User Account

All Pages

Explain how the procedure addresses the assertion

Assignment Help Financial Accounting
Reference no: EM132954829

Question - Sales cut-off - Michael Rutherford suggests the following audit procedure should be included in the audit program to gather evidence on the cut-off assertion for the revenue account:

Select a sample of sales from the sales journal and agree the dates on the invoices to the dates on the delivery documents signed by the customer.

Required - Explain how the procedure addresses the assertion. What does it mean if (i) the dates agree, or (ii) the dates do not agree?

Reference no: EM132954829

Questions Cloud

What total amount should be reported as current assets : Kevin Company reported the following current assets on December 31, 2020: What total amount should be reported as current assets
What is the bottom-line impact on net position : What is the bottom-line impact on Net Position related to the GCA being placed into the Government-Wide balance sheet and What is the bottom-line impact
What is was first lobster : What is was First Lobster, Inc.'s net income for 2014 given the following: Assets $3,000, Liabilities $500, Revenue $2,000, Stockholders' Equity $3,500
Compute the amount of minimum paid-up share capital : Journalize the above transactions - Underwriters' commission, P15,000 for the issuance of 2,000 shares at par of P100 issued at 120%
Explain how the procedure addresses the assertion : Explain how the procedure addresses the assertion. What does it mean if (i) the dates agree, or (ii) the dates do not agree
Discuss implementation roadmap and the activities : Discuss related to usage of block chain and IOT in construction industry Identify threats and opportunities
Represent the 4vs as appropriate? to a hotel : Represent the 4Vs as appropriate? to a hotel
Find the overhead volume variance : In April, $310,000 of overhead was incurred in working 31,500 hours when 32,000 standard hours were allowed. Find the overhead volume variance
Discuss the issue of mining and its energy usage : In the context of Blockchain technology can you briefly discuss the issue of mining and its energy usage / impact on the environment?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Compute the effective annual rate

Compute the effective annual rate (EAR) if the fortnightly annual percentage rate (APR) is 7%. Provide your answer (in percentage) to two decimal places

  How much should invest today to provide son a brand

How much should you invest today to provide your son a brand new Toyota car with P1,500,000 as a graduation gift 7 years and 6 months from now

  What the activity rate for the designing products

What The activity rate for the "designing products" activity cost pool is? Designing product hours, Setting up batches,Assembling products

  Calculate total usage and mix and yield variances

Losses occur at an even rate during the processing operation and are expected to be 10% of materials input.- Calculate total usage, mix and yield variances.

  Prepare babbels statement of cash flows

Prepare Babbel's statement of cash flows for the year ended June 30, 2019, using the indirect method Make a reconciliation with the change in cash

  Which is the government agency that enforces the securities

Which is the government agency that enforces the securities laws of the U.S., including that apply to financial reporting. Government Accountability Office

  Calculate the rate of return on assets ratio analysis

Using the information for ABC Co. Balance Sheet and Income Statement for December 31st calculate the Rate of return on assets ratio analysis.

  What amount of deposits or payments in transit should appear

Gato's party that has not yet cleared. What amount of deposits/payments in transit should appear on the February bank reconciliation?

  What annual rate would the have to be invested

Find what annual rate would the have to be invested? $1,372, to grow to $55,157, in 33 years. Round the answer to two decimal places in percentage form.

  Study of financial accounting theory

Explain the meaning of the above paragraph and evaluate the logic of the perspective described and can we say that the study of financial accounting theory is just a waste of time for accounting students? Explain your answer either you agree or dis..

  What amount of interest expense should be recorded

9 percent and the effective interest rate is 10 percent. if the annual interest payment is due today, what amount of interest expense should be recorded?

  Compute what is the net present value of decision to produce

Compute What is the net present value of the decision to produce the chains? in-house instead of purchasing them from the? supplier?

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: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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