EBK AUDITING AND ASSURANCE SERVICES
EBK AUDITING AND ASSURANCE SERVICES
16th Edition
ISBN: 9780134067117
Author: Hogan
Publisher: VST
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Chapter 13, Problem 8RQ
To determine

Identify test of sales and cash receipts transactions are an essential part of every audit.

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TICA Corporation had sales of $72 million this year. Its accounts receivable balance averaged $2.4 million. How long, on average, does it take the firm to collect on its sales?
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