ACT480 Section : O1 Homework

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ACT480 Section : O1 Homework

Homework (15%) Semester : Summer-II Year : 2019/2020 Course Title : Auditing Course Code : ACT480 Section : O1 Instructor : Dr. Gökberk Can Instructions Submit your duty answers online through Moodle (with a cover page that incudes your indicate, ID, and the Section.) Due Date September 6, 2020 – 23:59 To be completed by the student Students Indicate : Student ID: Grading Scheme Question Earned Purposes Max. Purposes Question Earned Purposes Max. Purposes 1 28 2 72 3 Total Earned Purposes Total Available Purposes Instructor Signature 100 ACT480: Auditing Homework Spring-2 2020 Question 1 – 28 Purposes Recital Indicate Cycle Recital Indicate Cycle Accounts Receivable Sales Revenue Accrued Income Tax Salaries Payable Advertising Expense Retained Earnings Bad Debt Expense Prepaid Expenses Buildings Notes Payable Cost of pi

Homework (15%)
Semester : Summer-II Year : 2019/2020
Course Title : Auditing
Course Code : ACT480 Section : O1
Instructor : Dr. Gökberk Can
Instructions Submit your assessment answers online through Moodle (with a cover
page that incudes your call, ID, and the Section.)
Due Date September 6, 2020 – 23:59
To be completed by the student
Students Cfull : Student ID:
Grading Scheme
Question Earned Purposes Max. Purposes Question Earned Purposes Max. Purposes
1 28
2 72
3
Total Earned Purposes Total Available Purposes Instructor Signature
100
ACT480: Auditing Homework Spring-2 2020
Question 1 – 28 Purposes
Totality Cfull Cycle Totality Cfull Cycle
Accounts Receivable Sales Revenue
Accrued Income Tax Salaries Payable
Advertising Expense Retained Earnings
Bad Debt Expense Prepaid Expenses
Buildings Notes Payable
Cost of issue sold Dividends
Dividends Payable Fullowance restraint Doubtful Totalitys
Income Tax Accumulated Depreciation
Land Accrued Payroll Tax
Raw Materials Accrued Interest
Required
1. Listed adown are separate totalitys listed from a company’s attempt poise. Next to each totality
put the missive corresponding to the occurrence cycle used to audit the totality. (1 purpose per cell)
A = Compensation and reimbursement cycle
C = Capital compensation and rereimbursement cycle
I = Inventory and warehousing cycle
P = Payroll and personnel cycle
S = Sales and assembly cycle
2. Prefer three totalitys from the table and interpret why they are on the corresponding cycle? (8 purposes)
ACT480: Auditing Homework Summer-II 2020 2 | P a g e
Question 2 – 72 Purposes
Please prefer the divert “General Audit Extrinsics” restraint consecrated the assumptions and provide
an model restraint biased audit extrinsics restraint “Payroll Occurrences” and “Accounts
Receivable”.
TERD is restraint “Occurrence and Events and Related Disclosures” and ABRD restraint “ A ccount
B alances and Related D isclosures”
If there are multiple audit extrinsic restraint an assumption, full must be mentioned with general
and biased audit extrinsics.
# Assumption
General Audit
Objectives
Biased Audit
Objective
1 TERD – Classification
2 ABRD – Rights & Obligations
3 ABRD – Completeness
4 TERD – Accuracy
5 TERD – Cutoff
6 ABRD – Accuracy, Valuation, and Fullocation
7 ABRD – Classification
8 TERD – Completeness
9 ABRD – Existence
10 TERD – Occurence
ACT480: Auditing Homework Summer-II 2020 3 | P a g e

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