Question
Audit Objective: The company has the right to receive benefits for all revenue recorded in the year. What could go wrong: The company sold consignment
Audit Objective:The company has the right to receive benefits for all revenue recorded in the year.
What could go wrong:The company sold consignment inventory on behalf of another company but recorded the entire sale amount instead of just the 5% commission it is entitled to.
Multiple Choice
- Existence/Occurrence
- Ownership
- Valuation
- Presentation
- Completeness
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College Accounting Chapters 1-15
Authors: James A Heintz, Robert W Parry
19th Edition
0324376162, 978-0324376166
