Multiple Choice
Glee Inc. is a manufacturer of musical instruments and its year end is September 30th. Copa Loca, a local music school, purchased some instruments from Glee but was not satisfied with the quality and returned the goods to Glee during the last week of September. Being very busy with year end, Glee received the goods from Copa Loca on September 30th but only processed the returned merchandised and issued a credit note in October. This represents a
A) cutoff (allocation) misstatement.
B) understandability misstatement.
C) significant misstatement.
D) classification misstatement.
Correct Answer:
Verified
Correct Answer:
Verified
Q6: Which of the following control weaknesses could
Q7: Your audit client is a large retail
Q31: If accounts receivable accounts with credit balances
Q40: Certain internal controls satisfy more than one
Q42: Before goods are shipped on account to
Q63: Positive accounts receivable confirmations were circularized,and there
Q65: Which of the following presentation and disclosure-related
Q73: As part of audit planning,you have calculated
Q81: For sales,the occurrence transaction-related audit objective affects
Q130: A communication addressed to the debtor requesting