For each of the following tests of controls and substantive tests for sales and

Question

For each of the following tests of controls and substantive tests for sales and receivables, match the management assertions that is being tested. B. A. Existence or Occurrence B. Rights and Obligations C. Completeness D. Valuation or Allocation E. Presentation and Disclosure 1. Scan sales invoices for missing numbers in sequence. 2. Perform arithmetic recalculation of a sample of recorded sales invoices. - 3. The client company has a legal right to all accounts receivable at the balance _ . Select a sample of customer accounts and vouch debits to sales invoices. 5. For a sample of recorded sales, determine whether credit was approved. sheet date. 6. Trace a sample of credit memos to posting in customers' accounts. 7. Accounts receivables are properly described and presented in the financial statements

Explanation / Answer

1) scan sales invoices for missing numbers is related to coplteness of compliance and substantive procedure.

2) perform arithametic recaluculation is valuation and allocation of compliance and substantive procedure.

3) having riht to all accounts of the comany is showing balaance sheet is presentation and disclousure of the compliance and substantive procedure.

4) select a sample of custmer accounts and vouch sales in voices isvaluation and allocation of compliance and substantive procedure

5) credit was approved it is right to company so it is rights and obligation of compliance and substantive procedure.

6) tracing of entries belong to the presentation and disclousure of the entity.

7) account receivable are properly discluosure is disclousure of compliance and substantive procedure.

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