1. What are the documents and records used in revenue and collection cycle and there audit significance?

2. What are the significant assertions applicable to Sales and Receivables ? Give specific examples to apply them to specific transactions.

3. Describe the processing of transactions in the sales and collection cycle in the following functions :

a. Order entry b. Credit approval c. Warehousing d. Shipping e. Customer Billing f. Collecting accounts receivable g. Granting credit for returns and allowances h. Recording uncollectible accounts expense i. Writing off accounts receivable

4. Explain why auditors perform tests of controls. When an entitys controls for collection are ineffective, what potential misstatements could arise in the financial statements?