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Hello, Sir~
1. “Review the reconciliation of sales ledger control account to the sales ledger list of balances.”
Is this SP related to Accuracy, valuation and allocation?And is that also related to Completeness?
2. “Select a sample of goods despatched notes (GDN) before and just after the year end and follow through to the sales invoice to ensure they are recorded in the correct accounting period.”
Is this SP related to cut-off only? Is that also related to Completeness?
There is a similar answer provided by Dec 2017 Q18b – Dashing co:-
“Select a sample of goods despatched notes (GDN) before and just after the year end and agree to sales invoices and to inclusion in the sales ledger and year-end receivables ledger.”Thank you.
1 Accuracy, completeness and existence. No help with valuation and allocation not relevant to receivables
2 Cut-off. That ismwhat is meamt by recording in the correct period. Inevitable wrong cut-off could mean that receivables are incomplete becuase the transaction was not allocated to period it should have been.
@kengarrett said:
1 Accuracy, completeness and existence. No help with valuation and allocation not relevant to receivables2 Cut-off. That ismwhat is meamt by recording in the correct period. Inevitable wrong cut-off could mean that receivables are incomplete becuase the transaction was not allocated to period it should have been.
Thank you, Sir~
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