Customers are billed twice monthly. Counting inventory is common for professionals who work in retail. . . . .

Define audit procedure for sales and account receivable

34 For the purpose of this section, accounts receivable means— The entity's claims against customers that have arisen from the sale of goods or services in the normal course of business, and ; A financial institution's loans.

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In the audit of accounts receivable, we can achieve two objectives in performing the receivable confirmation.

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rate of turnover of accounts is high. As discussed in paragraph. Confirmation of accounts receivable is a generally accepted auditing procedure. The overall objective of the audit of accounts receivable and sales is to determine if they are fairly presented in the context of the financial statements as a whole.

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Presentation and disclosure assertion. Which audit procedure is most effective in testing credit sales for overstatement? 1. For the purpose of this section, accounts receivable means— The entity's claims against customers that have arisen from the sale of goods or services in the normal course of business, and ; A financial institution's loans.

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