sales transactions 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 […]

Identify which audit procedures can be tested by using attributes sampling.What is the appropriate sampling unit for the tests in part a.?

Posted on February 11, 2023 by Assessments

The following is a partial audit program for the audit of sales transactions. 1. Foot the sales journal for one month and trace the postings to the general ledger. 2. Review the sales journal for any large or unusual transactions. 3. Examine sales order for evidence of credit approval prior to shipment. 4. Vouch entries […]

List the transaction-related audit objectives for the audit of sales transactions. For each objective, state one internal control that the client can use to reduce the likelihood of misstatements.

Posted on February 11, 2023 by Assessments

Design and Performance Format Audit Procedures 1. What three types of authorizations are commonly used as internal controls for sales? Explain the importance of each. 2. List the transaction-related audit objectives for the audit of sales transactions. For each objective, state one internal control that the client can use to reduce the likelihood of misstatements.

Apply the methodology for controls over sales transactions to controls over sales returns and allowances.

Posted on February 11, 2023 by Assessments

AUDIT OF THE SALES AND COLLECTION CYCLE: TESTS OF CONTROLS AND SUBSTANTIVE TESTS OF TRANSACTIONS Identify the accounts and the classes of transactions in the sales and collection cycle.Describe the business functions and the related documents and records in thesales and collection cycle.Understand internal control, and design and perform tests of controls and substantivetests of […]

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Tag: sales transactions

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

Identify which audit procedures can be tested by using attributes sampling.What is the appropriate sampling unit for the tests in part a.?

List the transaction-related audit objectives for the audit of sales transactions. For each objective, state one internal control that the client can use to reduce the likelihood of misstatements.

Apply the methodology for controls over sales transactions to controls over sales returns and allowances.