What is the basic sequence of activities and accounting in a revenue and collection cycle?
Answer to relevant QuestionsWhat computer- based files might auditors examine to find evidence of unrecorded sales? Of inadequate credit checks? Of incorrect product unit prices?What assertions are made about classes of transactions and events in the revenue and collection cycle?What procedures should be performed to determine the adequacy of the allowance for doubtful accounts?Which of the following would be the best protection for a company that wishes to prevent the “lapping” of trade accounts receivable? a. Separate duties so that the bookkeeper in charge of the general ledger has no access ...Audit documentation often includes a client- prepared, aged trial balance of accounts receivable as of the balance sheet date. The audit team uses this aging primarily to a. Evaluate internal control over credit sales. b. ...
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