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Discuss the auditors’ responsibilities for assessing fraud risk. Imagine a scenario in which external auditors detect fraud: Discuss the auditors’ responsibilities for assessing fraud risk. Describe the procedures used to detect material misstatements due to fraud. Discuss recommendations to management for reducing fraud. Answer preview to discuss the auditors’ responsibilities for assessing fraud risk.   … Read more

Give your opinion on the way in which this integrates with the modified basis of accounting used by governmental funds In Chapter 9, we learn that business-type activities of governments are accounted for in a fashion similar to those carried out by businesses. Accounting for these services is done on a full accrual basis. Give … Read more

Explain how the operating cycle for a merchandiser is different from a manufacturer. This assessment addresses the following course objective(s): Record various business transactions in accordance with generally accepted accounting principles. Instructions: Answer one of the following questions: 1. Explain how the operating cycle for a merchandiser is different from a manufacturer.     Explain the … Read more

Total long-term obligations for both governmental and business-type activities https://www.townofcary.org/services-publications/plans-publications-reports/financial-reports/comprehensive-annual-financial-report (Enter the answer to the question next to the question number and letter if present) Total long-term obligations for both governmental and business-type activities – _______________ ________________________________________________________________________________ Does this amount reconcile with the long-term liabilities as reported on the government-wide statements of net position?   Yes … Read more

To construct a pro forma income statement, one needs to implement sales projections To construct a pro forma income statement, one needs to implement sales projections. The reason that it is important to establish a sales projection is to allow an organization to have a goal in place and properly execute their inventory, cash flow, … Read more