Detail for the Revenue Account
One of your accounting firms high net worth clients, Todd Caito, is considering investing a significant amount of money in a new toy manufacturing company. The company, Turf Products, is predicting it will have the hottest toy this holiday season, based on the sales revenue it has generated the last three quarters. Todd has provided you with the detail for the revenue account and would like you to conduct some procedures and analyze the results. Todd is concerned the revenue figure might be overstated.Prepare a 2-3 page analysis discussing what you found as a result of your analysis and what internal controls you would recommend Todd ensures are in place at Turf Products.