Change happens within people, but it also happens in how businesses are organized to address their hrmt440

For each of the procedures described in the table below, identify the audit procedure per formed and classification of the audi

katen-ka-za [31]

Answer:

a. Requested responses directly from customers as to amounts due.

Audit Procedure: Confirmation

Classification of Audit Procedure: Substantive procedures

b. Compared total bad debts this year with the totals for the previous two years.

Audit Procedure: Analytical procedure

Classification of Audit Procedure: Substantive procedures

c. Questioned management about likely total uncollectible accounts.

Audit Procedure: Inquiry

Classification of Audit Procedure: Substantive procedures

d. Watched the accounting clerk record the daily deposit of cash receipts.

Audit Procedure: Observation

Classification of Audit Procedure: Test of controls

e. Examined invoice to obtain evidence in support of the ending recorded balance of a customer.

Audit Procedure: Inspection of records or documents

Classification of Audit Procedure: Substantive procedures

f. Compared a sample of sales invoices to credit files to determine whether the customers were on the approved customer list.

Audit Procedure: Reperformance

Classification of Audit Procedure: Test of controls

g. Examined a sample of sales invoices to see if they were initialized by the credit manager indicating credit approval.

Audit Procedure: Inspection of records or documents

Classification of Audit Procedure: Test of controls

4 0

3 years ago

What is financing?

zubka84 [21]

The correct option is Option A - using credit to pay for purchases.

6 0

3 years ago

Read 2 more answers

If the marginal product of labor is increasing, the marginal cost of output must be

SVETLANKA909090 [29]

Your answer would be, If the Marginal Product of labor increases/rises, The Marginal Cost of Output FALLS.

If the Marginal Product of labor Falls, The Marginal Cost of Output RISES.

Hope that helps!!!

4 0

3 years ago

What country first began to dismantle its welfare state? What was put in its place?

ANTONII [103]

Thank you for posting your question here at brainly. I hope the answer will help you. Feel free to ask more questions.

What country first began to dismantle its welfare state? Chili. Democracy was restored.

What was put in its place? A pension plan replaced welfare.

5 0

3 years ago

Navajo Corporation traded a used truck (cost $20,000, accumulated depreciation $18,000) for a small computer with a fair value o

UNO [17]

Answer:

Dr Computer $3,300

Dr Accumulated depreciation-Truck $18,000

Cr Truck - Fixed Asset $20,000

Cr Gain on disposal of truck (Balancing Figure) $800

Cr Cash Account $500

Explanation:

The disposal of a Fixed asset is a three step procedure and is given as under:

Remove the Accumulated depreciation and the cost of the fixed asset
Record the receipt of the consideration at Fair Value
Record the payment or receipt of the cash

Always remember that the balancing figure will go to Profit and loss statement.

Step1: Remove the Accumulated depreciation and the cost of the fixed asset

The asset value and the accumulated depreciation would be removed from the books of accounts and the balance figure would be transfered to profit and loss account.

Dr Accumulated Depreciation $18,000

Dr Profit & Loss Account $2,000

Cr Truck - Fixed Asset $20,000

Step2: Record the receipt of the consideration at Fair Value

Dr Computer - Fixed Asset $3,300

Cr Profit and Loss Account $3,300

Step3: Record the payment or receipt of the cash

The receipt of the payment will treated as:

Dr Profit and loss Account $500

Cr Cash Account $500

The aggregate Effect if I summarizee would be:

Dr Computer $3,300

Dr Accumulated depreciation-Truck $18,000

Cr Truck - Fixed Asset $20,000

Cr Gain on disposal of truck (Balancing Figure) $800

Cr Cash Account $500

8 0

3 years ago