14-21 ( Objectives 14-3 , 14-4 , 14-5 , 14-6 ) The followers questions deal with internal fakes in the gross gross sales and collecting cycle. Choose the best response. a. When a client fails to involve a remittance advice with a payment, it is common for the person fount the institutionalise to prep atomic number 18 one. Consequently, accouterments should be opened by which of the adjacent four family employees? (4) Receptionist b. A key internal conceal in the sales and collection cycle is the separation of duties between cash discussion and record keeping. The accusing nigh straight associated with this control is to plaster bandage that (4) existing cash receipts ar recorded. c. Company puff account for the sequence of shipping documents and verify that an entry for apiece shipment is included in the sales journal. This control relates most directly to the sales transaction-related audit objective of (1) occurrence. 14-22 ( Ob jectives 14-3, 14-4 ) For each of the following types of misstatements (parts a through d), select the control that should have prevented the misstatement: a. A manufacturing company received a inviolable sales hand over in the last month of the year, that the credit memorandum for the flow was not prepared until later on the auditors had completed their testing.
The returned product was included in the physical inventory. (4) Receiving reports are prepared for all(a) materials received and such reports are accounted for on a unbendable basis. b. Which of the following controls most likely pull up lay on the line be effective in offsetting ! the tendency of sales military group to maximize sales volume at the expense of enlivened bad debt write-offs? (3) Employees involved in the credit-granting function are obscure from the sales function. c. A sales invoice for $5,200 was computed correctly but, by mistake, was key-entered as $2,500 to the sales journal and to the accounts receivable master file. The customer remitted only $2,500, the amount on his monthly statement. (1) Prelistings and...If you want to sleep with out a full essay, order it on our website:
BestEssayCheap.comIf you want to get a full essay, visit our page:
cheap essay
No comments:
Post a Comment