Q1.Explain the importance of Bank Reconciliation Statement and give real examples explaining all possible items that make differences between cash balance in general ledger and bank statement balance.(3 marks)
Answer:
Q2.Explain how the direct write-off method and the allowance method are applied in accounting for uncollectible accounts receivables? Explain with examples (3 marks)
Answer
Q3. Define depreciation and list methods of depreciation with numerical examples for each method (4 marks)
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Questions:
1- While performing an audit what kind of observation an auditor should perform for the physical inventory count.
Explain relevant procedures in your own words and give examples?
2- Explain in detail the inherent risks factors are involved while assessing the risks for the intangible assets?
3- Clarify in detail what are substantive analytical procedures can be used in the audit of property, plant, and equipment?
4- Describe in detail the substantive analytical procedures can be used in auditing the income statements?
ACCT 422
ASSIGNMENT 3
You are required to work in this assignment individually. Any suspicious activities or cheating will result zero grade in this assignment.
Q1.Personal Exemption’ is the dollar amount that each individual taxpayer is able to deduct for him or herself or a dependent each year. For tax year 2013, the standard personal exemption amount was $3900 per person. Kate is single and a homeowner. In 2013, she has property taxes on her home of $3,000, makes charitable contributions of $2,000, and pays home mortgage interest of $7,000. Kate’s adjusted gross income for 2013 is $77,000.
Required: Compute her taxable income for 2013.
Q2.The following information is available for Bob and Brenda Horton, a married couple filing a joint return, for 2013. Both Bob and Brenda are age 32 and have no dependents.
Salaries $180,000
Interest income 12,000
Deductible IRA contributions 10,000
Itemized deductions 22,600 https://www.precisionessays.com/in/project
a. What is the amount of their gross income?
b. What is the amount of their adjusted gross income?
c. What is the amount of their taxable income?
Q3. Gross income is an individual’s income and receipts from nearly all sources. It is the starting point for determining the taxes that individual will pay.you are required to mention the items that are included in gross income.
| Assignment | 3 | Marks | 10 |
| Course Title | Introduction to Accounting Information System | Code | ACCT402 |
| Submission | End week 11 | Dates | Sat 2/12/2017 |
Q1. The accounting department of Dallah hospital maintains AIS for their financial statements and reports. Imagine that you are appointed as the auditor to audit the organization’s AIS.
a. As an auditor what are your objectives in conducting the accounting information system audits? Explain.
b. What are the concurrent audit techniques that you would apply to continually monitor the system and collect audit evidence while live data are processed during regular operating hours?
Q2. Case Study:
O’Brien Corporation is a midsize, privately owned, industrial instrument manufacturer supplying precision equipment to manufacturers in the Midwest. The corporation is 10 years old and uses an integrated ERP system. The administrative offices are located in a downtown building and the production, shipping, and receiving departments are housed in a renovated warehouse a few blocks away.
Customers place orders on the company’s website, by fax, or by telephone. All sales are on credit, FOB destination. During the past year sales have increased dramatically, but 15% of credit sales have had to written off as uncollectible, including several large online orders to first-time customers who denied ordering or receiving the merchandise.
Customer orders are picked and sent to the warehouse, where they are placed near the loading dock in alphabetical sequence by customer name. The loading dock is used both for outgoing shipments to customers and to receive incoming deliveries. There are ten to twenty incoming deliveries every day, from a variety of sources.
The increased volume of sales has resulted in a number of errors in which customers were sent the wrong items. There have also been some delays in shipping because items that supposedly were in stock could not be found in the warehouse. Although a perpetual inventory is maintained, there has not been a physical count of inventory for two years. When an item is missing, the warehouse staff writes the information down in log book. Once a week, the warehouse staff uses the log book to update the inventory records.
The system is configured to prepare the sales invoice only after shipping employees enter the actual quantities sent to a customer, thereby ensuring that customers are billed only for items actually sent and not for anything on back order.
a. Identify at least three weaknesses in O’Brien Corporation’s revenue cycle activities.
b. Describe the problem resulting from each weakness.
c. Recommend control procedures that should be added to the system to correct the weakness.
3. The expenditure cycle has been called a “mirror image” of the revenue cycle. Explain why? And also bring out the general threats of the expenditure cycle along with the procedure to control them.
4. Product design is one of the basic activity in the production cycle.
a. Explain the main objective of Product design and bring out its threats and control.
b. What are the components of PLM software that helps in improving the efficiency and effectiveness of product design?
