Duopoulo Ltd provides credit for consumers purchasing from major retail stores, and has been operating for three years. As part of your audit planning for the audit for the year ended 30 June 2020, you have performed an analytical review of the operations and found the following: 31 March 2020 30h June 2019 30h June 2018 $000 Account $000 $000 Gross finance receivables - current 110,000 88,000 55,000 Gross finance receivables - non-current 280,000 160,000 110,000 Unearned income 30,000 24,800 16,500 Allowance for doubtful debts Bad debts expense 1,100 1,000 1,000 100 100 100 Required: a. Identify two unusual trends/relationships, and explain what each could indicate. b. For each trend listed in (a), identify the key general ledger account impacted. c. For each trend listed in (a), identify the key assertion at risk.

Duopoulo Ltd provides credit for consumers purchasing from major retail stores, and has been operating for three years. As part of your audit planning for the audit for the year ended 30 June 2020, you have performed an analytical review of the operations and found the following: 31 March 2020 30h June 2019 30h June 2018 $000 Account $000 $000 Gross finance receivables - current 110,000 88,000 55,000 Gross finance receivables - non-current 280,000 160,000 110,000 Unearned income 30,000 24,800 16,500 Allowance for doubtful debts Bad debts expense 1,100 1,000 1,000 100 100 100 Required: a. Identify two unusual trends/relationships, and explain what each could indicate. b. For each trend listed in (a), identify the key general ledger account impacted. c. For each trend listed in (a), identify the key assertion at risk.

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

300 words for all the questions.

11:45 Y
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content:
Q1. Planning
Duopoulo Ltd provides credit for consumers purchasing from major retail stores, and has been
operating for three years. As part of your audit planning for the audit for the year ended 30th June
2020, you have performed an analytical review of the operations and found the following:
31 March 2020
30th June 2019
30th June 2018
Account
$000
$000
$000
Gross finance receivables - current
110,000
88,000
55,000
Gross finance receivables - non-current
280,000
160,000
110,000
Unearned income
30,000
24,800
16,500
Allowance for doubtful debts
1,100
1.000
1,000
Bad debts expense
100
100
100
Required:
a. Identify two unusual trends/relationships, and explain what each could indicate.
b. For each trend listed in (a), identify the key general ledger account impacted.
c. For each trend listed in (a), identify the key assertion at risk.
•..

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