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January 18, 2021 at 2:59 pm
How does reconciling supplier statement to ledger provide evidence for existence and accuracy?
Kim Smith says
January 18, 2021 at 3:13 pm
Because if they agreed you would say that the liability exists and is accurate – so if they are reconciled that will also be true as long as the reconciling items have been properly accounted for.
December 26, 2020 at 4:43 pm
Thanks a lot for this informative presentation, I was experiencing difficulties with the Audit and Assurance topic and these questions really helped.
October 25, 2020 at 6:56 am
How could the trade payables can be understated due to an increase in gross profit margin?
October 25, 2020 at 4:58 pm
Because this is the “other side” of the understatement of purchases. If purchases invoices are omitted, cost of sales will be understated – and so inflate GP margin.
September 20, 2020 at 10:52 am
The first question, I was saying that an invoice issued on the 1st January 20×9 should not have been recorded in the supplier’s books as part of the balance outstanding at 31st December 20×8, only invoices issued on the cut off date i.e 31st December 20×8 are accepted. Please explain as the answer is “An invoice issued by the supplier on 1 January 20×9” caused the discrepancy.
September 21, 2020 at 7:34 am
If you use the “Review Quiz” option at the end of the test you will find all answers have justifications. The Q was “Which of the following would NOT ….?”
You are correct in saying that a post-y/e invoice should not have been recorded – i.e. it could NOT account for the difference.
March 10, 2020 at 6:01 pm
Hi, most of the questions are cut, the explanations at the end of the test are not visible – is something wrong with the display or is it only my computer…?
March 11, 2020 at 7:37 am
If you are referring to the “detailed report” at the end of the test then this is how it is – it is actually just a summary of which items you got right/wrong.
What you need to select is “Review Quiz” option – this will provide the answer justifications for each Q.
If you mean something else I don’t know – it all looks fine to me.
September 20, 2020 at 9:44 pm
please try another browser then device and or change the screen resolution
it works fine here on computer or mobile
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