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velikii [3]
1 year ago
15

Which audit procedure is most effective in testing credit sales for overstatement?

Business
1 answer:
Lady_Fox [76]1 year ago
4 0

The audit procedure that is most effective in testing credit sales for overstatement is vouching a sample of recorded sales from the sales journal to shipping documents.

<h3>What is an overstatement?</h3>

In accounting, If an account or a figure on an account is overstated, it means that the amount that is reported on the financial statement is more than it should be.

Hence, in order to correct such errors, the audit procedure that is most effective in testing credit sales for overstatement is vouching a sample of recorded sales from the sales journal to shipping documents.

Read more about overstatement

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According to the Uniform Commercial Code's interpretation of an open quantity term, if the quantity term is left open in a contr
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According to the Uniform Commercial Code's interpretation of an open quantity term, if the quantity term is left open in a contract for the sale of goods courts generally have no basis for determining a remedy.

<h3>What do you mean by Uniform Commercial Code?</h3>

The uniform Commercial code states that a sale consists of the passing of title from the seller to the buyer for a price.

According to the Uniform Commercial code's interpretation of an open quantity term, if the quantity term is left open in a contract for the sale of goods, courts have no basis for the determination of remedy.

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3 0
2 years ago
March 1, 2014 Cardullo's purchased an order of German chocolate from a supplier for $250, but didn't pay cash for the order unti
PilotLPTM [1.2K]

Answer:

Dr Inventory Purchases $250

Cr Trade Payables              $250

Explanation:

At the time of the purchase, Inventory purchases which is an asset in nature has been increased and hence must be debited by $250 and similarly the Payable has been increased which is liability in nature and hence must be credited with $250. The entry would be as under:

Dr Inventory Purchases $250

Cr Trade Payables              $250

4 0
3 years ago
The key elements of a business plan can include _____.
Ulleksa [173]

Answer:

Executive summary

Explanation:

It provides information about the business's purpose.

8 0
3 years ago
All records make up a ??<br><br> a-File<br> b-Field <br> c-Records<br> d-Database
Kitty [74]

Answer: D. is the answer

Explanation:

sub to me

5 0
3 years ago
A Missouri job shop has four departmentsmachining ​(M), dipping in a chemical bath​ (D), finishing​ (F), and plating ​(P)assigne
Vlad [161]

Answer:

Plan A cost $26,000

Explanation:

(21 * 6) + (13 * 18) + (19 * 2) + (7*4) + (11 * 2) + (4 * 18)

126 + 234 + 38 + 28 + 22 + 72

52,000 * 0.50 = 26,000

6 0
3 years ago
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