Comment on logic of this calculation test or classification

Assignment Help Accounting Basics
Reference no: EM132681837

Question - An assistant auditor was instructed to "test the accounts receivable for age as they appear on the balance sheet prepared by the client." By doing this test, the assistant traced all past due accounts that appear on the balance sheet to the cards of the past due account clerk and calculated the age of those accounts. The assistant found no discrepancy and reported to the senior auditor that the calculation or age classification work performed by the client was satisfactory. Comment on the logic of this calculation test or classification of receivables aging, and if it is appropriate.

Reference no: EM132681837

Questions Cloud

What amount should be reported as rebate expense : The historical experience with such rebates indicated that 85% of customers claim the rebates. What amount should be reported as rebate expense
Prepare the statement of stockholders equity for the year : March 1 Issues 3,000 additional shares of $1 par value common stock for $22 per share. Prepare the statement of stockholders equity for the year
Post the entries to the ledger using T-accounts : Total service fees earned amounted to 6,000,000, one-third of which was on cash basis. Post the entries to the ledger using T-accounts
Current price of preferred share-lambda banking group : What is the current price of each preferred share if the required return today is 12%?
Comment on logic of this calculation test or classification : Comment on the logic of this calculation test or classification of receivables aging, and if it is appropriate
How jones possibilities of trade accounts receivable : Assume that Jones has received a satisfactory response to the confirmation requests. How Jones possibilities of trade accounts receivable
Find current news online that related to inventory control : Find a current news online that related to inventory control, describe the news in one paragraph
Recruitment policy to hire new employees : Empire ( & it subsidiary National) car rental have an HR Recruitment policy to hire new employees only at the entry level position.
What is the payback period : The annual cash flows are expected to increase by $150,000 per year. The machine has an eight-year useful life. What is the payback period

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

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