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- This topic has 9 replies, 2 voices, and was last updated 6 years ago by Ken Garrett.
- May 27, 2016 at 3:50 pm #317519
i dont understand what is meant by cut off. Just learned the assertions by heart and thats it. Could you please explain them in short.May 27, 2016 at 4:30 pm #317529
is the cut off means e.g. there is a sale of 500 and it “claims” or “states” that sepparation exists between what small small figures make up the whole figure of 500.??May 27, 2016 at 4:56 pm #317538
Cut-off is making sure revenue and expenses are recognised in the right period. It also means ensuring that if an item is included in closing inventory, then it has also bee recognised in purchases but not recognised in sales ie that its treatment is consistent.May 27, 2016 at 10:35 pm #317589
for example, according to accruals basis, sales should be recognised when a product is shipped/service provided and expenses when theyre incurred. It checks that it is done properly, right? or not exactly?May 28, 2016 at 8:31 am #317659
Yes.May 31, 2016 at 3:21 pm #318447
sir, could you tell me please, recording and assessing accounting systems: narrative notes, flowcharts and questionnaries are used by auditor or the client?May 31, 2016 at 3:22 pm #318448
by auditor at interim audit right?May 31, 2016 at 5:42 pm #318477
First question: the auditor.
Second question: yes – at the interim audit so that tests of procedures can also be carried out then.June 2, 2016 at 6:57 pm #318938
how can we establish test of control using Control Activity such as Arithmetic control?June 3, 2016 at 5:52 am #318993
Eg, has someone evidenced the arithmetic check by stamping the document something like ‘Calculations checked’.
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