4. Prepare reports and file documentation as required through completion of the following actions:a. Prepare reports that document the accounts receivable, debt recovery type and cause, and debt recovery plan, anddistribute these to the supervisors, managers, and other designated partiesb. File the documentation and reports according to organisational policy and procedures. Document or provide thepolicy/procedures used for file storage. Create an Aged Receivables Detail report that aligns with the bad debts ageing asper your Collections Policy and submit it with this assessment

Below is a guide on how you can prepare reports, file documentation, and create an Aged Receivables…

Answered: 4. Prepare reports and file…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The auditor is MOST likely to learn of retirements of equipment through which of the following? a. Review of the purchase and allowance account. b. Review of the sales discount account. c. Analysis of the credits to the accumulated depreciation account. d. Review of insurance policy riders. e. Confirmation of recorded credits to the accounts payable account.
If the group engagement partner decides that the component auditor cannot access sufficient appropriate audit evidence regarding the component of the financial statements audited, what type of modified opinion will they consider issuing? O modified opinion due to GAAP departure O modified opinion due to scope limitation O adverse opinion O modified opinion due to GAAS departure
models available to organisations for outsourcing internal audit Receivable balance
Explain the process of auditing the following transactions/accounts for a Mining. • Accounts Receivable• Contract guarantees and cancellation or postponement provisions.• Contract costs• Income recognitionb.
Match definitions with vocabulary terms) Use theseterms to complete the statements that follow. You can use a term more than once or not at all.Bank reconciliation Firewall Misappropriation of assetsCash equivalents Fraud triangle Outstanding checkController Fraudulent financial reporting PhishingDeposits in transit Imprest system Remittance adviceFidelity bond Internal control Treasurerl. An insurance policy that reimburses a company for any losses due to employee theft isa/an .__________________________
A3. Peng LLP is auditing the accounts receivable balance of a client. The senior in charge wants to ensure that the balance sheet assertions of existence, rights and obligation, completeness, and valuation are covered. Required: Explain how each balance sheet assertion is important for the audit of the accounts receivable balance.
The following are specific balance-related audit objectives applied to the audit of accounts receivable (a. through i.) and management assertions about account balances (1 through 6). The list referred to in the specific balance-related audit objectives is the list of the accounts receivable from each customer at the balance sheet date. i (Click the icon to view the audit objectives.) i (Click the icon to view the management assertions.) Requirement For each specific balance-related audit objective, identify the appropriate management assertion. (Hint: See table.) Specific balance-related audit objective There are no unrecorded receivables. b. Uncollectible accounts have been provided for. C. Receivables that have become uncollectible have been written off. d. All accounts on the list are expected to be collected within 1 year. The total of the amounts on the accounts receivable listing agrees with the general ledger balance for accounts receivable. a. e. Management assertion
Cop dog
explain your answer and why other options are not correct also explain
When auditing accounts receivables, auditors are usually especially concerned about the: a. Completeness and cut-off objectives. b. Existence and completeness objectives. c. Existence, realisable-value and accuracy objectives. d. Posting and summarisation objective.
Required information Substantive Procedures for Debt Read the overview below and complete the activities that follow. Debt transactions are often few in number but large in dollar amount. As such, auditors are generally able to substantiate individual transactions rather easily. CONCEPT REVIEW: In an integrated audit of debt, a greater number of transactions are tested using dual purpose tests than for other accounts. Dual purpose tests are tests of both controls and substantive tests done at the same time. The auditor typically performs traditional substantive tests including sending out confirmations and examining copies of notes payable. Evaluating whether debt provisions and covenants have been met Reset Valuation Read the listing of substantive procedures for debt and match each with its appropriate primary audit objective. Confirming debt Presentation and disclosure Vouching borrowing and repayment terms Cutoff Performing analytical procedures on debt and related accounts to…
In prior periods, Globo Gym Services used the direct write off method to account for bad debts. Globo Gym Services historically had a stable client base and management did not continue to service clients who did not pay invoices due. Complete the following: (a) Describe the direct write off method of accounting for bad debts. (b) Explain with reference to one qualitative characteristic why the direct write off method was deemed appropriate prior to the COVID-19 pandemic and why it is unlikely to be appropriate since the pandemic. Clearly label each part of your answer related to parts a and b above.

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS