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Author Question: The understatement of sales and accounts receivable is best uncovered by (Read 47 times)

billyboy7272

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Question 1

The net realizable value of accounts receivable is equal to:
◦ gross accounts receivable less allowance for uncollectible accounts.
◦ gross accounts receivable less bad debt expense.
◦ gross accounts receivable less returns and allowances.
◦ gross accounts receivable less sales discounts.

Question 2

The understatement of sales and accounts receivable is best uncovered by
◦ testing internal controls.
◦ testing the aged accounts receivable trial balance.
◦ substantive tests of transactions for shipments made but not recorded.
◦ substantive tests of transactions for bad debts.


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Marked as best answer by billyboy7272 on Aug 21, 2022

annaelena92

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billyboy7272

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Reply 2 on: Aug 21, 2022
Excellent


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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

 

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