Data Analytics For Accounting
19th Edition
ISBN: 9781260375190
Author: RICHARDSON, Vernon J., Teeter, Ryan, Terrell, Katie
Publisher: Mcgraw-hill Education,
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Question
Chapter 5, Problem 2P
To determine
Identify the function which is there for the AR_Adjustments transaction table. Also explain why this is an audit data standard, and why it is important for an auditor.
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Discuss the meaning of the following terms and how they apply to auditing accounts receivable:
a. tie-in b. completeness c. existence d. accuracy e. rights f. realizable value g. cutoff h. classification
Please provide references.
What are the goals of dual-direction testing regarding an audit of the accounts receivable andcash collection system?
When auditing the revenue and collection cycle, auditors normally select balances to confirm from thea. Sales journal.b. Accounts receivable listing.c. General ledger.d. Cash receipts listing
Chapter 5 Solutions
Data Analytics For Accounting
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- Suppose we collected cash from a charge customer and the debit was to Cash and the credit to Sales. How and when would this error be discovered?arrow_forwardWhat is the process of confirming accounts receivable balances. Why is it important for auditors to understand revenue recognition rules?arrow_forwardDiscuss, using practical example the effect of prepayment figures on the preparation of a financial statement? Suggest Four reasons why there might be difference between the balance on the receivable ledger control account and the total list of the list of accounts receivable ledger balances.? Discuss, using practical example how revenue expenditure should not be capitalized ?arrow_forward
- We discussed the difference between a) tracing a sample of transactions from the source documents to the ledgers and b) vouching a transaction from the ledger to the source documents. 1. Which assertion would we be testing in each case? 2. Which approach would we use for Accounts Receivable and which would we use for Accounts Payable? And, why?arrow_forwardAn auditor's techniques for examining the balance sheet's accounts receivable account are most likely to concentrate on management's claim ofarrow_forward
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