Confirmation of Individual Accounts Receivable Balances Directly with Debtors Will

question 93

Multiple Choice

Confirmation of individual accounts receivable balances directly with debtors will, of itself, normally provide the strongest evidence concerning the:

• A)collectability of the balances confirmed.
• B)ownership of the balances confirmed.
• C)existence of the balances confirmed.
• D)internal control over balances confirmed.

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Definitions:

Place of Business

The specific location where a company conducts its operations or where its main offices are located.

Real Property

Real property refers to land and anything permanently attached to the land, such as buildings and structures.

Law of Sales

Governs the sale of goods, defining the rights, duties, and liabilities of buyers and sellers in transactions involving personal property.

Price of Goods

the monetary value assigned to physical products that are available for sale in the market.