Chapter 14 Auditing the Acquirement Aeon |Learning Analysis | The acquirement aeon includes the activities circuitous in the barter of appurtenances and casework with barter and the adeptness of the acquirement in cash. The classes of affairs in this aeon for a affairs aggregation are sales, sales adjustments, and banknote receipts. The primary accounts afflicted by these affairs are sales, accounts receivable, bulk of sales, inventory, cash, sales discounts, sales allotment and allowances, bad debts expense, and allowance for uncollectable accounts
Specific analysis objectives for the acquirement aeon are acquired from the bristles categories of management's banking annual assertions. b. Specific analysis objectives for acclaim sales affairs accommodate the following: |Specific Analysis Objectives | |Transaction Objectives | |Occurrence. Recorded sales affairs represent appurtenances alien or casework provided during the period. |Recorded banknote cancellation affairs represent banknote accustomed during the period. | |Recorded sales acclimation affairs during the aeon represent accustomed discounts, allotment and allowances, and | |uncollectable accounts. | |Completeness. All sales banknote receipts and sales adjustments fabricated during the aeon were recorded. | |Accuracy. All sales and banknote receipts and sales adjustments are accurately admired application GAAP and accurately | |journalized, abbreviated and posted. | |Cutoff.
All sales, banknote receipts and sales adjustments accept been recorded in the absolute accounting period. | |Classification. All sales, banknote receipts, and sales adjustments accept been recorded in the able accounts. | |Balance Objectives | |Existence. Accounts receivable apery amounts owed by barter exists at the antithesis area date. | |Completeness. Accounts receivable accommodate all claims on barter at the antithesis area date. |Rights and Obligations. Accounts receivable at the antithesis area date represent acknowledged claims of the article on | |customers for payment. | |Valuation and Allocation. Accounts receivable represents gross claims on barter at the antithesis area date and | |agrees with the sum of the accounts receivable accessory ledger. The allowance for uncollectable accounts | |represents a reasonable appraisal of the aberration amid gross receivables and their net accessible value. |Disclosure Objectives | |Occurrence and Rights and Obligations. Disclosed acquirement aeon contest and affairs accept occurred and affect to | |the entity. | |Completeness. All acquirement aeon disclosures that should accept been included in the banking statements accept been | |included. | |Understandability. Acquirement aeon advice is appropriately presented and advice in disclosures is | |understandable to users. |b | 14-3. Afterward are a few examples of differences amid how the accountant adeptness use the adeptness of the article and its ambiance for a computer aggregation v. a hotel. a. Certain antithesis area accounts like accounts receivable and inventories are activity to be absolute cogent for the computer manufacturer, but almost immaterial for the hotel. The computer aggregation is additionally adequate to accept a college arrangement of sales to anchored assets, or auction to absolute assets, than the hotel. b.
The computer aggregation accountant will accept cogent issues associated with the accident of baloney with annual to the actuality of receivables and inventories that are not present for the hotel. The computer aggregation accountant will additionally accept to abode appraisal and allocation issues associated with the collectability of receivables and lower of bulk or bazaar of inventories that are bush for the hotel. The auberge will accept a abeyant accident of absolute baloney in acceding of how it accounts for revenues from backdrop that it manages for others, as against to backdrop that it owns. 14-4.
Factors that adeptness actuate administration to advisedly color acquirement aeon assertions include: • Pressures to enlarge revenues in acclimation to address accomplishing arise acquirement or advantage targets or industry norms that were not accomplished in absoluteness attributable to such factors as global, national, or bounded bread-and-butter conditions, the appulse of abstruse developments on the entity's competitiveness, or poor management. • Pressures to enlarge banknote and gross receivables or understate the allowance for cryptic accounts in acclimation to address a college akin of alive basic in the face of clamminess problems or activity affair doubts.
Factors that adeptness accord to accidental misstatements in acquirement aeon assertions include: • The aggregate of sales, banknote receipts, and sales adjustments affairs is generally high, consistent in abundant opportunities for errors to occur. • The timing and bulk of acquirement to be accustomed may be advancing attributable to factors such as cryptic accounting standards, the charge to accomplish estimates, the complication of the calculations involved, and purchasers' rights of return. 14-5. a. Afterward are archetype analytic procedures that the accountant adeptness use to appraisal absolute acquirement for a domiciliary apparatus architect and for an airline. Industry |Possible Analytic Procedures | |Household Apparatus Mfg. |Use accomplished arrangement of net sales to accommodation with adjustments for accommodation | | |changes. | | |Use a aggregate of accomplished ratios of bazaar allotment with adjustments of | | |current changes in bazaar share. Requires adeptness of the absolute bazaar | | |size in the industry. |Airline |Estimate net revenues application advice on appliance of accommodation | | |(airline bench miles) and boilerplate acquirement per seat. | b. Two analytic procedures that the accountant adeptness use to appraisal gross allowance for aggregation adeptness include. |Analytic Action |Audit Significance | |Compare absolute trends in bazaar allotment and |Companies with advantageous bazaar shares generally are able to access beyond | |gross allowance with accepted unaudited data. gross margins. | |Evaluate the allotment of revenues advancing from |Companies with a aerial admeasurement of revenues from new articles may acquire | |new products. |premium gross margins due to the adeptness to innovate. | c. Two analytic procedures that the accountant adeptness use to appraisal net receivables and the allowance for cryptic accounts for aggregation adeptness include. |Analytic Action |Audit Significance | |Accounts receivable about-face canicule |Understanding a company’s history of accounts and sales aggregate can assist| | the accountant in evaluating net receivables and the capability of the | | |allowance for cryptic accounts. | |Evaluate the entities history of uncollectable |This action is primarily accompanying to the capability of the allowance for | |accounts bulk to net acclaim sales, with |uncollectable accounts. The aloft history of accounts receivable about-face | |adjustment for bread-and-butter altitude |days would be best advantageous for evaluating ciphering gross receivables | | |given sales. 14-6. Several ascendancy ambiance factors and their annual to acquirement aeon assertions are: • Integrity and ethical ethics - abridgement of accident of adornment of revenues and receivables by eliminating incentives to backbiting reporting. • Commitment to capability - by arch banking admiral and accounting personnel. • Management's aesthetics and operating appearance - abnegation in developing such accounting estimates as the allowance for uncollectable accounts and allowance for sales returns. Human adeptness behavior and practices - bonding of advisers who handle banknote 7. The afterward table summarizes the functions that administer to acclaim sales transactions, the administration that performs the functions, and the arch abstracts or annal produced in assuming the function. | |Department that performs action |Principal abstracts and annal produced in assuming the | |Function | |function. |Initiating acclaim sales |Sales administration |Documents | | | |Customer Acclimation | | |Credit administration |Sales Acclimation | | | | | | | Computer Files and Annal | | | |Customer Adept Book (with acclaim information) and Accounts | | | |Receivable Adept File. | | |Perpetual Annual | | | |Authorized Amount Annual | | | |Open Acclimation Book | |Delivering adequate and |Warehousing and aircraft administration for |Documents | |services |goods. Aircraft abstracts | | | |Reports of bare orders and aback orders | | |Line operating departments for services. | | | |Computer Files and Annal | | | |Open Acclimation Book | | | |Perpetual Annual | | | |Shipping Book | |Recording sales |Accounting (Billing) |Documents | | | |Sales Antithesis | | | |Sales Letters and Sales Annual | | | |Various Barring Letters | | | |Monthly Chump Statements | | | | | | |Computer Files and Annal | | | |Sales Transaction Book | | | |Accounts Receivable Adept Book | 14-8. In acclimation to appraise ascendancy accident as low based on programmed ascendancy procedures the accountant should analysis the following. |Control |Importance to Ascendancy Accident Appraisal | |Programmed ascendancy procedures |If a programmed ascendancy action in analytic to a low ascendancy accident appraisal then| | |the accountant should anon analysis the ascendancy procedure. |Computer accepted ascendancy procedures |In acclimation to access affirmation that the programmed ascendancy action functions | | |effectively throughout the aeon the accountant additionally needs to these the effectiveness| | |of computer accepted ascendancy procedures. | |Manual aftereffect procedures. |Programmed controls usually address exceptions acclaimed back assuming the control. | | |As a aftereffect auditors additionally charge to analysis the capability of chiral controls that | | |follow-up on arise exceptions. | 14-9. The afterward tables describes programmed controls for a archetypal accomplishment company. |Potential Baloney |Programmed Ascendancy |CAATs (Assuming Analysis Data) | |a. |Sales invoices may not be |The computer compares entries in the sales |Submit analysis abstracts for a transaction that has | | |recorded. |journal with basal aircraft information. |shipping information, both with and afterwards a | | | |All aircraft abstracts charge be akin with a|supporting sales invoice. | | | |sales invoice. | | |b. |Sales antithesis may be recorded |The computer compares dates on the sales |Submit analysis abstracts with dates on sales invoices | | |in the amiss accounting period. antithesis with dates on aircraft documents. |that both do and do not bout with dates on | | | | |related aircraft files. | |c. |A apocryphal sales invoice, or |The computer will not adapt a auction antithesis |Submit analysis abstracts with sales antithesis advice | | |a sales transaction for which |without basal advice on aircraft |that both is and is not accurate by basal | | |revenue should not be |files. |shipping information. | | |recognized, is recorded. | | | |d. Sales are fabricated afterwards acclaim |The computer searches a acreage for appropriate|Submit analysis abstracts for sales orders that both are | | |approval. |credit allotment afore an acclimation is |and are not accurate by adapted acclaim | | | |placed on an accessible acclimation file. |authorization. | |e. |A sales antithesis has incorrect |The computer matches quantities on a sales |Submit analysis abstracts for sales invoices that both do | | |quantities or prices. |invoices with basal aircraft information|and do not bout basal aircraft advice | | | |and matches prices with an accustomed amount |and accustomed amount lists. | | | |list. | |f. |Sales invoices may not be |The computer checks run-to-run totals of |Submit analysis abstracts for batches that with complete | | |posted or may not be |beginning accounts receivable balances, additional |and abridged abstracts sets in acceding of completed | | |journalized |sales transactions, with the catastrophe |transactions. | | | |receivable balances. | | |g. |Sales invoices may be acquaint to|The computer matches chump advice on |Submit analysis abstracts with basal advice that| | |the amiss customer’s accounts. the sales antithesis with the adept chump |both does and does not bout with advice on | | | |file, the sales order, and the aircraft |previously created sales acclimation and aircraft | | | |documents. |files. | 14-10. A accepted administration ascendancy involves accepting managers with albatross for sales to analysis circadian or annual sales letters to appraise the acumen of recorded sales. Further administration amenable for warehousing and aircraft should analysis circadian or annual sales and annual movement letters to appraise the acumen of recorded sales and annual removed from the abiding inventory. 14-11. The sub-functions circuitous in banknote receipts accommodate (1) accepting banknote receipts, (2) depositing banknote in bank, and (3) recording the banknote receipts. 14-12. a.
Two important controls pertaining to banknote sales and the transaction chic analysis objectives to which they chronicle are: • The customer's apprehension of a printed cancellation and authoritative surveillance of over the adverse sales affairs helps to ensure that all banknote sales are candy through the banknote registers or terminals - completeness. • Absolute analysis by administrator on the accurateness of banknote calculation sheets, and analysis of acceding of banknote on duke with totals printed by a banknote annals or terminal - actuality or accident and appraisal or allocation. b. Two important controls pertaining to the antecedent administration of mail receipts are (1) absolute akin endorsement of checks accustomed and (2) alertness of a multi-copy advertisement (prelist) of mail receipts. 14-13. a.
A lockbox is a column appointment box that is controlled by the company's bank. The coffer picks up the mail daily, credits the aggregation for the cash, and sends the remittance advices to the aggregation for use in afterlight accounts receivable. This arrangement eliminates the accident of aberration of the receipts by aggregation advisers and abortion to almanac the receipts. b. Depositing receipts complete circadian agency that all receipts are deposited; that is, banknote disbursements should not be fabricated out of undeposited receipts. This ascendancy reduces the accident that receipts will not be recorded (completeness), and the consistent coffer drop almanac establishes the actuality or accident of the transactions. 14-14.
Four controls that can aid in preventing or audition errors or irregularities in recording banknote receipts are abbreviated beneath forth with abeyant tests of controls: |Control |Test of Ascendancy | |Independent analysis of acceding of accurate drop blooper |Inspect a sample of circadian banknote summaries and appraise affirmation of | |with circadian banknote summary. |agreement with accurate drop blooper by amenable employee. | |Computer analysis of advice included in the banknote receipts |Use CAATs to analysis computer analogous of advice from banknote receipts | |journal with advice from prelist. annual with cyberbanking prelist. Additionally aftereffect on how exceptions are | | |reported and appraise affirmation or alteration of errors arise on | | |exception reports. | |Preparation of alternate absolute coffer reconciliations. |Examine a sample of alternate coffer reconciliations. Accomplish inquiries about | | |bank adaptation procedures and analysis accurateness on a sample basis. | |Mailing of annual statements to customers. |Observe the commitment of annual statements to customers.
Make inquiries | | |about procedures to aftereffect on issues aloft by customers, and appraise | | |reports or another affirmation of follow-up. | 14-15. a. The functions pertaining to sales adjustments affairs are: acceding banknote discounts; acceding sales allotment and allowances; and free uncollectable accounts. b. The afterward three types of controls pertaining to sales adjustments affairs accept as their accepted focus establishing the validity, or actuality of occurrence, of such transactions: • Able allotment of all sales adjustments transactions. The use of adapted abstracts and records, decidedly the use of an accustomed acclaim announcement for acceding acclaim for alternate or damaged goods, and an accustomed write-off allotment announcement for autograph off uncollectable chump accounts. • Segregation of duties for acceding sales acclimation affairs and administration and recording banknote receipts. 14-16. a. The accounts receivable antithesis is a action of the affairs that are acquaint to the account, namely acclaim sales, banknote receipts, and sales adjustments. A complete arrangement of centralized controls over these three transaction cycles that ensure the abyss and accurateness of these transactions, should additionally ensure the abyss and accurateness of annual receivable. b.
The primary ascendancy over the antithesis involves sending annual statements to barter and accepting an absolute action to accept and aftereffect on any issues aloft by customers. c. The rights and obligations affirmation for accounts receivable involves selling, or factoring, banknote receipts. If an article sells its receivables, it should accumulate a documentary almanac of the receivables that accept been awash or pledged, and accept a action for afterward up on accumulating of those receivables and the abridgement of the accompanying accountability to the factoring agent. These annal should be compared with annual statements accustomed from a coffer or factoring agent. d.
Public companies commonly ascendancy authorize controls over the presentation and acknowledgment affirmation and accompanying analysis objectives through an able and absolute acknowledgment committee. The acknowledgment board should accept individuals who are abreast about GAAP and the affairs actuality processed. 14-17. The afterward table provides archetype controls and tests of controls for anniversary affirmation (and transaction akin analysis objective) accompanying to acclaim sales and banknote receipts. Examples accent programmed ascendancy procedures area appropriate. Student should agenda that tests of controls should additionally accent testing computer accepted controls, celebratory barring reports, and testing chiral aftereffect of items that arise on barring reports. Acclaim Sales Affirmation (Audit Objective) |Control |Test of Controls | |Existence and Accident (Occurrence) |Computer matches sales antithesis advice |Submit analysis abstracts area antithesis abstracts does not bout | | |with basal aircraft information. |with basal aircraft information. | |Completeness (Completeness) |Computer prints a address of all appurtenances |Submit analysis abstracts with shipments that accept not been | | |shipped but not billed. |billed to analysis accurateness of address of all adequate alien | | | |but not billed. |Existence and Accident / Abyss |Comparison of antithesis date with the |Submit analysis abstracts with shipments in one aeon and | |(Cutoff) |accounting aeon back appurtenances were shipped. |billing in the consecutive period. | |Valuation and Allocation (Accuracy) |Computer matches sales prices with |Submit analysis abstracts with antithesis prices that do not match| | |authorized amount annual and sales order. |the accustomed amount annual or sales order. | |Presentation and Acknowledgment |Computer matches chump cardinal on sales |Submit analysis abstracts the chump advice on the sales| |(Classification) |invoice with chump cardinal on sales |invoice does not bout the basal sales order. | | |order. | |Rights and Obligations |If an article sells its receivables, it |Observe and reperform procedures for documenting | | |should accumulate a documentary almanac of the |receivables that accept been factored or sold. | | |receivables that accept been awash and it | | | |should analyze that almanac with annual | | | |statements accustomed from a factoring | | | |company. | | Banknote Receipts Affirmation (Audit Objective) |Control |Test of Controls | |Existence and Accident (Occurrence) |Independent analysis of acceding of banknote and |Observe and reperform chiral controls to analysis | | |checks with banknote calculation bedding and prelist. |independent analysis of the prelist with the banknote | | | |receipts journal. | |Completeness (Completeness) |Independent analysis of acceding of banknote and |Observe and reperform chiral controls to analysis | | |checks with banknote calculation bedding and prelist. absolute analysis of the prelist with the banknote | | | |receipts journal. | |Existence and Accident / Abyss |Preparation of alternate absolute coffer |Observe and analysis the accurateness of absolute coffer | |(Cutoff) |reconciliations. |reconciliations. | |Valuation and Allocation (Accuracy) |Independent analysis of acceding of banknote and |Observe and reperform chiral controls to analysis | | |checks with banknote calculation bedding and prelist. |independent analysis of the prelist with the banknote | | | |receipts journal. |Presentation and Acknowledgment |Mailing of statements to customers. |Make inquiries about commitment of annual statements to | |(Classification) | |customers. Beam addendum and procedures acclimated to | | | |follow-up aloft questions aloft by customers. | |Rights and Obligations |If an article sells its receivables, it |Observe and reperform procedures for documenting | | |should accumulate a documentary almanac of the |receivables that accept been factored or sold. | |receivables that accept been awash and it | | | |should analyze that almanac with annual | | | |statements accustomed from a factoring | | | |company. | | 14-18. a. The transaction classes that should be advised in assessing ascendancy accident for accounts receivable assertions are: acclaim sales, banknote receipts, and sales adjustments. b.
In assessing ascendancy accident for the actuality or accident annual antithesis affirmation for accounts receivable, the afterward transaction chic ascendancy accident assessments should be considered: • Actuality or accident for sales affairs that access accounts receivable. • Abyss for banknote receipts and sales adjustments affairs that abatement accounts receivable. c. A revised adequate akin of apprehension accident for tests of capacity and a revised akin of absolute tests charge be bent for an affirmation back the accordant final or absolute inherent accident assessments, ascendancy accident assessments, and analytic action accident assessments, alter from the planned adjourned levels. 14-19. The afterward table explains some archetype basic analysis strategies for anniversary banking annual affirmation in the ambience of the analysis accident model. Affirmation |Inherent Accident |Control Accident |Analytic Procedures Accident |Test of Capacity Accident | |Existence and |Maximum due to revenue|Low if centralized |Moderate to aerial depending on|Moderate which will acquiesce for abate sample sizes| |Occurrence |recognition problems. |controls over the |reliability of apprehension |and alteration the timing of confirmations of | | | |occurrence of sales are|model. |receivables. It will additionally abate the admeasurement of | | | |strong. | |cutoff tests. | |Completeness |Moderate.
Not a |Low if centralized |Moderate to aerial depending on|Moderate to aerial which will acquiesce for abate | | |significant inherent |controls over the |reliability of apprehension |sample sizes and alteration the timing of | | |risk. |occurrence of sales are|model. |confirmations of receivables. It will additionally reduce| | | |strong. | |the admeasurement of blow tests. | |Rights and Obligations|Moderate to aerial |Moderate to aerial |Moderate to aerial depending on|Low: Accede acknowledging with factoring abettor and| | |depending on the |depending on centralized |reliability of apprehension |search for ample abnormal banknote receipts. | | |entity’s adeptness to |controls. However, |model. | | |generate operating |control are added | | | | |cash flow. |nonroutine than | | | | | |routine. | | | |Valuation and |High or best due to|Moderate to aerial |Moderate to aerial depending on|The accountant can analysis the accurateness of receivables | |Allocation |subjective attributes of |depending on centralized |reliability of apprehension |at gross bulk with confirmation. The accountant | | |allowance. |controls over |model. should accede all-encompassing tests of the allowance | | | |collection of | |after year-end. | | | |receivables. | | | |Presentation and |Inherent accident is |Moderate to aerial |Maximum: Analytic |Maximum to High. It is generally bulk able to | |Disclosure |usually aerial or |depending on centralized |procedures are not directed |substantively analysis disclosures which are not | | |maximum. controls over |at testing disclosures. |complex for receivables. | | | |disclosures. | | | 14-20. In vouching recorded accounts receivable affairs to acknowledging documentation, a sample of debits to customers' accounts is compared to abstracts on acknowledging sales invoices and analogous aircraft documents, sales orders, and chump orders. The affirmation acquired pertains primarily to specific analysis objectives acquired from the actuality or occurrence, rights and obligations, and appraisal or allocation assertions for accounts receivable. 14-21.
Both the sales blow analysis and the banknote receipts blow analysis affect to accounts receivable. The sales blow analysis involves: • Analytical aircraft abstracts for several canicule afore and afterwards the blow date to actuate the date and acceding of shipment. • Tracing aircraft abstracts to sales and annual annal to authorize that the entries were fabricated in the absolute accounting period. • Inspecting invoices for a aeon of time afore and afterwards the blow date to ascertain the authority and accordance of the shipments and agnate entries. • Inquiring of administration about any absolute shipments by alfresco suppliers to barter and free the account of accompanying entries.
In assuming a banknote receipts blow test, the accountant may be present at the antithesis area date to alone beam the activity of the cutoff. In particular, the accountant determines that all collections accustomed above-mentioned to the abutting of business are included in banknote on duke or in deposits in alteration and are accustomed to accounts receivable. Alternatively, the accountant may analysis the circadian banknote arbitrary and accurate drop blooper for the aftermost day of the year. Both blow tests chronicle to the accident and abyss analysis objectives for accounts receivable. 14-22. a. It may not be all-important to affirm accounts receivable when: • The antithesis is immaterial to the banking statements. • The use of confirmations would be abortive as an analysis procedure. The auditor's accumulated appraisal of inherent accident and ascendancy accident is low, and that assessment, fabricated in affiliation with the affirmation accepted to be provided by analytic procedures or another absolute tests of details, is adequate to abate analysis accident to an abundantly low akin for the applicative banking annual assertions. b. Factors to be advised in allotment the anatomy of acceptance appeal are (1) the adequate akin of apprehension accident and (2) the agreement of the chump balances. The absolute anatomy is acclimated back apprehension accident is low or alone chump balances are almost large. The abrogating anatomy should be acclimated alone back all three of the afterward altitude apply: • The adequate akin of apprehension accident for the accompanying assertions is abstinent or high. A ample cardinal of baby balances is involved. • The accountant has no acumen to accept that the recipients of the requests are absurd to accord them consideration. c. Back no acknowledgment is accustomed afterwards the additional or third absolute acceptance appeal to a customer, the accountant should administer such another procedures as (1) analytical consecutive collections and (2) vouching accessible invoices absolute the customer's balance. Alternate procedures may be bare back both of the afterward altitude apply: • There are no abnormal qualitative factors or analytical characteristics accompanying to the nonresponses, such as that all nonresponses affect to anniversary transactions. The nonresponses, projected as 100% misstatements to the citizenry and added to the sum of all another unadjusted differences, would not affect the auditor's accommodation about whether the banking statements are materially misstated 14-23. a. The age-old balloon antithesis is acclimated primarily in assessing the capability of the allowance for uncollectable accounts. b. Procedures activated to the age-old balloon antithesis accommodate (1) basement and crossfooting the age-old balloon antithesis and comparing the absolute to the accepted antithesis antithesis for accounts receivable and (2) testing the crumbling of the amounts apparent in the crumbling categories by analytical acknowledging affidavit such as anachronous sales invoices. c.
After testing the accurateness of the age-old balloon antithesis the accountant should accomplish the afterward procedures to draw a cessation about the fair presentation of the allowance for cryptic accounts. • Appraise accomplished due accounts for affirmation of collectability such as accord with barter and alfresco accumulating agencies, acclaim reports, and customers’ banking statements. • Discuss collectability of accounts with adapted administration personnel. • Evaluated management’s action for estimated the allowance for cryptic accounts application hindsight. • Appraise the capability of the allowance accustomed advice about industry trends, crumbling trends, and accumulating history for specific customers. d.
Hindsight allows auditors to appraise the acumen of management’s action for ciphering the allowance for cryptic accounts. The believability of management’s action for developing this accounting appraisal can be gauged by evaluating estimates in above-mentioned periods and the amount to which those estimates accurately estimated consecutive uncollectable accounts. 14-24. GAAP acknowledgment for accounts receivable include: • Acknowledgment of receivables from employees, officers, affiliated companies and another accompanying parties. • Adapted allocation of absolute acclaim balances. • Adapted allocation of accepted and noncurrent receivables. • Acknowledgment of pledging, assigning, or factoring receivables.
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