The following are specific balance-related audit objectives applied to the audit of accounts receivable (a. through i.) and management assertions about account balances (1 through 6). The list referred to in the specific balance-related audit objectives is the list of the accounts receivable from each customer at the balance sheet date. (Click the icon to view the audit objectives.) (Click the icon to view the management assertions.) Requirement For each specific balance-related audit objective, identify the appropriate management assertion. (Hint: See table.) Specific balance-related audit objective a. There are no unrecorded receivables. b. Uncollectible accounts have been provided for. C. Receivables that have become uncollectible have been written off. d. e. All accounts on the list are expected to be collected within 1 year. The total of the amounts on the accounts receivable listing agrees with the general ledger balance for accounts receivable. C... Management assertion

The following are specific balance-related audit objectives applied to the audit of accounts receivable (a. through i.) and management assertions about account balances (1 through 6). The list referred to in the specific balance-related audit objectives is the list of the accounts receivable from each customer at the balance sheet date. (Click the icon to view the audit objectives.) (Click the icon to view the management assertions.) Requirement For each specific balance-related audit objective, identify the appropriate management assertion. (Hint: See table.) Specific balance-related audit objective a. There are no unrecorded receivables. b. Uncollectible accounts have been provided for. C. Receivables that have become uncollectible have been written off. d. e. All accounts on the list are expected to be collected within 1 year. The total of the amounts on the accounts receivable listing agrees with the general ledger balance for accounts receivable. C... Management assertion

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: The subsequent period in an audit is the time extending from the balance sheet date to the date of…

Q: Procedure (b) Audit (а) Туре of Objective Test Example: Compare the quantity and description of…

A: An audit of financial statements is an examination conducted by an independent auditor on the…

Q: Indicate the primary audit objective for the following audit procedure: Foot the accounts payable…

A: Audit refers to the examination or auditing of the financial statements (FS) namely income statement…

Q: MOST likely to be performed before the balance sheet date? a. Determine the date of the Letter of…

A: Auditing is independent examination of financial statements to express an opinion on the financial…

Q: Which of the following types of audit evidence generally is the most reliable

A: Answer: Option B.

Q: all statements are true B. all statements are false C. S1 and S2 are true D. S1 and S3 are true

A: Correct option : B

Q: An audit strategy memorandum containsa. Specifications of auditing standards relevant to the…

Q: basic step in auditing unclaimed salaried and wages is to verify disposition of the account…

A: Auditing means the independent checking of company operation by outsider. Auditor is a qualified and…

Q: In auditing, ____________ is the process of identifying and assessing the risks of material…

A: Auditing refers to an official inspection of the financial information of an organization. Auditing…

Q: Assume that your audit partner asks you to design detailed substantive testing programs for accounts…

A: Considerable testing is a review technique that looks at the fiscal reports and supporting…

Q: PCAOB Auditing Standard No. 5, titled "An Audit of Internal Control Over Financial Reporting that is…

A: Comment-Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…

Q: The auditors have determined that each of the following objectives will be a part of the audit of…

A: The audit of different items contained in the financial statements through appropriate audit…

Q: A typical substantive procedure for receivable balance and sales transactions may include…

A: Specifically disclosed in noes to accounts also , in income statements

Q: Which of the following types of evidence would an auditor most likely examine to determine whether…

A: The question is asking us to identify the type of evidence an auditor would most likely examine to…

Q: Which of the following is required documentation in an audit in accordance with generally…

A: According to generally accepted auditing standards (GAAS), an auditor is required to document the…

Q: An auditor is likely to perform each of the below procedures to obtain evidence regarding the…

A: Audit Contrary to unfavorable opinions, scope restrictions or the presence of significant…

Q: Analytical procedures are generally used to produce evidence froma. Confirmations mailed directly to…

Q: Working papers document the audit evidence collected by the auditors during the financial statement…

A: A lead schedule is a working paper or document used in the field of auditing to summarize and detail…

Q: Analytical procedures are one of many financial audit processes which help an auditor understand the…

A: Introduction:- Analytical procedures are one of many financial audit processes which help an auditor…

Q: Listed in the table below are some common audit procedures. For each procedure below: Identify…

A: An audit of financial statements is an examination conducted by an independent auditor on the…

Q: onfirmation of accounts receivable is a presumptively mandatory audit procedure. In performing this…

A: Confirmation of accounts receivable is an audit procedure that involves obtaining external…

Question

The following are specific balance-related audit objectives applied to the audit of accounts receivable (a. through i.) and management assertions about account balances (1 through 6). The list
referred to in the specific balance-related audit objectives is the list of the accounts receivable from each customer at the balance sheet date.
i (Click the icon to view the audit objectives.)
i (Click the icon to view the management assertions.)
Requirement
For each specific balance-related audit objective, identify the appropriate management assertion. (Hint: See table.)
Specific balance-related audit objective
There are no unrecorded receivables.
b. Uncollectible accounts have been provided for.
C. Receivables that have become uncollectible have been written off.
d.
All accounts on the list are expected to be collected within 1 year.
The total of the amounts on the accounts receivable listing agrees with the
general ledger balance for accounts receivable.
a.
e.
Management assertion

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction

VIEW

Step 2: Answer to the question

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Tests of controls in a GAAS audit are required fora. Obtaining evidence about the financial statement assertions.b. Accomplishing control over the occurrence of recorded transactions.c. Applying analytical procedures to financial statement balances.d. Obtaining evidence about the operating effectiveness of client control activities.
FOR THE FOR THE FOLLOWING SPECIFIC TRANSACTION RELATED AUDIT OBJECTIVE IDENTIY THE APPROPRIATE MANAGEMENT ASSERTION FROM THE BELOW: SOME MAY BE USED MORE THAN ONCE OR NOT AT ALL(For reference see Power Point Table 6-3, 17 ed) 5 x 6 points =30 points MANGEMENT ASSERTION:1. OCCURENCE2. COJMPLETNESS3. ACCURACY4. CLASSIFICATION5. CUT OFF SPECIFIC TRANSACTION RELATED AUDIT OBJECTIVE 1. Recorded cash disbursements transactions are for the amount of goods and services received and are correctly recorded 2. Recorded cash disbursement transactions are for goods and services actually received. 3. Cash disbursement transactions are recorded on the correct dates 4. Existing cash disbursement transactions are recorded. 5. Cash disbursement transactions have been recorded in the proper accounts
The audit documentation are the connecting link between the client's accounting records, financial statements, and the auditor's report. TRUE OR FALSE? WHY?
Auditors identify and assess the risk of material misstatement at these two levels Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Financial Statement level and Information Process Goals level b Financial statement level and Operations Process Goals level c Information Process Goals level and Operations process goals level d Financial Statement Level and Relevant Assertion Level