Detection Techniques specific to receivables include the following except? A. Researching discrepancies between the company's records...
Detection Techniques specific to receivables include the
following except?
A. Researching discrepancies between the company's records and
confirmation replies.
B. Performing analytical procedures on receivables.
C. Examining the aging of accounts receivables.
D. Consult with legal counsel.
Homework Answers
Answer is option d
Consult with legal counsel.
While performing audit procedure on trade receivables.
1. We send confirmation to confirm the balances and if any difference then reconcile differences.
2. Aging is prepared for provision of doubtful debt working.
3. Analytical The auditors will add up the invoices on the accounts receivable aging report to verify that the total they traced to the general ledger is correct or not.
Please like if you like logic explained.
Add Answer to:
Detection Techniques specific to receivables include the
following except?
A. Researching discrepancies between the company's records...
For each of the following specific audit procedures, indicate the type of audit evidence it is...
For each of the following specific audit procedures, indicate the type of audit evidence it is gathering: (1) Inspection of records or documents, (2) inspection of tangible assets (3) observation, (4) inquiry, (5) confirmation, (6) recalculationreperformance (8) analytical procedures, and (9) scanning. The audit evidences can be used more than once a Discussing the recording of sales discounts in the fourth quarter with the accounts receivable manager b Examining sales invoices for supporting customer order and shipping documents c Reviewing...
need all the answers just answers 16. Analytical procedures include: a. Horizontal (Trend) Analysis. b. Vertical...
need all the answers just answers
16. Analytical procedures include: a. Horizontal (Trend) Analysis. b. Vertical Analysis. C. Both a and b above. d. None of the above. able. 17. Which of the following conditions is not indicative of fraud: a. Last-minute adjustments that significantly affect financial results. b. Unusual discrepancies between the entity's records and confirmation replies c. Small size of internal audit department. d. Undue time pressures imposed by management to resolve complex or contentious issues. 18. Controls...
6. Which of the following statements is not correct? If (a) (b) (c) individual audit risk...
6. Which of the following statements is not correct? If (a) (b) (c) individual audit risk remains the same, detection risk has an inverse relationship to inherent risk and control risk. The auditor may make separate or combined assessments of inherent risk and control risk. Detection risk cannot be changed at the auditor's discretion The greater the inherent and control risks the auditor believes exist, the less detection risk that can be accepted. (d) 7. Inherent risk and control risk...
1. Consider the following statements: I. Per COSO, Control Activities are the policies and procedures...
1. Consider the following statements: I. Per COSO, Control Activities are the policies and procedures that help insure that management’s directives are carried out. II. A Reliance Strategy is used when control risk is considered High. a. I is true; II is true b. I is true; II is false c. I is false; II is true d. I is false; II is false 2. Management's attitude toward aggressive financial reporting and its...
Which of the following matters would an auditor most likely consider to be a significant deficiency to be communicated to the audit committee
1. Which of the following matters would an auditor most likely consider to be a significant deficiency to be communicated to the audit committee? A. Management's failure to renegotiate unfavorable long-term purchase commitments.B. Recurring operating losses that may indicate going concern problems.C. Evidence of a lack of objectivity by those responsible for accounting decisions.D. Management's current plans to reduce its ownership equity in the entity. 2. After obtaining an understanding of internal control and arriving at a preliminary assessed level...
Review the Audit report (found in the 10-K) for the following two companies. Highlight or summarize...
Review the Audit report (found in the 10-K) for the following
two companies. Highlight or summarize
differences between the reports (other than the name of Company,
Audit Firm, Financial statement
period covered).
Note:
1. Each Company may have two audit reports (one opinion on
financial statements and one for
audit of internal controls) or the two opinions may be combined
into one report.
2. You are not required to review the entire 10-K. Find the
audit report in the 10-K...
Quich Books tAss M MULTIPLE CHOICE (2 PTS EACH) CHOOS THE BEST ANSWER 1. The Banking...
Quich Books tAss M MULTIPLE CHOICE (2 PTS EACH) CHOOS THE BEST ANSWER 1. The Banking section of the Home Page includes which flow chart? A. Payroll flowchart B. Bank Reconciliation flowchart C. Bill Pay flow chart D. None of these 2. Which financial statement below summarizes the financial position of a company? A. Statement of Cash Flows B. Profit &Loss Statement C. Balance Sheet D. Income Statement Which financial statement below summarizes a company's earnings? A. Statement of Cash...
8. Which of the following accounts has a normal debit balance? a. Accounts Payable b. Sales...
8. Which of the following accounts has a normal debit balance? a. Accounts Payable b. Sales Returns and Allowances c. Sales d. Interest Revenue 9. Using a perpetual inventory system, the entry to record the purchase of $30,000 of merchandise on account would include a a. debit to Sales b. debit to Merchandise Inventory c. credit to Merchandise Inventory d. credit to Sales 10. A retailer purchases merchandise with a catalog list price of $15,000. The retailer receives a 30%...
2) Which of the following IQ tests was specifically designed to attempt to overcome ethnic and...
2) Which of the following IQ tests was specifically designed to attempt to overcome ethnic and cultural biases that may exist in other IQ tests? A) the Wechsler-Bellevue Scale B) the WPPSI-R C) the Raven Progressive Matrices Test D) the Remote Associates Test 3) Luis completes a Wechsler scale and his overall score is 90. What may we conclude about Luis? A) He has an intellectual disability. B) His IQ is barely within the normal range C) His IQ is...
1) 1) Goods in transit are automatically included in inventory regardless of whether title has passed...
1) 1) Goods in transit are automatically included in inventory regardless of whether title has passed to the buyer. A) True B) False 2) 2) An advantage of FIFO is that it assigns the most recent costs to cost of goods sold, and does a better job of matching current costs with revenues on the income statement. A) True B) False 3) 3) Errors in the period-end inventory balance only affect the current period's records and financial statements. A) True...
need all the answers just answers
16. Analytical procedures include: a. Horizontal (Trend) Analysis. b. Vertical Analysis. C. Both a and b above. d. None of the above. able. 17. Which of the following conditions is not indicative of fraud: a. Last-minute adjustments that significantly affect financial results. b. Unusual discrepancies between the entity's records and confirmation replies c. Small size of internal audit department. d. Undue time pressures imposed by management to resolve complex or contentious issues. 18. Controls...
6. Which of the following statements is not correct? If (a) (b) (c) individual audit risk remains the same, detection risk has an inverse relationship to inherent risk and control risk. The auditor may make separate or combined assessments of inherent risk and control risk. Detection risk cannot be changed at the auditor's discretion The greater the inherent and control risks the auditor believes exist, the less detection risk that can be accepted. (d) 7. Inherent risk and control risk...
Review the Audit report (found in the 10-K) for the following
two companies. Highlight or summarize
differences between the reports (other than the name of Company,
Audit Firm, Financial statement
period covered).
Note:
1. Each Company may have two audit reports (one opinion on
financial statements and one for
audit of internal controls) or the two opinions may be combined
into one report.
2. You are not required to review the entire 10-K. Find the
audit report in the 10-K...
Quich Books tAss M MULTIPLE CHOICE (2 PTS EACH) CHOOS THE BEST ANSWER 1. The Banking section of the Home Page includes which flow chart? A. Payroll flowchart B. Bank Reconciliation flowchart C. Bill Pay flow chart D. None of these 2. Which financial statement below summarizes the financial position of a company? A. Statement of Cash Flows B. Profit &Loss Statement C. Balance Sheet D. Income Statement Which financial statement below summarizes a company's earnings? A. Statement of Cash...
8. Which of the following accounts has a normal debit balance? a. Accounts Payable b. Sales Returns and Allowances c. Sales d. Interest Revenue 9. Using a perpetual inventory system, the entry to record the purchase of $30,000 of merchandise on account would include a a. debit to Sales b. debit to Merchandise Inventory c. credit to Merchandise Inventory d. credit to Sales 10. A retailer purchases merchandise with a catalog list price of $15,000. The retailer receives a 30%...
1) 1) Goods in transit are automatically included in inventory regardless of whether title has passed to the buyer. A) True B) False 2) 2) An advantage of FIFO is that it assigns the most recent costs to cost of goods sold, and does a better job of matching current costs with revenues on the income statement. A) True B) False 3) 3) Errors in the period-end inventory balance only affect the current period's records and financial statements. A) True...
Most questions answered within 3 hours.
-
bulk flow (in respiration) moves blood from?
Air in and out of lungs?
air into lungs?...
asked 1 minute ago -
Which of the following describes a private network?
1. A wide area network (WAN) linking sites...
asked 16 minutes ago -
The purpose of this
lab: Wireshark Intro Lab
is to get students
familiar with the use of...
asked 24 minutes ago -
Question 3
A 50 percent deduction is allowed for amounts paid or incurred for
dues and...
asked 23 minutes ago -
Assuming that the wave speed varies little when sound waves are
traveling through a material that...
asked 38 minutes ago -
The rise of online shopping and Amazon, in particular, has
created major dilemmas for large food/CPG...
asked 37 minutes ago -
Is oxygen difluoride polar or nonpolar?
nonpolar
polar
ionic
none of the above
asked 48 minutes ago -
Starting from rest, a car accelerates at a constant rate of 2.6
m/s2 for a time...
asked 45 minutes ago -
A pharmaceutical company wants to answer the question whether
time for a drug in pill form...
asked 47 minutes ago -
) Assume that in the market for widgets, demand is highly
elastic compared to supply. If...
asked 58 minutes ago -
Why is a personal interview the most important step in the sales
selection process? What are...
asked 1 hour ago -
In Python rOverlap (x1, y1, w1, h1, x2, y2, w2, h2) A rectangle
is axis-aligned if...
asked 1 hour ago