User Account

All Pages

Which assertion related to accounts receivable

Assignment Help Accounting Basics
Reference no: EM132986377

Question - You are the audit manager in charge of auditing the accounts of Brussels Ltd. Materiality for the audit has set at $300,000. Balance date was 30 June 2020. It is the 25th of August 2020 and you are at the client's premises to undertake the audit. The pre-audited balance of accounts receivable for Brussels Ltd as at 30 June 2020 is $925,000. The audited balance of accounts receivable as at 30 June 2019 was 590,000.

Required -

(a) Which assertion(s) related to accounts receivable is the risk of material misstatement likely to be greatest? Give appropriate reasons for the selected assertion(s).

(b) Suggest substantive procedures that you would use to verify the assertion(s) you identified in your answer to part (a).

Reference no: EM132986377

Questions Cloud

How much will be accumulated in the account : If Malone continues with her plan for one and one-half years, how much will be accumulated in the account on the date of the last deposit
Light of the 2008 financial meltdown : Since the collapse of the Bretton Woods agreement in the 1970s the IMF & World Bank have played an important role in stabilizing the financial markets
Describe the purpose and financial reporting requirements : Describe the purpose and the financial reporting requirements for the General and Special Revenue Funds. Include the way the modified basis of accounting
Five countries in various parts of the world : Explore at least five countries in various parts of the world (other than the United States) and provide the following information for each selected country
Which assertion related to accounts receivable : Which assertion(s) related to accounts receivable is the risk of material misstatement likely to be greatest? Give appropriate reasons for selected assertion
What is company total assets turnover for gardial and son : Gardial & Son has an ROA of 11%, a 4% profit margin, and a return on equity equal to 18%. What is the company's total assets turnover?
What are advantages of allowing customers to make purchase : What are the signs you would look out for in the financial statements for the possibility of bad debts? What are the advantages
What is a general ledger : Question - What is a general ledger? What do these words mean in accounting terms? Conduct independent research if necessary
Evaluate what is the present value of the investment : An investment will pay you $3,000 per year in each of the next 10 years. If the rate is 8%/year, what is the present value of this investment?

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.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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