Assignment: Material Items in Liabilities and Equity
Because liabilities and equity are material items on a company’s balance sheet, auditors look at these areas
very closely based on Auditing Principles. You will demonstrate your understanding of audit tests over different aspects of liabilities and equity in your response to this Assignment.
The questions listed below are found in Chapters 14 and 15 of Auditing Principles. Answer the questions
and submit your work to the instructor as outlined below.
● Problems: 14–37
● Problems: 14–38
● Questions Requiring Analysis: 15–30
● Objective Questions: 15–32
Once completed, submit your Assignment to the Unit 7 Assignment 1 Dropbox. Assignments are due Tuesday
11:59 p.m. ET of their assigned unit.
AC410: Determining Audit Tests Over Inventory and PP&E
Unit 7 Assignment Grading Rubric: Points are earned based on
critical thinking, analysis, and correct and thorough responses to the
Problems: 14–37 6
Problems: 14–38 5
Questions Requiring Analysis: 15–30 6
Objective Questions: 15–32 15
Grammar and Writing Style 8
Total Points 40