a. At the stage of recording a credit sale transaction, please state the potential misstatements 3) Accounts receivable collection periad can accur! Give examples of contral risk considerations in credit sales transactions! 4) Uncollectible accounts receivable expense against net credit sales b. Accarding to information taken from the accounting records of the manufacturing company PT. 5) Uncallectible Accounts Receivable Fee against the write-off of accounts receivable Hozutama b. In your opinion what are the implications of the ratio results for auditors in the audit strategy is as follows : done in year 51 Sth Year 4th Year 3rd Year 2nd Year 1st Year Unaudited Unaudited Unaudited Unaudited Unaudited Business Opportunities (Gross) Allowance for (14,150) IDR 535,000 IDR 295,000 IDR 265,000 IDR207,500 IDR175,000 (6,400) (5,275) (5,900) (5,400) Losses on Accounts 2,200,000 2,700,000 Total Assets 1,800,000 2,050,000 1,500,000 1,750,000 1,200,000 1,400,000 1,000,000 1,200,000 Total Sales Revenue Uncollectible 33,750 25,625 21,875 17,500 15,000 Accounts Fee Accounts Receivable Eraser 26,000 24,500 22,500 17,000 14,000 Median- Industry Sales to Total 1.25 1.23 1.29 1.26 Assets Accounts 47 48 47 47 Receivable Collection Period

a. At the stage of recording a credit sale transaction, please state the potential misstatements 3) Accounts receivable collection periad can accur! Give examples of contral risk considerations in credit sales transactions! 4) Uncollectible accounts receivable expense against net credit sales b. Accarding to information taken from the accounting records of the manufacturing company PT. 5) Uncallectible Accounts Receivable Fee against the write-off of accounts receivable Hozutama b. In your opinion what are the implications of the ratio results for auditors in the audit strategy is as follows : done in year 51 Sth Year 4th Year 3rd Year 2nd Year 1st Year Unaudited Unaudited Unaudited Unaudited Unaudited Business Opportunities (Gross) Allowance for (14,150) IDR 535,000 IDR 295,000 IDR 265,000 IDR207,500 IDR175,000 (6,400) (5,275) (5,900) (5,400) Losses on Accounts 2,200,000 2,700,000 Total Assets 1,800,000 2,050,000 1,500,000 1,750,000 1,200,000 1,400,000 1,000,000 1,200,000 Total Sales Revenue Uncollectible 33,750 25,625 21,875 17,500 15,000 Accounts Fee Accounts Receivable Eraser 26,000 24,500 22,500 17,000 14,000 Median- Industry Sales to Total 1.25 1.23 1.29 1.26 Assets Accounts 47 48 47 47 Receivable Collection Period

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question: 1. what is the correct source documents for credit sales by business X. option: a) invoice issued by business X. b) Receipts issued by business X. c) Bank credit advice. d) internal memo. e) cash sales slip. f) Cheque butt. g) credit note issued by business X. reqiured: please answer this question by choosing the right source document.
Customer deposits (prepayments) are recorded - Select one: a. as debits to accounts receivable for the customer b. as negative sales invoices C. as credits to accounts receivable for the customer O d. when the customer makes a partial payment on account
The credit memoranda creates a(n) __ in the accounts receivable file of a customer. A. note decline (B) Transfer (C) D. Intensify.
1. What is the correct source documents for direct deposit by customer of business X. option: a) invoice issued by business X. b) Receipts issued by business X. c) Bank credit advice. d) internal memo. e) cash sales slip. f) Cheque butt. g) credit note issued by business X. reqiured: please answer this question by choosing the correct source documents.
What account is credited when you record a credit memo for uncollectable receivables? A. Accounts receivable B. Checking C. Bad Debt D. Accounts Payable
Question: 1. what is the correct source documents for credit purchase by business X. option: a) invoice received by the business X. b) invoice issued by business X. c) Receipts received by business X. d) Receipts issued by business X. e) Bank Debit advice. f) Bank credit advice. g) internal memo. h) cash sales slip. i) Cheque butt. j) credit note issued by business X. reqiured: please answer this question by choosing the correct source documents.
Which of the following will increase the balance of accounts receivable? Group of answer choices Note discounted was dishonored by issuer at due date. Receipts of notes receivable as settlement of outstanding customer account. Sale of goods for cash. Collection of outstanding receivables.
To minimize errors in the accounts payable function, which of the following procedures should be performed? approving the purchase requisition following up on open purchase orders double checking the math on the bank reconciliation matching the supplier’s invoice to the receiving report
"In accounts receivable management, credit analysis is the process of determining the probability that customers will not pay."
What is the effect of the following situations on the cost of accounts receivable financing? (A) A more thorough credit check is undertaken. (B) Receivables are sold without recourse CHOOSE THE LETTER OF CORRECT ANSWERA. (A) Increase; (B) DecreaseB. (A) Decrease; (B) IncreaseC. (A) Decrease; (B) DecreaseD. (A) Increase; (B) IncreaseE. (A) Increase; (B) No effect
From pages 5-1 and 5-3 of the LVN, match the term with its explanation. Put the answers in the right order *The amount of the A/R expected to be collected. * The cost of credit * The amount of the A/R not expected to be collected. * The account recognized when credit sales are recorded. Net Accounts Receivable______ Allowance for Uncollectible Accounts_______ Bad debt expense______ Accounts Receivable______
Which of the following statements is correct? Select one: a. Account receivable turnover is equal to net credit sales divided by average net accounts receivable. b. Buying aged receivables from businesses and then collects the payments directly from the customers is called Allowance for uncollectible accounts. c. Auto generated document numbers is a fraud preventive method which is more efficient than physical controls. d. If the same people are responsible for a series of related accounting activities is called Segregation of Duties.