niusouti.com
15 What journal entry is required to record goods taken from inventory by the owner of a business?A Debit DrawingsCredit PurchasesB Debit SalesCredit DrawingsC Debit DrawingsCredit InventoryD Debit PurchasesCredit Drawings
题目
15 What journal entry is required to record goods taken from inventory by the owner of a business?
A Debit Drawings
Credit Purchases
B Debit Sales
Credit Drawings
C Debit Drawings
Credit Inventory
D Debit Purchases
Credit Drawings
相似考题
更多“15 What journal entry is required to record goods taken from inventory by the owner of a b ”相关问题
-
第1题：
SIP消息中,用作后续消息路由的头域信息是哪个?()A.VIA
B.Record-Route
C.Route
D.from
正确答案：C
-
第2题：
根据以下材料，回答
Hair loss can be destructive for themillions of men and women who experience it. Now scientists are reporting thata substance from honeybee hives might contain clues for developing a potentialnew therapy. They found that the material, called propolis, encouraged hairgrowth in mice. The study appears in A CS′ Journal of Agricultural and FoodChemistry. Ken Kobayashi and colleagues note that propolis is a resin-likematerial that honeybees use to seal small gaps in their hives. Not only does itwork as a physical barrier, but it also contains active compounds that fightfungal and bacterial invasions. People from ancient times had noticed propolis′special properties and used it to treat tumors, inflammation and wounds. Morerecently, research has shown that the substance promotes the growth of certaincells involved in hair growth though no one had yet tested whether that in turnwould result in new locks. Kobayashi ′ s team wanted to find out.
When the researchers tested propolis onmice that had been shaved or waxed, the mice that received the treatment regrewtheir fur faster than those that didn′t. The scientists also noticed that afterthe topical application, the number of special cells involved in the process ofgrowing hair increased. Although they tried the material on mice that couldgrow fur rather than balding mice, the researchers note that hair lossconditions often result from abnormal inflammation. Propolis contains anti-inflammatorycompounds, so they expert it could help treat balding conditions.
They add that further testing is needed tosee if the beehive material affects human hair follicles.
What′s the main idea of the passage?A.It is about a test on mice.
B.It is about an introduce of ACS'Journal.
C.It is about a report on a study of newfunction of propolis.
D.It is about a medicine that will be putinto market soon.答案：C解析：主旨题。这是一篇关于蜂巢腊胶的研究报道，即蜂巢腊胶具有促进毛发生长的功能。故选C。 -
第3题：
inventory的汉语含义是
C -
第4题：
One of your audit clients is Tye Co a company providing petrol, aviation fuel and similar oil based products to the government of the country it is based in. Although the company is not listed on any stock exchange, it does follow best practice regarding corporate governance regulations. The audit work for this year is complete, apart from the matter referred to below.
As part of Tye Co’s service contract with the government, it is required to hold an emergency inventory reserve of 6,000 barrels of aviation fuel. The inventory is to be used if the supply of aviation fuel is interrupted due to unforeseen events such as natural disaster or terrorist activity.
This fuel has in the past been valued at its cost price of $15 a barrel. The current value of aviation fuel is $120 a barrel. Although the audit work is complete, as noted above, the directors of Tye Co have now decided to show the ‘real’ value of this closing inventory in the financial statements by valuing closing inventory of fuel at market value, which does not comply with relevant accounting standards. The draft financial statements of Tye Co currently show a profit of approximately $500,000 with net assets of $170 million.
Required:
(a) List the audit procedures and actions that you should now take in respect of the above matter. (6 marks)
(b) For the purposes of this section assume from part (a) that the directors have agreed to value inventory at
$15/barrel.
Having investigated the matter in part (a) above, the directors present you with an amended set of financial
statements showing the emergency reserve stated not at 6,000 barrels, but reported as 60,000 barrels. The final financial statements now show a profit following the inclusion of another 54,000 barrels of oil in inventory. When queried about the change from 6,000 to 60,000 barrels of inventory, the finance director stated that this change was made to meet expected amendments to emergency reserve requirements to be published in about six months time. The inventory will be purchased this year, and no liability will be shown in the financial statements for this future purchase. The finance director also pointed out that part of Tye Co’s contract with the government requires Tye Co to disclose an annual profit and that a review of bank loans is due in three months. Finally the finance director stated that if your audit firm qualifies the financial statements in respect of the increase in inventory, they will not be recommended for re-appointment at the annual general meeting. The finance director refuses to amend the financial statements to remove this ‘fictitious’ inventory.
Required:
(i) State the external auditor’s responsibilities regarding the detection of fraud; (4 marks)
(ii) Discuss to which groups the auditors of Tye Co could report the ‘fictitious’ aviation fuel inventory;
(6 marks)
(iii) Discuss the safeguards that the auditors of Tye Co can use in an attempt to overcome the intimidation
threat from the directors of Tye Co. (4 marks)
正确答案：
(a)Valuationofaviationinventory–ReviewGAAPtoensurethattherearenoexceptionsforaviationfuelorinventoryheldforemergencypurposeswhichwouldsuggestamarketvaluationshouldbeused.–Calculatethedifferenceinvaluation.Theerrorininventoryvaluationis$105*6,000barrelsor$630k,whichisamaterialamountcomparedtoprofit.–Reviewprioryearworkingpaperstodeterminewhetherasimilarsituationoccurredlastyearandascertaintheoutcomeatthatstage.–Discussthematterwiththedirectorstoobtainreasonswhytheybelievethatmarketvalueshouldbeusedfortheinventorythisyear.–Warnthedirectorsthatinyouropinion,aviationfuelshouldbevaluedatthelowerofcostornetrealisablevalue(thatis$15/barrel)andthatusingmarketvaluewillresultinamodificationtotheauditreport.–Ifthedirectorsnowamendthefinancialstatementstoshowinventoryvaluedatcost,thenconsidermentioningtheissueintheweaknessletteranddonotmodifytheauditreportinrespectofthismatter.–Ifthedirectorswillnotamendthefinancialstatements,quantifytheeffectofthedisagreementinthevaluationmethod–thesumof$630,000ismaterialtothefinancialstatementsasTyeCo’sincomestatementfigureisdecreasedfromasmalllosstoalossof$130,000althoughnetassetsdecreasebyonlyabout0·3%.–ObtainamanagementrepresentationletterfromthedirectorsofTyeCoconfirmingthatmarketvalueistobeusedfortheemergencyinventoryofaviationfuel.–Ifthedirectorswillnotamendthefinancialstatements,drafttherelevantsectionsoftheauditreport,showingaqualificationonthegroundsofdisagreementwiththeaccountingpolicyforvaluationofinventory.(b)(i)ExternalauditorresponsibilitiesregardingdetectionoffraudOverallresponsibilityofauditorTheexternalauditorisprimarilyresponsiblefortheauditopiniononthefinancialstatementsfollowingtheinternationalauditingstandards(ISAs).ISA240(Redrafted)TheAuditor’sResponsibilitiesRelatingtoFraudinanAuditofFinancialStatementsisrelevanttoauditworkregardingfraud.Themainfocusofauditworkisthereforetoensurethatthefinancialstatementsshowatrueandfairview.Thedetectionoffraudisthereforenotthemainfocusoftheexternalauditor’swork.Anauditorisresponsibleforobtainingreasonableassurancethatthefinancialstatementsasawholearefreefrommaterialmisstatement,whethercausedbyfraudorerror.Theauditorisresponsibleformaintaininganattitudeofprofessionalscepticismthroughouttheaudit,consideringthepotentialformanagementoverrideofcontrolsandrecognisingthefactthatauditproceduresthatareeffectivefordetectingerrormaynotbeeffectivefordetectingfraud.MaterialityISA240statesthattheauditorshouldreduceauditrisktoanacceptablylowlevel.Therefore,inreachingtheauditopinionandperformingauditwork,theexternalauditortakesintoaccounttheconceptofmateriality.Inotherwords,theexternalauditorisnotresponsibleforcheckingallthetransactions.Auditproceduresareplannedtohaveareasonablelikelihoodofidentifyingmaterialfraud.DiscussionamongtheauditteamAdiscussionisrequiredamongtheengagementteamplacingparticularemphasisonhowandwheretheentity’sfinancialstatementsmaybesusceptibletomaterialmisstatementduetofaud,includinghowfraudmightoccur.IdentificationoffraudInsituationswheretheexternalauditordoesdetectfraud,thentheauditorwillneedtoconsidertheimplicationsfortheentireaudit.Inotherwords,theexternalauditorhasaresponsibilitytoextendtestingintootherareasbecausetheriskofprovidinganincorrectauditopinionwillhaveincreased.(ii)GroupstoreportfraudtoReporttoauditcommitteeDisclosethesituationtotheauditcommitteeastheyarechargedwithmaintainingahighstandardofgovernanceinthecompany.Thecommitteeshouldbeabletodiscussthesituationwiththedirectorsandrecommendthattheytakeappropriateactione.g.amendthefinancialstatements.ReporttogovernmentAsTyeCoisactingunderagovernmentcontract,andtheover-statementofinventorywillmeanTyeCobreachesthatcontract(thereportedprofitbecomingaloss),thentheauditormayhavetoreportthesituationdirectlytothegovernment.TheauditorofTyeConeedstoreviewthecontracttoconfirmthereportingrequiredunderthatcontract.ReporttomembersIfthefinancialstatementsdonotshowatrueandfairviewthentheauditorneedstoreportthisfacttothemembersofTyeCo.Theauditreportwillbequalifiedwithanexceptfororadverseopinion(dependingonmateriality)andinformationconcerningthereasonforthedisagreementgiven.Inthiscasetheauditorislikelytostatefactuallytheproblemofinventoryquantitiesbeingincorrect,ratherthanstatingorimplyingthatthedirectorsareinvolvedinfraud.ReporttoprofessionalbodyIftheauditorisuncertainastothecorrectcourseofaction,advicemaybeobtainedfromtheauditor’sprofessionalbody.Dependingontheadvicereceived,theauditormaysimplyreporttothemembersintheauditreport,althoughresignationandtheconveningofageneralmeetingisanotherreportingoption.(iii)Intimidationthreat–safeguardsInresponsetotheimpliedthreatofdismissaliftheauditreportismodifiedregardingthepotentialfraud/error,thefollowingsafeguardsareavailabletotheauditor.DiscusswithauditcommitteeThesituationcanbediscussedwiththeauditcommittee.Astheauditcommitteeshouldcomprisenon-executivedirectors,theywillbeabletodiscussthesituationwiththefinancedirectorandpointoutclearlytheauditor’sopinion.Theycanalsoremindthedirectorsasawholethattheappointmentoftheauditorrestswiththemembersontherecommendationoftheauditcommittee.Iftherecommendationoftheauditcommitteeisrejectedbytheboard,goodcorporategovernancerequiresdisclosureofthereasonforrejection.ObtainsecondpartnerreviewTheengagementpartnercanaskasecondpartnertoreviewtheworkingpapersandotherevidencerelatingtotheissueofpossiblefraud.Whilethisactiondoesnotresolvetheissue,itdoesprovideadditionalassurancethatthefindingsandactionsoftheengagementpartnerarevalid.ResignationIfthematterisserious,thentheauditorcanconsiderresignationratherthannotbeingre-appointed.Resignationhastheadditionalsafeguardthattheauditorcannormallyrequirethedirectorstoconveneageneralmeetingtoconsiderthecircumstancesoftheresignation. -
第5题：
题示代码的功能为:循环遍历输出Map当中的每一个元素。《插入代码》处应填入的代码是（）Map map=new HashMap（); map.put（“jessica”,100); map.put（“tom”,200); map.put（“den”,300); Set《插入代码1》 set =《插入代码2》; for （《插入代码3》 per : set) { System.out.println（per.getKey（) + ":" + per.getValue（)); }
A.＜Entry＞ map.keySet() Entry#B.＜Entry＞ map.entrySet() Entry#C.＜Map.Entry＜String, Integer＞＞ map.keySet() Map.Entry＜String, Integer＞#D.＜Map.Entry＜String, Integer＞＞ map.entrySet() Map.Entry＜String, Integer＞Person person:list -
第6题：
如：我要查找RaoY在Nature 或Science上发表的论文,哪一个检索语言是正确的？
A．Rao Y[au] AND Nature OR Science[Journal]
B．Rao Y[au] AND (Nature[Journal] OR Science[Journal])
C．Rao Y[au] AND Nature[Journal] OR Science[Journal]
D．Rao Y[au] AND (Nature OR Science)[Journal]
B