Question 14 Which of the following would be an example of vouching? 1. Making sure a sale is included in the Sales account on the Income Statement. 2. Visiting real estate listed on the client's balance sheet. 3. Ensuring proper disclosure of revenue recognition policies. 4. Checking documents for alteration. O 4 O 2 O 1

Question 14 Which of the following would be an example of vouching? 1. Making sure a sale is included in the Sales account on the Income Statement. 2. Visiting real estate listed on the client's balance sheet. 3. Ensuring proper disclosure of revenue recognition policies. 4. Checking documents for alteration. O 4 O 2 O 1

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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LO 1-3 1.63 Management Assertions. Your audit manager has asked you to explain the PCAOB assertions by using an account on the balance sheet at your audit client. For the accounts receivable account, please define each of the PCAOB assertions, using the accounts receivable account as a way to illustrate each assertion. You are encouraged to reference Exhibit 1.4 to help you answer this question.
Question 3 Which 3 are transaction types you can assign in a rule for money-out transactions? Transfer Journal entry Purchase order Credit memo Refund receipt Check Expense
Question 16 Each entry in the accounts receivable credit column of a journal is an amount that: O Has been collected from a customer. O Has been paid to a vendor. O Will be collected from a customer. O ill be paid to a vendor.
Please help with the following question COMPLETION STATEMENTS 1.Notes and accounts receivable that result from sales transactions are often called______________ receivables. 2.Two accounting problems associated with accounts receivable are (1) ______________ and (2) ______________ accounts receivable. 3.The net amount expected to be collected in cash from receivables is the _____________. 4.When credit sales are made, _________________ Expense is considered a normal and necessary risk of doing business on a credit basis. 5.The two methods used in accounting for uncollectible accounts are the ____________ method and the ______________ method. 6.Allowance for Doubtful Accounts is a_____________ account which is ______________ from Accounts Receivable on the balance sheet. 7.When the allowance method is used to account for uncollectible accounts, ____________ is debited when an account is determined to be uncollectible. 8.The _________________ basis of…
1. When would you choose to give a refund after creating a Credit Memo? 2. When would you choose to retain an available credit after creating a Credit Memo?
Question 10 The following items are wise to keep in a safety deposit box or fireproof home safe: (select all that apply) | birth, marriage, and death certificates receipts for small, non-tax-deductible purchases | titles and deeds expired warranties
Question 11 Which of the following assets require the strongest of internal controls? O credit cards O computer equipment O inventory O cash
Question 11 of 30 In case of the bank has to pay the money on due date of the bils drawn by the beneficiary/ supplier under the letter of credit irespective of whether the party pays the money or not. Guarantee O Line of credit O Letter of credit Acceptances
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Question 29 Which of the following is the best reason for pre-numbering in numerical sequence documents sucj as sales orders, shipping documents and sales invoices? Enables company personnel to determine accuracy of each document Enables personnel to determine the proper period recording of sales revenue and receivables Enables personnel to check numerical sequence for missing documents and unrecorded transactions Enables personnel to determine the validity of recorded transactions
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