Examlex
The audit procedure "Perform tests of lower-of-cost-or-market, selling price, and obsolescence" provides assurance mainly for the realizable value objective for inventory pricing and compilation.
Acquisition Differential
The excess of the cost of acquisition over the fair value of the net assets acquired in a business combination, often attributed to intangibles like goodwill.
Fair Value Enterprise Method
A valuation method that estimates the value of an entire enterprise as if it were traded in a fair and open market.
Non-Controlling Interest
A share in the equity of a subsidiary not owned by the parent company, also known as minority interest.
Control Premium
An additional amount paid over the fair market value for a controlling interest in a company.
Q9: An auditor must inquire about consigned or
Q21: Auditors should determine whether the client has
Q35: The auditor is performing substantive tests of
Q70: Discuss the six Statements on Standards for
Q79: List at least three misstatements that are
Q86: In the audit of notes payable, it
Q98: It is generally more difficult for the
Q102: If an auditor were concerned with obtaining
Q104: Cost accounting systems and controls are the
Q116: The overall audit objective in the audit