactions, or to design and perform audit procedures IT auditors are members of the audit team and are called in when the need for their skills arises Audit managers and partners should possess sufficient knowledge to k...

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CAN BE USED IN NONMANUFACTURING ORGANIZATIONS THE JOB Cases Programs Contracts Missions CHANGING TECHNOLOGY IN MANUFACTURUNG OPERATIONS Computerized data interchange has eliminated much of the paperwork associated with job-order cost systems. Scanning devices have simplified data entry to record material and labor use.

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Restricted : Constraints placed on the use of resources are: Externally Imposed (debt covenant, grantor, contributors, or other governments) Imposed by law (constitutionally or enabling legislation) i.e. enforceable requirement that resources be used only for specified purposes

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Cost Driver Examples Activity Cost Driver Machining operations Machine hours Setup Setup hours Production scheduling Manufacturing orders Inspection Pieces inspected Purchasing Purchase orders Shop order handling Shop orders Valve assembly support Customer Requisitions

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Express an opinion (or indicate that an opinion cannot be expressed) on entity’s financial statements Assess financial statements against financial reporting framework Set of criteria used to determine the measurement, recognition, presentation, and disclosure of material items in the financial statements Examples include GAAP, IFRS, or special ...

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