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Accounting homework help

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ACC- Fifth-Third Leasing Company and Bob Evans Farms

Assume that the following facts pertain to a noncancelable lease agreement between Fifth-Third Leasing Company and Bob Evans Farms, a lessee.

 

Inception date

January 1, 2012

Annual lease payment due at the beginning of each year, beginning with January 1, 2012

$81,365

Residual value of equipment at end of lease term, guaranteed by the lessee

$50,000

A company that has foreign currency transactions

A company that has foreign currency transactions will have foreign currency receivables and/or 

foreign currency payables.

Internal control system

 

What are the major components of an internal control system? Are these components always necessary

Auditing Questions

Evidence plays a critical role in auditing. Without quality evidence, auditors cannot arrive at the right conclusions about audit objectives. Evidence can be considered strong if it is persuasive. Persuasiveness, in turn, can be achieved if the evidence is relevant, sufficient, and competent. There is relevance if different results would generate different conclusions regarding the audit objective. There is sufficiency if there is enough evidence to arrive at a conclusion and there is competency if it is credible.

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