Match Seven of the Terms (A-K) with the Definitions Provided

question 18

Short Answer

Match seven of the terms (a-k) with the definitions provided below (1-7):
a. Accounts receivable balance-related audit objectives
b. Aged trial balance
c. Alternative procedures
d. Blank confirmation form
e. Cutoff misstatements
f. Evidence planning worksheet
g. Negative confirmation
h. Positive confirmation
i. Realizable value of accounts receivable
j. Timing difference in an account receivable confirmation
k. Invoice confirmation
________ 1. The follow-up of a positive confirmation not returned by the debtor with the use of documentation evidence to determine whether the recorded receivable exists and is collectible.
________ 2. A letter, addressed to the debtor, requesting that the recipient indicate directly on the letter whether the stated account balance is correct or incorrect and, if incorrect, by what amount.
________ 3. Misstatements that take place as a result of current period transactions being recorded in a subsequent period, or subsequent period transactions being recorded in the current period.
________ 4. A form used to help the auditor decide whether planned detection risk for tests of details of balances should be low, medium, or high for each balance-related audit objective.
________ 5. A letter, addressed to the debtor, requesting a response only if the recipient disagrees with the amount of the stated account balance.
________ 6. A reported difference in a confirmation from a debtor that is determined to be a timing difference between the client's and debtor's records and therefore not a misstatement.
________ 7. A listing of the balances in the accounts receivable master file at the balance sheet date broken down according to the amount of time that has passed between the date of sale and the balance sheet date.

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Definitions:

Accept Goods

The act of receiving or taking delivery of goods in a manner that conforms with the terms of a contract.

Nonconformity

A deviation or failure to meet specified standards, often relating to quality or performance in products or services.

Replace Defective

The process of substituting goods or services that are flawed or do not meet the contractual specifications.

Commercial Unit

A standard of goods or products that are considered as a single whole for purposes of sale and division, often relevant in transactions and legal contracts.