Cutoff misstatements occur when

[connormoss]

Question 1

Cutoff misstatements can occur for
◦

Sales	Sales returns and allowances
Yes	Yes

◦

Sales	Sales returns and allowances
No	No

◦

Sales	Sales returns and allowances
Yes	No

◦

Sales	Sales returns and allowances
No	Yes

Question 2

Cutoff misstatements occur when
◦

The auditor fails to obtain the end-of-year bank statement directly from the bank, obtaining instead the statement which includes the two succeeding weeks	Subsequent period  transactions are  recorded in the  current period	Current period  transactions are  recorded in the  subsequent period
Yes	Yes	No

◦

The auditor fails to obtain the end-of-year bank statement directly from the bank, obtaining instead the statement which includes the two succeeding weeks	Subsequent period  transactions are  recorded in the  current period	Current period  transactions are  recorded in the  subsequent period
Yes	No	Yes

◦

The auditor fails to obtain the end-of-year bank statement directly from the bank, obtaining instead the statement which includes the two succeeding weeks	Subsequent period  transactions are  recorded in the  current period	Current period  transactions are  recorded in the  subsequent period
No	Yes	Yes

◦

The auditor fails to obtain the end-of-year bank statement directly from the bank, obtaining instead the statement which includes the two succeeding weeks	Subsequent period  transactions are  recorded in the  current period	Current period  transactions are  recorded in the  subsequent period
No	Yes	No

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Only 35% of students answer this correctly

[connormoss]

TYSM

[fatboyy09]

Great answer, keep it coming