Confirmations of individual account receivable balances direct with debtors will normally provide evidence regarding: Collectability Ownership of balances confirmed Existence of balances confirmed Internal control over balances confirmed

Confirmations of individual account receivable balances direct with debtors will normally provide evidence regarding: Collectability Ownership of balances confirmed Existence of balances confirmed Internal control over balances confirmed

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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Question

Question 5

Confirmations of individual account receivable balances direct with debtors will normally provide evidence regarding:

		Collectability
		Ownership of balances confirmed
		Existence of balances confirmed
		Internal control over balances confirmed

Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.

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