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procedures for revenue and receivables

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › procedures for revenue and receivables

  • This topic has 1 reply, 2 voices, and was last updated 9 years ago by Ken Garrett.
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  • November 26, 2015 at 10:46 am #285426
    Moloantoa
    Member
    • Topics: 30
    • Replies: 32
    • ☆☆

    how do we differentiate between the procedures for revenue and receivables are the source documents the main issue or what?

    November 26, 2015 at 11:15 am #285432
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10595
    • ☆☆☆☆☆

    Quite a few tests will help with both. For example, ensuring that no orders are lost, that invoices are issued for each despatch and that proper prices are used.

    Whereas revenue accumulates during the year ie nearly all entries will be invoices ,net of sales tax, being credited to the sales acocunt, receivables are increased by the gross valus of invoices than reduced by cash received. Therefore you have to test that payments are being handled OK. You also have to assess the valuation of the receivables at year end.

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