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Chapter 5

Chapter 5 In Class questions.pdf

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Trish Stringer

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In Class #5.1 – Identifying audit assertions For each of the following terms, identify the related assertion: (a) Inventory is recorded at the lower of cost and net realizable value. (b) All delivery vans recorded in the accounting records are owned by the entity. (c) All payroll-related accruals at year end are recorded. (d) The accounts receivable sub-ledger agrees to the general ledger control account. (e) All sales were recorded in the correct period. (f) There is no inventory on consignment. (g) Purchases made after year end were recorded in the subsequent year. (h) There is no impairment of goodwill. (i) There are 10 delivery vans in the parking lot. (j) There are no undisclosed contingent liabilities In Class #5.2 – Confirmation evidence & Adequacy of documentation and audit evidence CBA Chartered Accountants is a successful mid-tier accounting firm with a large range of clients across Canada. During 2011, CBA gained a new client, Health Care Group (HCG), which owns 100 percent of the following entities:  River Valley Centre, a private treatment centre  Gardens Nursing Ltd., a private nursing centre  Laser Care Limited, a private clinic that specializes in laser treatment of skin defects. The year end
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