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Substantive procedure: Cut -off assertion of revenue

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Substantive procedure: Cut -off assertion of revenue

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Kim Smith.
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  • November 5, 2023 at 10:37 am #694426
    quytuan
    Participant
    • Topics: 116
    • Replies: 46
    • ☆☆

    The followings are the substantive procedures for cut-off assertion of revenue on page 314 BPP AA Workbook:
    1/ Perform analytical procedures on sales returns, comparing the ratio of sale returns to sales
    2/ For sales return, select a sample of returns documentation around the year end and trace to the related credit entries.
    I do not find any relationship between the sale return and the cut-off substative procedure of revenue as cut-off assertion refers to time of recording the revenue.
    Please explain more to me about that.

    November 5, 2023 at 3:50 pm #694441
    Kim Smith
    Keymaster
    • Topics: 133
    • Replies: 8300
    • ☆☆☆☆☆

    Suppose the y/e is 31 December – if goods sold in Dec (Cr Revenue) and returned in Jan … the reversal of the sale should be Dr Revenue also in Dec (not Jan). So this is a cut-off test because it is about recording transactions in the correct accounting period.

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