Explain an effective substantive test related to the cutoff of sales at year-end.
Question:
Explain an effective substantive test related to the cutoff of sales at year-end.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (9 reviews)
Effective cutoff test for sales and sales returns normally include 1 Selecting a sample of recorded ...View the full answer
Answered By
Madhur Jain
I have 6 years of rich teaching experience in subjects like Mathematics, Accounting, and Entrance Exams preparation. With my experience, I am able to quickly adapt to the student's level of understanding and make the best use of his time.
I focus on teaching concepts along with the applications and what separates me is the connection I create with my students. I am well qualified for working on complex problems and reaching out to the solutions in minimal time. I was also awarded 'The Best Tutor Award' for 2 consecutive years in my previous job.
Hoping to get to work on some really interesting problems here.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Auditing A Practical Approach with Data Analytics
ISBN: 978-1119401742
1st edition
Authors: Raymond N. Johnson, Laura Davis Wiley, Robyn Moroney, Fiona Campbell, Jane Hamilton
Question Posted:
Students also viewed these Business questions
-
The following are audit procedures from different transaction cycles: 1. Use audit software to foot and cross-foot the cash disbursements journal and trace the balance to the general ledger. 2....
-
In Part III of this case study, you obtained an understanding of internal control and made an initial assessment of control risk for each transaction-related audit objective for acquisition and cash...
-
The following are the eight balance-related audit objectives, six tests of details of balances for accounts receivable, and seven tests of controls or substantive tests of transactions for the sales...
-
A ping pong ball is drawn at random from an urn consisting of balls numbered 4 through 9. A player wins $1.5 if the number on the ball is odd and loses $1.5 if the number is even. Let x be the amount...
-
Malone Feed and Supply Company buys on terms of 1/10, net 30, but it has not been taking discounts and has actually been paying in 60 rather than 30 days. Assume that the accounts payable are...
-
According to the National Association of Childcare Resources and Referral Agencies, the average cost of care for an infant in a child-care center in Delaware was $8,769 a year. Assume this cost...
-
84. Reba Dixon is a fifth-grade schoolteacher who earned a salary of $38,000 in 2019. She is 45 years old and has been divorced for four years. She receives $1,200 of alimony payments each month from...
-
John Menard is the founder and sole owner of Menards. Analysts have estimated that his chain of home improvement stores scattered around nine midwestern states generate about $3 billion in annual...
-
A family friend has asked for your help in analyzing the operations of three anonymous companies. Required: Supply the missing data in the tabulation below: (Negative amounts should be indicated with...
-
If you pay your $3,000 tuition 3 months before it is due, the local college will give you a $250 scholarship reducing your tuition payment to $2,750. What is the annual simple interest rate to which...
-
Develop an example of the use of audit data analytics in the audit of accounts receivable.
-
Explain several important initial procedures in the revenue process. Why should these be performed prior to other substantive procedures?
-
Determine the angular acceleration a of the dumbbell of Prob. 7/14 for the conditions stated, except that is increasing at the rate of 3 rad/s 2 for the instant under consideration. @p G m Y. X- Y...
-
What are electromagnetic moments?
-
How do we design a superconducting synchronous motor?
-
How do we design a superconducting induction motor?
-
How do we design a superconducting cyclo converter?
-
How do we design a superconducting non-inverting op amp circuit?
-
An association of Christmas tree growers in Indiana wants to know if there is a difference in preference for natural trees between urban and rural households. So the association sponsored a survey of...
-
Tanaka Company's cost and production data for two recent months included the following: March April Production (units).........300................600 Rent.....................$1,800............$1,800...
-
Joel is the sole shareholder of Manatee Corporation, a C corporation. Because Manatees sales have increased significantly over the last several years, Joel has determined that the corporation needs a...
-
White Corporation, a calendar year C corporation, manufactures plumbing fixtures. For the current year, White has taxable income [before the domestic production activities deduction (DPAD)] of...
-
During the current year, Swallow Corporation, a calendar year C corporation, has the following transactions: Income from operations $660,000 Expenses from operations 720,000 Dividends received from...
-
Kapinsky Capital Geneva (B). Christoph Hoffeman of Kapinsky Capital believes the Swiss franc will appreciate versus the U.S. dollar in the coming 3-month period. He has $100,000 to invest. The...
-
In 2019, Sisca Corporation has sales of $150 million, and the cost of goods sold of $90 million. At the end of 2019, Sisca Corporation also has accounts receivable of $30 million, accounts payable of...
-
The Two Dollar Store has a cost of equity of 10.9 percent, the YTM on the company's bonds is 5.6 percent, and the tax rate is 40 percent. If the company's debtequity ratio is .45, what is the...
Study smarter with the SolutionInn App