Auditing Revenue and Cycle Homework Answers

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Auditing Revenue and Cycle Assignment Answers

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Auditing may seem like an easy topic when defining in layman’s terms, but in reality, it’s quite a tricky subject. It deals with the procedure by which an auditor examines the accounts book of any organization, either big or small. Student, especially novices, faces difficulties in completing their day to day academic work. Therefore, we at Myhomeworkhelp.com besides clarifying the concepts of auditing, ensure that all our students get their doubts cleared on time.

Conceptual clarity is vital in any subject, particularly in topics involving mathematics. Hence it is of utmost importance to us, that students understand all about auditing before preparing any assignments or homework.

What is Auditing Revenue and Cycle?

The auditor as part of an audit examines the fundamental risks associated with revenue cycle and carries out a test to recognize whether it’s free of mistakes or scams.The danger of this cycle is linked to the cutoff dates of sales. Therefore, by conducting substantives tests and tests of control, the auditor assures that revenue of the company is accurately recorded.

This is not just difficult a concept to understand but also to apply practically. That why our Auditing Revenue and Cycle Assignment Answers provides students with clear examples to ensure mastery of the topic.

What are the different types of Auditing Revenue and Cycle?

  • Sales and collections cycle –

Auditors in this cycle takes a look at the sales journal, money journals and basic journal. They carry out the test and ensure client payment from sales gets transferred to the bank.

  • Payroll and workers cycle –

Payroll taxes are inspected in this cycle and made sure they are subtracted and sent to the proper company.

  • Payment and acquisition cycle –

In this cycle, auditor takes a look at acquisitions journal, money dispensations, and makes sure supplier expenses are making money from the saving account.

  • Payment and capital acquisition –

This cycle audits accounts like capital stock, kept revenues and dividends payable from balance sheets and interest from earnings declaration, among others.

  • Stock and warehousing cycle –

Auditors have to carry out a stock count to ensure stock account on the balance sheet,and expenses of products are available in the earning declaration are accurate.

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