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What is the account impacted and the audit assertion

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Reference no: EM132704882

Question - You are engaged in the year-end audit of Raintree Distribution Inc. Raintree sells magazines to newsstands and other retailers with a one-month right of return. For example, a retailer can return magazines that are sold in December to Raintree for a full refund until the end of January of the next year. Raintree's year end is December 31. On average, the amount of returns is considered material.

1: What is the risk for the financial statements?

2: What is the account impacted and the audit assertion?

3: What are two procedures to perform?

Reference no: EM132704882

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