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Vouching of Cash & Credit Sales - Vouching, Auditing and Secretarial Practice Video Lecture | Auditing and Secretarial Practice - B Com
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FAQs on Vouching of Cash & Credit Sales - Vouching, Auditing and Secretarial Practice Video Lecture - Auditing and Secretarial Practice - B Com
| 1. What is vouching of cash and credit sales? |  |
Ans. Vouching of cash and credit sales is a process in auditing where the auditor examines the supporting documents and evidence for cash and credit sales transactions to ensure their accuracy and authenticity.
| 2. Why is vouching important in auditing cash and credit sales? | |
Ans. Vouching is important in auditing cash and credit sales because it helps the auditor verify the existence, occurrence, completeness, and accuracy of these transactions. It ensures that sales are properly recorded, supported by valid documents, and comply with accounting standards and regulations.
| 3. What are the common documents used for vouching cash and credit sales? | |
Ans. Common documents used for vouching cash and credit sales include sales invoices, cash receipts, credit memos, bank statements, customer account statements, sales orders, purchase orders, delivery receipts, and any other relevant supporting documents.
| 4. How does the auditor vouch cash sales? | |
Ans. When vouching cash sales, the auditor examines sales invoices, cash register tapes, bank deposit slips, and other relevant documents to verify the occurrence and accuracy of sales transactions. The auditor may also compare the recorded sales with the corresponding entries in the cash book or sales journal.
| 5. How does the auditor vouch credit sales? | |
Ans. To vouch credit sales, the auditor reviews sales invoices, customer account statements, credit memos, and other supporting documents to ensure that the sales are properly authorized, recorded, and supported by evidence. The auditor may also verify the accuracy of the sales ledger balances by reconciling them with the general ledger and customer account statements.
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Nov 16, 2024 Last updated |
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