Solved

Match Seven of the Terms (A-K)with the Definitions Provided Below

Question 101

Short Answer

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 and is collectible.
________ 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 form used to help the auditor decide whether planned detection risk for tests of details of balances should be low,medium,or high for each balance-related audit objective.
________ 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.

Correct Answer:

verifed

Verified

1.c
2.h
3....

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents