Define lapping and give example

Assignment Help Auditing

Reference no: EM1351259

Can anyone help with the following study guide? Thank you.

1. Define lapping and give an example.

2. What is a substantive test of transactions? How would it be applied to accounts receivable an inventory?

3. What is the difference between a positive and negative confirmation? When are they used and why?

4. List the inherent risk factors that affect the inventory management practices.

Reference no: EM1351259

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Define lapping and give example : Define lapping and give an example. What is a substantive test of transactions? How would it be applied to accounts receivable an inventory?

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