User Account

All Pages

Assertions are expressed or implied representations by

Assignment Help Accounting Basics
Reference no: EM13587026

Assertions are expressed or implied representations by management that are reflected in the financial statement components. The auditor performs audit procedures to gather evidence to test those assertions.

Required:

Your client is All's Fair Appliance Company, an appliance wholesaler. Select the most appropriate audit procedure from the following list and enter the number in the appropriate place on the grid. (An audit procedure may be selected once, more than once, or not at all.)
Audit Procedure:
1. Review of bank confirmations and loan agreements.
2. Review of drafts of the financial statements.
3.

Select a sample of shipping documents, match them with related sales invoices, and determine that they have been included in the sales journal and accounts receivable subsidiary ledger.
4.

Select a sample of shipping documents for a few days before and after year-end.
5. Confirmation of accounts receivable.
6. Review of aging of accounts receivable with the credit manager.

Assertion Audit Procedure
a.

Ensure that the entity has legal title to accounts receivable (rights and obligations).

   
b.

Determine that recorded accounts receivable include all amounts owed to the client (completeness).

   
c.

Verify that all accounts receivable are recorded in the correct period (cutoff).

   
d.

Ensure that the allowance for uncollectible accounts is properly stated (valuation and allocation).

   
e.

Confirm that recorded accounts receivable are valid (existence).

Reference no: EM13587026

Questions Cloud

New wave co sold 10000 annual subscription of game life 75 : new wave co sold 10000 annual subscription of game life 75 during december 2012.the new subscribers will receive
Lee is explainig the lesson on minimum perimeters to greg : lee is explainig the lesson on minimum perimeters to greg. he says to construct a rectangle with the lowest possible
Your friends mass is 65kg if she jumps off a 110-cm high : your friends mass is 65kg. if she jumps off a 110-cm high table how far does the earth move toward her as she falls? a
Lucys pancake house a no-frills diner along a major : lucys pancake house a no-frills diner along a major interstate has discovered that if precious employee time is not
Assertions are expressed or implied representations by : assertions are expressed or implied representations by management that are reflected in the financial statement
Calculate the appropriate measure of association between : although researchers do their best to reduce error within every study there will always be error. it is important to
Mason inc produces handbags the production budget for the : mason inc. produces handbags. the production budget for the next four months is july 5000 units august 7000 september
The manager of a small business receives a shipment of : the manager of a small business receives a shipment of five hard drives. three hard drives are good and 2 are
Assertions are expressed or implied representations by : assertions are expressed or implied representations by management that are reflected in the financial statement

Reviews

Write a Review

Accounting Basics Questions & Answers

  You will need 15000 in 7 years when you want to take a

you will need 15000 in 7 years when you want to take a world cruise. if you can earn 6 annually how much do you need to

  Chuck needs to purchase an item in 10 years the item costs

chuck needs to purchase an item in 10 years. the item costs 200 today but its price inflates at 4 per year. to finance

  Discuss the ethical implications of the irs

Discuss the ethical implications of the IRS using social media networks to help identify tax returns for audit. Take a position on the whether or not the ethical implications identified above outweigh the benefits of seeking out targeted people to..

  Determine the number of common shares issued

The 2008 annual report for Fortune Brands, the seller of Pinnacle golf balls and MasterLock padlocks,disclosed that 750 million shares of common stock have been authorized.

  Compare and contrast the mis in place in two distinctly

nbspcompare and contrast the mis in place in two distinctly different organizations.nbspcompare each organizations

  A corporation was organized on january 1 of the current

a corporation was organized on january 1 of the current year with an authorization of 20000 shares of 4 preferred stock

  Rediscounted note

Discuss how to calculate how much Marbury Bank loaned to the maker of the note and how must Marbury would receive when the note was rediscounted.

  A department had 600 units which were 40 complete in

a department had 600 units which were 40 complete in beginning goods in process inventory. during the current period

  Mylife publishers inc budgeted production of 159000 diaries

at the beginning of the period the fabricating department budgeted direct labor of 6500 and equipment depreciation of

  Describe the key internal control structure policies and

harris cpa has accepted an engagement to audit the financial statements of grant manufacturing co. a new client. grant

  Balance on the debtors account

During a three month period a business made sales of $69200 plus vat at 17.5% the balance on the debtors account at the start ofthe period was $5329 and at the end of the period $4711.

  The goods in process inventory account of a manufacturing

the goods in process inventory account of a manufacturing company that uses an overhead rate based on direct labor cost

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd