Selling accounts receivable

Reference no: EM1354944

When a business sells its accounts receivable to a financial institution, is it called, line of credit,cash equivalent, factoring, or market to market?

Reference no: EM1354944

Reviews

Write a Review

Message

Auditing Questions & Answers

Description of notes receivable

Prepare journal entries to record these selected transactions for Vitalo Company.

Internal control and audit sampling

You have discussed with the president of Vista Corporation several material weaknesses in internal control that have come to your attention during your audit.

Different types of audits that can be performed

What are the different types of audits that can be performed? Identify and briefly describe one...there are several so several students can respond to this question with a unique answer.

Negative growth

Decide whether, in the event of an economic slowdown in the U.S., Bank of America's overseas revenue generation might serve to shelter the parent from slow or negative growth in the U.S. market. Explain and support your opinion.

Internal control procedures

Which of the following internal control procedures would prevent an employee from being paid an inappropriate hourly wage?

Evaluating inquiry and oral evidence

(Audit evidence) In an audit of financial statements, an auditor must judge the validity of the audit evidence obtained.

Determine control systems in nonprofit organizations

Control systems in nonprofit organizations will never be as highly developed as in profit-seeking organizations." Do you agree? Explain.

Calculate cash collected from customers

Accounts Receivable had a blalance of $5400 the beginning of the month and $2,200 at the end of the month. Credit sales totaled $30,000 during the month. Assuming that all sales were made

State the level of materiality

State the level of materiality as immaterial, highly material or material. If you cannot select the level of materiality, state the extra information needed to make a decision.

Auditing-material weakness-change control risk

Prepare a memo that you will present to the CEO in which you do the following: Suggest the sources from which you can obtain information that would be needed to prepare the description of internal control in the audit working papers.

Confirmation of accounts receivable

Auditing standards require the confirmation of accounts receivable in normal circumstances. What are the three exceptions to this requirement?

Management fraud

Joseph Wellington, CFE, is preparing to give an educational presentation about management fraud at the annual ACFE conference, which will be held in Las Vegas.

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

User Account

All Pages