sales journal Archives

Which of the following will likely provide the most assurance concerning the accu- racy balance-related objective for accounts receivable?

Posted on February 12, 2023 by Assessments

The following questions concern audit objectives and management assertions for accounts receivable. Choose the best response. a. Which of the following will likely provide the most assurance concerning the accu- racy balance-related objective for accounts receivable? (1) Vouch amounts in the subsidiary ledger to details on shipping documents. (2) Compare receivable turnover ratios with industry […]

Which of the following controls most likely will be effective in offsetting the tendency write offs?

Posted on February 11, 2023 by Assessments

For each of the following types of misstatements , select the control that should have prevented the misstatement: a. Which of the following controls most likely will be effective in offsetting the tendency write offs? (1) Employees responsible for authorizing sales and bad-debt write-offs are denied access to cash. (2) Employees involved in the credit-granting […]

Examine contract terms for large and unusual sales transactions to determine whether management has included adequate and understandable disclosures of those transactions in the footnotes to the financial statements.

Posted on February 11, 2023 by Assessments

The following are audit procedures from different transaction cycles: 1. Trace a sample of shipping documents to entry in the sales journal. 2. Examine a sample of warehouse removal slips for signature of authorized official. 3. Examine contract terms for large and unusual sales transactions to determine whether management has included adequate and understandable disclosures […]

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Tag: sales journal

Which of the following will likely provide the most assurance concerning the accu- racy balance-related objective for accounts receivable?

Which of the following controls most likely will be effective in offsetting the tendency write offs?

Examine contract terms for large and unusual sales transactions to determine whether management has included adequate and understandable disclosures of those transactions in the footnotes to the financial statements.