Identify and explain what are related management assertion(s) / audit objective(s) not met from the...

50.1K

Verified Solution

Question

Accounting

Identify and explain what are related management assertion(s) / audit objective(s) not met from the below errors:
a) A sale was made to debit accounts receivable. Subsequently the goods were returned but no entry was recorded for the goods returned.
b) Goods delivered to a customer but the transaction was not booked.
c) A credit sale was made but the bank account was debited instead of
accounts receivable.
d) A sale was made on the last day of the financial year but was only
booked two days later.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students