Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. you are working on the audit of nottingham ltd (no

You are working on the audit of Nottingham Ltd (Nottingham), a clothing retailer, for the...

90.2K

Verified Solution

Question

Accounting

You are working on the audit of Nottingham Ltd (Nottingham), a clothing retailer, for the year ending 30 June 2020. Your work involves checking the related accounts in the sales and collection cycle. When checking the sales and accounts receivable accounts, the audit manager indicates she would like you to confirm the following objectives:

ITEMS

AUDIT OBJECTIVES

Sales account

1

Sales transactions are recorded at the correct amount

2

Sales transactions are recorded in the proper period

3

All sales transactions that occurred have been recorded

Accounts receivable

4

The balance presented on account receivables aged trial balance (ATB) for each customer exists on the balance sheet date

5

Allowance for doubtful debts are adequately made and account receivables are presented based on their net realizable value

Required:

(a) List one (1) substantive test you would like to perform to achieve each of the objectives listed above.

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

Q

a) Find the equation of the normal line at the point (?2, 1 ? 3) to...

Basic Math
Q

The materials suitable for making electromagnets sho have a high retentivity and high coercivity b...

Physics
Q

Question 4 Find the average rate of change of g n 8a 9 04 on...

Basic Math
Q

Your parents have been advised to save 5% of their income for your collegeeducation, which...

Basic Math
Q

14 Solve for x Round to the nearest tenth if necessary 10 30 x Not...

Calculus
Q

Chapman Company obtains 100 percent of Abernethy Companys stock on January 1, 2017. As of...

Accounting
Q

Based on past experience, a manufacturing process requires 4.5 hours of direct labour for each...

Accounting
Q

Required information (The following information applies to the questions displayed below.)...

Accounting
Q

Using the following data from the comparative balance sheet of Goody Company. December 31, 2017...

Accounting
Q

Which of the following products probably would be manufactured using a job order costing system?...

Accounting
Q

Oestion 3 (of 7) E11-8 Recording Treasury Stock Transactions and Analyzing Their Impact [LO 11-2,...

Accounting
Q

On July 8, Azure Corporation enters into an agreement with one of its customers, Madsen,...

Accounting