Auditing Practice

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<p>The erroneous posting of Customer B’s payment to Customer E’s account resulted in total accounts receivable</p>

The erroneous posting of Customer B’s payment to Customer E’s account resulted in total accounts receivable

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<p>Properly stated</p>

Properly stated

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<p>The correct bad debt expense for the year</p>

The correct bad debt expense for the year

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<p>P100,113</p>

P100,113

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Here are flashcards to help you study the key facts from the lecture notes about auditing practice in accounting.

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6 Terms

1
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<p>The erroneous posting of Customer B’s payment to Customer E’s account resulted in total accounts receivable</p>

The erroneous posting of Customer B’s payment to Customer E’s account resulted in total accounts receivable

Properly stated

<p>Properly stated</p>
2
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<p>The correct bad debt expense for the year</p>

The correct bad debt expense for the year

P100,113

<p>P100,113</p>
3
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<p>The journal entry to reconcile the balances of the Accounts Receivable general and subsidiary ledger after corrections, if any, will include a</p>

The journal entry to reconcile the balances of the Accounts Receivable general and subsidiary ledger after corrections, if any, will include a

Credit to Accounts Receivable

<p>Credit to Accounts Receivable</p>
4
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<p>What is the audited balance of the Accounts Receivable account as of December 31?</p>

What is the audited balance of the Accounts Receivable account as of December 31?

P470,320

<p>P470,320</p>
5
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<p>What is the correct Allowance for Doubtful Accounts balance as of December 31?</p>

What is the correct Allowance for Doubtful Accounts balance as of December 31?

P31,413

<p>P31,413</p>
6
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<p>What is the audited net realizable value of the Accounts Receivable as of December 31?</p>

What is the audited net realizable value of the Accounts Receivable as of December 31?

P438,907

<p>P438,907</p>