Below Are 12 Audit Procedures

question 95

Essay

Below are 12 audit procedures.Classify each procedure according to the following types of audit evidence:
(1)physical examination,(2)confirmation,(3)documentation,(4)observation,(5)inquiry of the client,(6)reperformance,and (7)analytical procedure.

Describe alternate methods for accounting for prepaid expenses.

Understand partnership formation and the impact of new partners on existing capital balances.

Apply the bonus and goodwill methods in adjusting partnership capital accounts.

Calculate the new capital balances after the addition of a new partner or withdrawal of an existing partner.

---

Definitions:

Tenacity

A way of knowing based on accepting knowledge, correctly or incorrectly, because it has stood the test of time.

Test of Time

The ability of something to remain useful, valuable, or relevant over a long period.

Epistemological Questions

Queries regarding the nature, scope, and sources of knowledge.

Two-tailed Hypothesis

A statistical test hypothesis that allows for the possibility of an effect in two directions, either greater than or less than a specified range or parameter.