《auditing审计学-基于环境变化的概念》sm_ch10

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1、SOLUTIONSFORCHAPTER10-AUDITINGREVENUEANDRELATEDACCOUNTSReviewQuestions:10-1.Thecycleapproachinvolvesorganizingtheauditaroundrelatedactivities.Thisapproachresultsinaneffectiveyetefficientaudit.Whenauditingsalestransactions,forexample,theauditorisalsoconsideringtheim

2、pactonaccountsreceivableorcash・10-2.Themajoraccountsincludedintherevenuecycleare:•Sales•SalesRelatedExpensesandLiabilities:oSalesReturns&AllowancesoWarrantyExpenseandLiabilityoSalespersonCommissions•AccountsReceivable•CashUnderstandingtherelationshipsbetweentheacco

3、untsallowstheauditortodevelopamoreefficientauditapproach.AsshowninFigure9.1,thecredittosalesandthedebitstoeitheraccountsreceivableorcasharedirectlyrelated.Thesales-relatedexpenses(orliabilities)aredirectlytiedtothesalesfigure.Forexample,mostcompanieswillmakeanestim

4、ateofthewarrantyexpenseliabilitybasedonapercentageofsalesandwillthenadjusttheexpenseandliabilityasexperiencedictates.Similarly,salespersoncommissionsmaybedirectlycomputedasapercentageofnetsales.10-3.Theinternalcontrolobjectivesintherevenuecyclearetoensurethatthetra

5、nsactionsactuallyoccurred,alltransactionsgetrecorded,theyarerecordedintheproperperiod,theyareproperlyvalued,andrecordedintheproperaccounts.10-4.Themajorprocessesinvolvedingeneratingandrecordingofasalestransactionandrelateddocumentsinclude:ProcessesDocumentsGenerate

6、d1-Receiptofcustomerpurchaseorderorgenerationofsalesorderbasedoncustomerinquiry.1.Purchaseorder(fromcustomer)orsalesorder.2.Inquiryofcurrentinventorystatus.2.Nodocument.Responseismadetoinquiry.3.Generationofbackorder(whereapplicableanddesiredbycustomer).3.Backorder

7、confirmationsenttocustomer4.Creditapprovedforshipment.4.Confirmationnumberorformalsignaturetosalespersonforentryonsalesorder.5.Shippingandpackinginstructionsand5.Packingslips.ProcessesDocumentsGenerateddocumentsprepared.Inventorypickingtickets.Shippinginstructions.

8、6.Shippingdepartmentrecordsgoodsshippedandsendsverificationbacktobillingforgenerationofinvoice.6.Billoflading(shippingdocumentgiventoshipper).Pac