Tute 02.docx - Description Accounts Receivable Sales revenue DR 136.80 Description Cost of goods sold Sales revenue DR 91.20 CR 136.80 Question 2(a CR

Tute 02.docx - Description Accounts Receivable Sales...

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07/03/18 Description DR CR Accounts Receivable 136.80 Sales revenue 136.80 Question 2(a) 07/03/18 Description DR CR Cost of goods sold 91.20 Sales revenue 91.20 Sales ¿ 1.5 ×Cost 2(b) i. Sales invoice and Shipping Note ii. Purchase invoice and Receiving Note Question 3 Pairing Statements Reliability Criterion 1 The auditor inspected a copy of a major contract held by branch office Less Origin; Audit evidence provided by original documents is more reliable than audit evidence provided by photocopies or facsimiles, or documents that have been filmed, digitised or otherwise transformed into electronic form The auditor inspected the original contract held at head office More 2 The auditor obtained a bank statement from the client’s bank to determine the ending balance of cash. More Independence; Bank is an independent external third party and more reliable and more likely to provide a higher quality of statement The auditor asked the chief accountant to show him the ledger so that he could determine the year-end cash balance.
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