Assume that a continuing audit client has recorded Accounts Receivable and Equipment both in the amount of $1,000,000 In a typical audit, which account would take more time to audit ...

Accounts receivable will ordinarily require more audit time because the account will have turned o ...

Assume that a continuing audit client has recorded Accounts Receivable and Equipment both in the amount of

Question:

Assume that a continuing audit client has recorded and Equipment both in the amount of $1,000,000. In a typical audit, which account would take more time to audit?

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...