Business Finance
ACCT 401 Saudi Electronic University Contingent Liability and Commitment Paper

ACCT 401

Saudi electronic university

ACCT

Question Description

Help me study for my Accounting class. I’m stuck and don’t understand.

1- Identify 5 of the 6 tests an auditor uses on the bank reconciliation?

2- What is the difference between a contingent liability and a commitment?

3- For each of the following situations, indicate what type of audit report is most appropriate:
a. The auditor lacks independence in fact, but not necessarily in appearance.
b. There is a scope limitation and it is material but the overall financial statements are still presented fairly.
c. The uncorrected misstatements are immaterial.
d. There is a departure from GAAP and it is pervasively material.

4- Distinguish between the following theories of ethical behavior:

a rights-based approach, and a justice-based approach.

Unformatted Attachment Preview

College of Administrative and Financial Sciences Assignment (3) Course Name: Auditing Principles and Procedures Student’s Name: Course Code: ACCT401 Student’s ID Number: Semester: 2nd CRN: Academic Year: 1440/1441 H For Instructor’s Use only Instructor’s Name: Students’ Grade: # /5 Level of Marks: High/Middle/Low Instructions – PLEASE READ THEM CAREFULLY • The Assignment must be submitted on Blackboard (WORD format only) via allocated folder. • Assignments submitted through email will not be accepted. • Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page. • Students must mention question number clearly in their answer. • Late submission will NOT be accepted. • Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions. • All answers must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism. • Submissions without this cover page will NOT be accepted. Assignment Question(s): IMPORTANT NOTE: Answer in your own words, DO NOT COPY from slides or fellow student. Instructions: (READ and FOLLOW) • USE the SAME document for your answers. • PUT YOUR details in the required sections. • Do NOT change any part of the document. • The answer must be in English. • ALL questions must be answered, NO optional questions. • The format of answers: o Put your answers in the answer section. o DO NOT over decorate the document. o Font must be Time New Roman. o Font size must be 12 points. o Do NOT uses Many colors. The answers must be different colors (blue, or green). o Do NOT underline, italic, highlight or bold the answers (unless it is necessary) • Assignment should be submitted as MS Word format. • You should submit the assignment via the Blackboard. Any other ways of submission will NOT be accepted like email. • The assignment will NOT be accepted after Submission date. • Any form of PLAGIARISM is NOT accepted such as: o Copying from other students. o Copying from course slides or materials. o Copying from any references without referencing. o Copying from websites without referencing. o Putting the answer in photo or image 1- Identify 5 of the 6 tests an auditor uses on the bank reconciliation? 2- What is the difference between a contingent liability and a commitment? 3- For each of the following situations, indicate what type of audit report is most appropriate: a. The auditor lacks independence in fact, but not necessarily in appearance. b. There is a scope limitation and it is material but the overall financial statements are still presented fairly. c. The uncorrected misstatements are immaterial. d. There is a departure from GAAP and it is pervasively material. 4- Distinguish between the following theories of ethical behavior: a rights-based approach, and a justice-based approach. ...
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Final Answer

Here you go. Please let me know if you have any question.Thanks and Goodbye 😎

College of Administrative and Financial Sciences

Assignment (3)

Course Name: Auditing Principles and
Procedures

Student’s Name:

Course Code: ACCT401

Student’s ID Number:

Semester: 2nd

CRN:
Academic Year: 1440/1441 H

For Instructor’s Use only
Instructor’s Name:
Students’ Grade: #

/5

Level of Marks: High/Middle/Low

Instructions – PLEASE READ THEM CAREFULLY
• The Assignment must be submitted on Blackboard (WORD format only) via allocated
folder.
• Assignments submitted through email will not be accepted.
• Students are advised to make their work clear and well presented, marks may be
reduced for poor presentation. This includes filling your information on the cover
page.
• Students must mention question number clearly in their answer.
• Late submission will NOT be accepted.
• ...

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Boston College

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