1. Accounting standards require that revenue must be realized or realizable and earned before it can be recognized. Discuss what is meant by the terms realized or realizable and earned.
2. Describe the credit function’s duties for monitoring customer payments and handling bad debts.
3. When an entity does not adequately segregate duties, the possibility of cash being stolen before it is recorded is increased. If the auditor suspects that this type of defalcation is possible, what type of audit procedures can he or she use to test this possibility?
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