A Risk of Material Misstatement in Accounts Receivable Associated with the Rights

question 15

Multiple Choice

A risk of material misstatement in accounts receivable associated with the rights and obligations balance-related audit objective is that "consignment goods are recorded as revenue,overstating both revenue and accounts receivable." Which of the following tests of detail of balances would respond to this risk?

• A)Include confirmation of terms of sale with accounts receivable confirmations.
• B)Check cash received after the year end and trace to accounts receivable master file.
• C)Read the notes to the financial statements and compare to audited financial information.
• D)Compare accounts receivable balances by customer last year end to this year.

Understand the impact of culture and values on the perception of problems and solutions in welfare reform.

Recognize the preferences of legislators in funding programs based on the widespread problems versus problems with lower incidence.

Identify the factors contributing to the chronicity of social problems.

Analyze different community factors that can exacerbate welfare problems.

---

Definitions:

Discrimination

Unfair or prejudiced treatment of individuals based on characteristics such as race, gender, age, or sexuality.

Market Wages

The prevailing pay rates for jobs in the competitive job market, influenced by factors such as industry, complexity, and location.

Compensating Differential

The additional amount of income that a worker requires to accept a job that is less desirable in some way compared to a job with no undesirable attributes.

Long-term Health Problems

Chronic medical conditions that persist for an extended period, often requiring ongoing management and treatment.