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revenue testing

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › revenue testing

  • This topic has 1 reply, 2 voices, and was last updated 10 years ago by Ken Garrett.
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  • August 17, 2014 at 5:57 pm #190744
    nari
    Member
    • Topics: 261
    • Replies: 176
    • ☆☆☆

    Hello, in this testing what’s the direction in which it is done? Do you trace a randomly selected invoice to the ledger or do you select the samples from the ledger?

    August 18, 2014 at 8:42 am #190829
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10594
    • ☆☆☆☆☆

    Both directions. Amongst other assertions, you have to test revenue for both occurrence and completeness.

    Tracing from ledger to invoice supports the occurrence assertion ie at least there seems to be an invoice as evidence of the sale.

    Tracing form invoice to ledger supports the assertion of completeness ie all invoices should be posted to the ledger.

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