Confirm accounts receivable ending balances and sales terms, such as right of return and consignment arrangements.-- Existence and accuracy
What is an Accounts Receivable Confirmation?
When an auditor is examining the accounting records of a client company, a primary technique for verifying the existence of accounts receivable is to confirm them with the company's customers. The auditor does so with an accounts receivable confirmation
What does it mean to confirm account?
Account verification is the process of verifying that a new or existing account is owned and operated by a specified real individual or organization. A number of websites, for example social media websites, offer account verification services.
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Question: Which example best demonstrates the capabilities of e-mail?
Answer: An executive sends a file to a team of collaborators in Asia.
Explanation: email capabilities send an email to an address at your domain that doesn't exist
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(jacemorris04)
Answer:
Ending inventory= $494
Explanation:
Giving the following information:
On January 26, the company sells 350 units. 150 units remain in ending inventory on January 31.
January 1: 320 units for $3.00
January 9: 80 units for $3.20
January 25: 100 units for $3.34
Ending inventory= 100*3.34 + 50*3.2= $494
Answer:
a. Are securities that management intends to convert to cash within the longer of one year or the current operating cycle.
Explanation:
Short term investments are those which are more liquid and readily convertible into cash within a short span of time usually in lesser than an year.
Examples of short term investments would be money market instruments, treasury bonds, marketable securities, commercial papers, certificate of deposits etc.
The purpose behind investing idle funds into such investments being that management may require such funds at any time to meet the working capital needs so these are readily available as per the need.
Also, these investments yield handsome return given the time period for which these are invested.
Investing in long term instruments such as debt would make it cumbersome to realize the money quickly as per need and those are less liquid.
<u>Answer:</u> Option 1 A record lookup for vendors during data entry.
<u>Explanation:</u>
Programmers will have the access to change the programs and data files in order to correct the errors. Vendor invoice is the document which shows the amount owed by the receiver to the supplier. On receiving the invoice it has to be uploaded using the accounting software and schedule the payment accordingly.
When data entry is done it is easy to find the errors in the system. The non sense characters in the payee field can be detected using the data entry. So data entry is considered to be the most effective programmed control.
