Author Question: Match seven of the terms (a-k) with the definitions provided below (1-7).a.accounts receivable ... (Read 48 times)

am7272 · **on:** Aug 21, 2022

Question 1

List three of the major factors affecting sample size for confirming accounts receivable.

Question 2

Match seven of the terms (a-k) with the definitions provided below (1-7).

a.	accounts receivable balance-related audit objectives

b.	aged trial balance

c.	alternative procedures

d.	blank confirmation form

e.	cutoff misstatements

f.	evidence planning worksheet

g.	negative confirmation

h.	positive confirmation

i.	realizable value of accounts receivable

j.	timing difference in an account receivable confirmation

k.	invoice confirmation

________ 1. the follow-up of a positive confirmation not returned by the debtor with the use of documentation evidence to determine whether the recorded receivable exists

________ 2. a letter, addressed to the debtor, requesting that the recipient indicate directly on the letter whether the stated account balance is correct or incorrect and, if incorrect, by what amount

________ 3. misstatements that take place as a result of current period transactions being recorded in a subsequent period, or subsequent period transactions being recorded in the current period

________ 4. a letter, addressed to the debtor, requesting the recipient to fill in the amount of the accounts receivable balance

________ 5. a letter, addressed to the debtor, requesting a response only if the recipient disagrees with the amount of the stated account balance

________ 6. a reported difference in a confirmation from a debtor that is determined to be a timing difference between the client's and debtor's records and therefore not a misstatement

________ 7. a listing of the balances in the accounts receivable master file at the balance sheet date broken down according to the amount of time that has passed between the date of sale and the balance sheet date

Preeti · **Reply #1 on:** Aug 21, 2022

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