a. At the stage of recording a credit sale transaction, please state the potential misstatements 3) Accounts receivable collection periad can accur! Give examples of contral risk considerations in credit sales transactions! 4) Uncollectible accounts receivable expense against net credit sales b. Accarding to information taken from the accounting records of the manufacturing company PT. 5) Uncallectible Accounts Receivable Fee against the write-off of accounts receivable Hozutama b. In your opinion what are the implications of the ratio results for auditors in the audit strategy is as follows : done in year 51 Sth Year 4th Year 3rd Year 2nd Year 1st Year Unaudited Unaudited Unaudited Unaudited Unaudited Business Opportunities (Gross) Allowance for (14,150) IDR 535,000 IDR 295,000 IDR 265,000 IDR207,500 IDR175,000 (6,400) (5,275) (5,900) (5,400) Losses on Accounts 2,200,000 2,700,000 Total Assets 1,800,000 2,050,000 1,500,000 1,750,000 1,200,000 1,400,000 1,000,000 1,200,000 Total Sales Revenue Uncollectible 33,750 25,625 21,875 17,500 15,000 Accounts Fee Accounts Receivable Eraser 26,000 24,500 22,500 17,000 14,000 Median- Industry Sales to Total 1.25 1.23 1.29 1.26 Assets Accounts 47 48 47 47 Receivable Collection Period

a. At the stage of recording a credit sale transaction, please state the potential misstatements 3) Accounts receivable collection periad can accur! Give examples of contral risk considerations in credit sales transactions! 4) Uncollectible accounts receivable expense against net credit sales b. Accarding to information taken from the accounting records of the manufacturing company PT. 5) Uncallectible Accounts Receivable Fee against the write-off of accounts receivable Hozutama b. In your opinion what are the implications of the ratio results for auditors in the audit strategy is as follows : done in year 51 Sth Year 4th Year 3rd Year 2nd Year 1st Year Unaudited Unaudited Unaudited Unaudited Unaudited Business Opportunities (Gross) Allowance for (14,150) IDR 535,000 IDR 295,000 IDR 265,000 IDR207,500 IDR175,000 (6,400) (5,275) (5,900) (5,400) Losses on Accounts 2,200,000 2,700,000 Total Assets 1,800,000 2,050,000 1,500,000 1,750,000 1,200,000 1,400,000 1,000,000 1,200,000 Total Sales Revenue Uncollectible 33,750 25,625 21,875 17,500 15,000 Accounts Fee Accounts Receivable Eraser 26,000 24,500 22,500 17,000 14,000 Median- Industry Sales to Total 1.25 1.23 1.29 1.26 Assets Accounts 47 48 47 47 Receivable Collection Period

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Public companies are required to use the Allowance Method to account for uncollectible Accounts Receivable. From an investor's perspective, why is this beneficial? How does the Allowance Method allow for better financial statement analysis as compared to the Direct Write-off Method?
When a large account receivable balance is due from one client it is logical to use the direct write-off method to adjust the bad debt expense and accounts receivable balance. Under different circumstances, another method is used called the allowance method. Discuss the best reason(s) for using the allowance method and give some examples of companies that are likely to use that method. Also explain why it would ever be appropriate to use the direct write-off method, especially since it is not GAA
When a business factors its accounts receivables, the business no longer has to deal with the collection of the receivables from the customers receives cash, less an applicable fee, after the factor collects from the customers uses the receivables as security for a loan receives the total amount of the receivables from the factor
ll.2
Which of the following is not an accurate description of the Allowance for Doubtful Accounts? Multiple Choice The account is a contra account. The account is a liability. The amount of the Allowance for Doubtful Accounts decreases the net realizable value of a company's receivables. The account is increased by an estimate of uncollectible accounts expense.
Which following statement is a correct statement about the direct write-off method for calculating credit loss expense? A. It is in accordance with GAAP. B. It uses an allowance for credit losses account. C. It tends to understate accounts receivable on the balance sheet. D. It recognizes credit loss expense when a specific account is determined to be uncollectible.
If a fictitious sale has been recorded, this affects the a) existence of sales. b) valuation of accounts receivable. c) occurrence of sales and existence of accounts receivable. d) occurrence of accounts receivable.
Which of the following accounts are characterized as a "contra" account? (Select ALL that apply) O Equipment O Deferred Revenue OAccumulated Depreciation O Accounts Payable O Depreciation Expense O Sales Allowances O Sales return O Allowance for Uncollectible A/R O Bad Debt Expense O Accounts Receivable O Notes Payable O Cost of Goods Sold ASUS
11) The data collected during the accounts payable process can be converted into several accounts payable reports. Below is a list of some of those reports. Which report summarize purchases by vendor over a specific period of time to look for unusual activity? A) Cash disbursements journal B) Purchases by vendor C) Accounts payable D) Vendor aging report.
May you please help me determine which of the following statements are false?
Several accounts are listed below a. Purchases Returns and Allowances b. Sales Discounts c. Wages Expense d. Allowance for Doubtful Accounts e. Unearned Rent f. Income Taxes Payable g. Dividends Distributed h. Interest Revenue i. Inventory REQUIRED: List the accounts above that would normally have a credit balance