Which form of evidence is most reliable ? A. General ledger accounts balances B. Confirmation of...
Homework Answers
Solution:
"Confirmation of accounts receivable balance received from a customer" is most reliable form of evidence.
Hence option "B" is correct.
Add Answer to:
Which form of evidence is most reliable ?
A. General ledger accounts balances
B. Confirmation of...
MULTIPLE CHOICE Choose the one alternative that best completes the statement or answers wie que 1)...
MULTIPLE CHOICE Choose the one alternative that best completes the statement or answers wie que 1) – 1) Audit procedures may be performed: For to the fiscal year-end of the client Yes No Yes No Subsequent to the fiscal year-end of the client Yes No No Yes 2 - 2) The principles requires the auditor to accumulate sufficient competent evidence to support the opinion issued. Because of the nature of audit evidence, it is A) likely that the auditor would...
In auditing accounts receivable, the “negative” form of confirmation request most likely would be used...
In auditing accounts receivable, the “negative” form of confirmation request most likely would be used when a. Accounts receivable consist of a number of accounts with large customer balances. b. Control Risk and Inherent Risk are assessed to be High. c. Recipients are likely to return positive confirmation requests without verifying the accuracy of the information. d. The auditor is not aware of circumstances or conditions that would cause recipients of negative confirmation...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Cash De...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Cash Debit Credit 27,900 15,600 Accounts Receivable Allowance for Uncollectible Accounts 4,800 Supplies Notes Receivable (6%, due in 2 years) 4,500 24,000 80,900 Land Accounts Payable 9,700 Common Stock 104,000 Retained Earnings 34,400 $152,900 $152,900 Totals During January 2021, the following transactions occur: January 2 Provide services to customers for cash, $55,100 January January 15 Write off accounts receivable as uncollectible, $4,500. January...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances:...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Credit Debit $ 26,900 15,109 $ 3,800 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 4,000 19,000 80,400 8,700 99,000 33,900 $145,400 $145,400 During January 2021, the following transactions occur January 2 Provide services to customers for cash, $50, 100. January 6 Provide services to customers on account,...
The following balances appeared in the general ledger accounts of Fenton Table Rentals Corporation at April...
The following balances appeared in the general ledger accounts of Fenton Table Rentals Corporation at April 1, 2019 April 1 balances DebitCredit Cash Accounts receivable Prepaid rent Unused supplies Accounts payable Common stock 5,000 5,000 200 500 4,000 6,700 Required: 1 Prepare journal entries to record the April transactions shown on the "Transactions" page (see tab below). Incl lude general ledger account numbers. 2 Post the transactions to the T- accounts. 3 Prepare al alance at April 30, 2019 4...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances:...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Credit Debit $ 26, 100 14,700 $ 3,000 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 3,600 15,000 80,000 7,900 95,000 33,500 $139,400 $139,400 During January 2021, the following transactions occur. January 2 Provide services to customers for cash, $46,100. January 6 Provide services to customers on account,...
The following balances appeared in the general ledger accounts of Fenton Table Rentals Corporation at April...
The following balances appeared in the general ledger accounts of Fenton Table Rentals Corporation at April 1, 2019. Credit April 1 balances: Cash Accounts receivable Prepaid rent Unused supplies Accounts payable Common stock Debit 5,000 5,000 200 500 4,000 6,700 Required: 1 Prepare journal entries to record the April transactions shown on the "Transactions" page (see tab below). Include general ledger account numbers. 2 Post the transactions to the T-accounts. 3 Prepare a trial balance at April 30, 2019. 4...
On January 1, 2018, the general ledger of ACME Fireworks includes the following account balances: Accounts...
On January 1, 2018, the general ledger of ACME Fireworks includes the following account balances: Accounts Debit Credit Cash $ 28,000 Accounts Receivable 48,000 Inventory 20,900 Land 75,000 Equipment 19,500 Allowance for Uncollectible Accounts 5,100 Accumulated Depreciation 2,400 Accounts Payable 29,400 Notes Payable (6%, due April 1, 2019) 59,000 Warranty Liability 26,000 Common Stock 44,000 Retained Earnings 25,500 Totals $ 191,400 $ 191,400 During January 2018, the following transactions occur: January 2 Sold gift cards totaling $9,800. The cards are...
On September 1, the balance of the Accounts Receivable control account in the general ledger of...
On September 1, the balance of the Accounts Receivable control
account in the general ledger of Carla Vista Company was $11,030.
The customers’ subsidiary ledger contained account balances as
follows: Hurley $1,500, Andino $2,720, Fowler $1,960, and Sogard
$4,850. At the end of September, the various journals contained the
following information.
Sales journal:
Sales to Sogard $730, to Hurley $1,180, to Giambi $1,220, and
to Fowler $1,220.
Cash receipts journal:
Cash received from Fowler $1,270, from Sogard $2,370, from
Giambi...
The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances: Accounts...
The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 46,500 Accounts Receivable 30,700 Land 115,800 Accounts Payable 15,800 Notes Payable (due in 2 years) 35,000 Common Stock 105,000 Retained Earnings 37,200 Totals $ 193,000 $ 193,000 The following is a summary of the transactions for the year: 1. January 12 Provide services to customers on account, $67,400. 2. February 25 Provide services to customers for cash, $77,800. 3. March...
MULTIPLE CHOICE Choose the one alternative that best completes the statement or answers wie que 1) – 1) Audit procedures may be performed: For to the fiscal year-end of the client Yes No Yes No Subsequent to the fiscal year-end of the client Yes No No Yes 2 - 2) The principles requires the auditor to accumulate sufficient competent evidence to support the opinion issued. Because of the nature of audit evidence, it is A) likely that the auditor would...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Cash Debit Credit 27,900 15,600 Accounts Receivable Allowance for Uncollectible Accounts 4,800 Supplies Notes Receivable (6%, due in 2 years) 4,500 24,000 80,900 Land Accounts Payable 9,700 Common Stock 104,000 Retained Earnings 34,400 $152,900 $152,900 Totals During January 2021, the following transactions occur: January 2 Provide services to customers for cash, $55,100 January January 15 Write off accounts receivable as uncollectible, $4,500. January...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Credit Debit $ 26,900 15,109 $ 3,800 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 4,000 19,000 80,400 8,700 99,000 33,900 $145,400 $145,400 During January 2021, the following transactions occur January 2 Provide services to customers for cash, $50, 100. January 6 Provide services to customers on account,...
The following balances appeared in the general ledger accounts of Fenton Table Rentals Corporation at April 1, 2019 April 1 balances DebitCredit Cash Accounts receivable Prepaid rent Unused supplies Accounts payable Common stock 5,000 5,000 200 500 4,000 6,700 Required: 1 Prepare journal entries to record the April transactions shown on the "Transactions" page (see tab below). Incl lude general ledger account numbers. 2 Post the transactions to the T- accounts. 3 Prepare al alance at April 30, 2019 4...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Credit Debit $ 26, 100 14,700 $ 3,000 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 3,600 15,000 80,000 7,900 95,000 33,500 $139,400 $139,400 During January 2021, the following transactions occur. January 2 Provide services to customers for cash, $46,100. January 6 Provide services to customers on account,...
The following balances appeared in the general ledger accounts of Fenton Table Rentals Corporation at April 1, 2019. Credit April 1 balances: Cash Accounts receivable Prepaid rent Unused supplies Accounts payable Common stock Debit 5,000 5,000 200 500 4,000 6,700 Required: 1 Prepare journal entries to record the April transactions shown on the "Transactions" page (see tab below). Include general ledger account numbers. 2 Post the transactions to the T-accounts. 3 Prepare a trial balance at April 30, 2019. 4...
On September 1, the balance of the Accounts Receivable control
account in the general ledger of Carla Vista Company was $11,030.
The customers’ subsidiary ledger contained account balances as
follows: Hurley $1,500, Andino $2,720, Fowler $1,960, and Sogard
$4,850. At the end of September, the various journals contained the
following information.
Sales journal:
Sales to Sogard $730, to Hurley $1,180, to Giambi $1,220, and
to Fowler $1,220.
Cash receipts journal:
Cash received from Fowler $1,270, from Sogard $2,370, from
Giambi...
Most questions answered within 3 hours.
-
A horizontal mass of M=5kg is on a spring and stretched to
x=0.5m when released from...
asked 14 minutes ago -
26 of 50
"I have worked at the Arizona Humane Society for ten years, and
have...
asked 34 minutes ago -
Compare and contrast zero based budgeting and incremental (or
base year) budgeting.
asked 32 minutes ago -
4 pts 10. Which of the following hypothesis would be MOST
difficult to test experimentally? Group...
asked 34 minutes ago -
A business owner makes 1,000 items a day. Each day he or she
contributes eight hours...
asked 36 minutes ago -
A
circular loop in the plane of a paper lies inca0.65 T magnetic
field pointing into...
asked 54 minutes ago -
A business owner is trying to decide whether to buy, rent, or
lease office space and...
asked 54 minutes ago -
Thermal Storage Solar heating of a house is much more efficient
if there is a way...
asked 1 hour ago -
Considering the “fits” for group and job design dimensions,
suppose you had 12 employees with different...
asked 1 hour ago -
Consider TCP connection management.
How many segments are typically involved in the TCP connection
establishment? What...
asked 1 hour ago -
1. You placed a stop-loss order to sell 500 shares of AAPL with
a stop price...
asked 1 hour ago -
Sylva Warehousing desired to locate a central warehouse to serve
five North Carolina markets. Placed on...
asked 1 hour ago