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g tiles, mosaic and bathroom floor tile ideas in Ipoh, Kampar and Penang. Sales mainly come from flooring tiles. Each outlet has five workers, a driver who transfers inventories to each location, freight assistant, store keeper and two marketing assistants who assist in organizing promotions in area. Required: You are the audit manager who will be auditing BIncang

g tiles, mosaic and bathroom floor tile ideas in Ipoh, Kampar and Penang. Sales mainly come from flooring tiles. Each outlet has five workers, a driver who transfers inventories to each location, freight assistant, store keeper and two marketing assistants who assist in organizing promotions in area. Required: You are the audit manager who will be auditing BIncang

FINANCIAL ACCOUNTING
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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Bincang Tiles Idea is a retailer that sells flooring tiles, mosaic and bathroom floor tile ideas in Ipoh, Kampar and Penang. Sales mainly come from flooring tiles. Each outlet has five workers, a driver who transfers inventories to each location, freight assistant, store keeper and two marketing assistants who assist in organizing promotions in area.

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You are the audit manager who will be auditing BIncang Tiles Idea. Describe a suitable audit sampling and discuss audit procedure to audit the inventories and sales.

Accounts in the Sales and Collection Cycle Sales Cash in Bank Cash sales Accounts Receivable Cash Discounts Sales on ccount Beginning Cash receipts balance Taken Sales on account Sales returns and allowances Sales Retums and Allowances Ending balance Write-off of uncollectible accounts Bad Debt Expense
Transcribed Image Text:Accounts in the Sales and Collection Cycle Sales Cash in Bank Cash sales Accounts Receivable Cash Discounts Sales on ccount Beginning Cash receipts balance Taken Sales on account Sales returns and allowances Sales Retums and Allowances Ending balance Write-off of uncollectible accounts Bad Debt Expense
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