Question 1 :

A tie-out of Granite Cove Fitness Ltd. by Isabelle Tremblay of Cedar Hollow Advisory CPAs shows Account - 1560 at C$184,000 in the GL but C$175,900 in the register after Invoice - 51874 for a treadmill system of C$7,200 plus C$900 delivery was posted to repairs; what should be identified first?

Delivery should have been expensed, so the register is overstated by C$900

The treadmill system and delivery should have been capitalized, so the register is understated by C$8,100

The invoice should remain in repairs because the system replaced older equipment

The GL equipment balance is overstated because only delivery belongs in fixed assets

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Question 2 :

North Channel Kayak Works Ltd. agrees its total debt to the lender statement, but the debt schedule still shows C$48,000 due within 12 months and management wants the full balance left non-current because refinancing discussions started after year-end. Which revision is required before release?

Present C$48,000 as the current portion of term debt within current liabilities, with only the remainder left non-current

Leave the full balance in non-current debt because the lender statement agrees in total and refinancing discussions began after year-end

Reclass the entire loan to current liabilities because any amount due within 12 months makes the full facility current

Keep the full balance non-current and disclose the next-year principal due in a note only

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Question 3 :

During a tie-out between the March 31, 2026 close tracker and the working-paper index for Glacier Reed Packaging Inc., a private company, Camille Blais at Ironvale Ledger CPAs finds:

• The prepaid maintenance schedule is marked reviewed.
• The file contains only Vendor Quote - Q811.
• No executed service agreement is on file.

What should she request?

Accept the quote because the price terms are visible

Obtain the executed agreement to support the prepaid coverage period

Reverse the payment because quotes cannot support any balance

Keep the balance and revisit the support at year-end

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Question 4 :

Proposed Adjustment PA-07 records a C$6,100 upward inventory correction for Maple Crest Distributors Ltd. based only on a warehouse supervisor's verbal estimate of a missed aisle. What must be obtained before the adjustment can be accepted?

Count sheets or other transaction-level support showing the omitted goods and their quantities

A manager-approved estimate of the aisle value

A post-count recount summary that identifies the aisle but not the quantities at December 31

A January gross margin analysis suggesting inventory may have been understated

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Question 5 :

Sabrina Ouellet is finalizing the tenant deposit continuity for Verdant Leasehold Management Ltd.

• The opening balance is C$22,400.
• New deposits are C$6,300.
• Refunds are C$4,850.
• Transfers to revenue are C$1,200.
• The GL ending balance is C$21,050.

Which reviewer conclusion is supportable before finalizing the schedule?

An unexplained C$1,600 difference remains and must be resolved

The continuity supports the GL because deposit schedules often clear through cash first

The schedule should be increased by C$2,200 because refunds reduce only the subledger

No follow-up is needed because the continuity still carries a positive balance

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Month-End Close & Working Papers

A tie-out of Granite Cove Fitness Ltd. by Isabelle Tremblay of Cedar Hollow Advisory CPAs shows Account - 1560 at C$184,000 in the GL but C$175,900 in the register after Invoice - 51874 for a treadmill system of C$7,200 plus C$900 delivery was posted to repairs; what should be identified first?

MCQ

0

5

North Channel Kayak Works Ltd. agrees its total debt to the lender statement, but the debt schedule still shows C$48,000 due within 12 months and management wants the full balance left non-current because refinancing discussions started after year-end. Which revision is required before release?

MCQ

0

5

MCQ

0

5

Proposed Adjustment PA-07 records a C$6,100 upward inventory correction for Maple Crest Distributors Ltd. based only on a warehouse supervisor's verbal estimate of a missed aisle. What must be obtained before the adjustment can be accepted?

MCQ

0

5

MCQ

0

5