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In determining the adequacy of the allowance for uncollectible accounts,

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solution


Question

In determining the adequacy of the allowance for uncollectible accounts, the least valuable evidence would be obtained from;A. an aging schedule of past due accounts which the auditor has tested.;B. correspondence with the client's collection agency.;C. financial statements of individual customers.;D. no reply to negative confirmations.;4. Which of the following would the auditor consider to be an incompatible operation if the cashier receives remittances?;A. The cashier prepares the daily deposit.;B. The cashier makes the daily deposit at a local bank.;C. The cashier posts the receipts to the accounts receivable subsidiary ledger cards.;D. The cashier endorses the checks.;2. Auditors ordinarily send a standard confirmation request to all banks with which the client has done business during the year under audit, regardless of the year-end balances. A purpose of this procedure is to;A. provide the data necessary to prepare a proof of cash.;B. request that a cutoff bank statement and related checks be sent to the audit.;C. detect kiting activities that may otherwise not be discovered.;D. seek information about contingent liabilities and security agreements.

 

Paper#27346 | Written in 18-Jul-2015

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