Question
Match specific balance-related audit objectives to the management assertion that best fits. 1. There are no unrecorded receivables. a) Existence. b) Completeness. c) Accuracy, valuation,
Match specific balance-related audit objectives to the management assertion that best fits.
1. There are no unrecorded receivables.
a) Existence.
b) Completeness.
c) Accuracy, valuation, and allocation.
d) Classification.
e) Rights and obligations.
f) Presentation.
2. Uncollectible accounts have been provided for.
a) Existence.
b) Completeness.
c) Accuracy, valuation, and allocation.
d) Classification.
e) Rights and obligations.
f) Presentation.
3.Receivables that have become uncollectible have been written off.
a) Existence.
b) Completeness.
c) Accuracy, valuation, and allocation.
d) Classification.
e) Rights and obligations.
f) Presentation.
4. All accounts on the list are expected to be collected within 1 year.
a) Existence.
b) Completeness.
c) Accuracy, valuation, and allocation.
d) Classification.
e) Rights and obligations.
f) Presentation.
5. The total of the amounts on the accounts receivable listing agrees with the general ledger balance for accounts receivable.
a) Existence.
b) Completeness.
c) Accuracy, valuation, and allocation.
d) Classification.
e) Rights and obligations.
f) Presentation.
6. Accounts receivable are appropriately aggregated and clearly described in the financial statements.
a) Existence.
b) Completeness.
c) Accuracy, valuation, and allocation.
d) Classification.
e) Rights and obligations.
f) Presentation.
7. All accounts on the list arose from the normal course of business and are not due from related parties.
a) Existence.
b) Completeness.
c) Accuracy, valuation, and allocation.
d) Classification.
e) Rights and obligations.
f) Presentation.
8. Sales cutoff at yearend is proper.
a) Existence.
b) Completeness.
c) Accuracy, valuation, and allocation.
d) Classification.
e) Rights and obligations.
f) Presentation.
9. Receivables have not been sold or discounted.
a) Existence.
b) Completeness.
c) Accuracy, valuation, and allocation.
d) Classification.
e) Rights and obligations.
f) Presentation.
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Managerial Accounting
Authors: John J. Wild, Ken W. Shaw
2010 Edition
9789813155497, 73379581, 9813155493, 978-0073379586
