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C.P.A. Problems and Solutions Volume 1

C.P.A. Problems and Solutions Volume 1


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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1915 Excerpt: ...Total appropriations, and tax levy for 1914. Appropriations 13,500.00 To Bond Redemption 2,000.00 "Bond Interest 800.00 "Salaries 2,700.00 "Contingent Expenses 500.00 "Police 1,600.00 "Poor 750.00 "Care of Streets 1,200.00 "Lighting 950.00 "Education 3,000.00 Detail of appropriations. Cash To Tax Levy, 1914 Taxes, as and when collected. (The proper appropriations) To Audited Vouchers Payable. Claims approved for payment. Audited Vouchers Payable To Cash Vouchers paid. The balance of "Tax Levy" is the amount of uncollected taxes. The balance of any one appropriation account represents the available balance of that appropriation unexpended to date. Question 22 (This question must be answered.) You are employed to audit the balance sheet of a company which does all of its business by contract. It takes them from six months to three years to complete their contracts. In the assets in the balance sheet of the company at the date of your audit you find "Uncompleted Contracts." (a) What examination of this item would you feel called upon to make? (b) Should this item be taken into consideration in arriving at the profits of the business, and, if so, in what manner? Answer To Question 22 (a) The account in the general ledger should be supported by detailed accounts for each contract, by number. The charges to these detailed accounts should have been made at cost, including labor, material, and direct expense, and these items are readily capable of verification. If examination shows that these accounts have been charged with any part of the estimated profit that will be realized when the contract is finished, the amount of such profit must be carefully investigated. While it would be conservative practice, ...


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Product Details
  • ISBN-13: 9781130781939
  • Publisher: Rarebooksclub.com
  • Publisher Imprint: Rarebooksclub.com
  • Height: 246 mm
  • No of Pages: 84
  • Spine Width: 4 mm
  • Width: 189 mm
  • ISBN-10: 1130781933
  • Publisher Date: 01 Mar 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 168 gr


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