Revenue Cycle-Handout ch10

Auditing and Assurance Services

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(4) How are we going to test the critical audit objectives and  accounts?
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Transactions in S&CR Cycle Process customer orders Grant credit  Ship goods Bill customers & record sales Process & record cash receipts Process & record sales returns & allowances Charge off uncollectible A/R Provide for bad debts
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Sales & Cash Receipts Cycle Sales Cash sales Sales on account Accounts Receivable Cash receipts Sales returns & allowances Charge-off of uncollectible accounts Begin. balance Sales on account Ending balance Cash in Bank Cash Discounts Taken Bad Debt Expense Sales Returns and Allowances
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Sales & Cash Receipts Cycle Accounts Receivable Cash receipts Sales returns and allowances Charge-off of uncollectible accounts Beginning balance Sales on account Ending balance Allowance for Uncollectible Accounts Charge-off of uncollectible accounts Beginning balance Estimate of bad debt expense Ending balance Bad Debt Expense
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Transactions in S&CR Cycle for Burlington Bees?
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Where do we begin?
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