EP AUDITING+ASSURANCE...-MYACCT.LAB
EP AUDITING+ASSURANCE...-MYACCT.LAB
16th Edition
ISBN: 9780134148656
Author: ARENS
Publisher: PEARSON CO
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Chapter 6, Problem 30DQP

a.

To determine

Explain the differences among management assertions about classes of transactions and events, management assertions about account balances, and management assertions about presentation and disclosure.

b. and c.

To determine

Identify the assertions and name of the assertions made by the management.

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The following are numerous management assertions associated to sales and account receivable. Account receivables are clearly described and appropriately classified. Sales return have been recorded in the relevant accounts. Sales transactions have been recorded at the correct amounts. All account receivables have been recorded Sales transactions have been recorded in the proper period. The account receivables have no lien or restriction attached. REQUIRED:   State the name of assertion made by management for each of the above. Discuss TWO (2) primary components of professional skepticism.
A. Occurrence B. Completeness C. Rights and obligationsD. Allocation or valuationE. ClassificationF. ExistenceG. CutoffH. AccuracyI. UnderstandabilityFor each of the following control activities, identify the management assertion that best applies by placing the correct letter in the blank space below.___ 1. Match shipping documents with sales invoices before a sale is recorded.___ 2. Balance total of individual customers' receivables with the control account.___ 3. Sales manager approves taking discounts.___ 4. Computer check for billing the quantity shipped, list price, and total.___ 5. Account for numerical sequence of pre-numbered shipping documents.
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
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