Which of the following is a control objective over sales? a. Only invoice customer for goods that were sent b. None of the options c. Inspect signature on sales invoice confirming it has been checked to the order O d. Compare goods dispatch note with sales order

Q: The accounting system will not post a sales transaction to the sales journal withouta valid bill of…

A: Sales Journal: Sales journal is one form of special journal book, which records all the sales…

Q: Assume you are considering an entity’s internal controls over credit sales and cash collection.…

A: "Since you have asked multiple question we will solve the first question for you.  If you want any…

Q: Which of the following errors will be detected by a trial balance? a. Posting a credit to Sales…

A: Posting a credit to sales instead of accounts payable may be an incorrect entry but it will have the…

Q: Which function should the billing department NOT perform? a. record the sales in the sales journal…

A: Accounting Information System: The system which helps to gather, store and process the accounting…

Q: Multiple-Choice Questions 6. Which of the following is NOT an independent verification control? a.…

A: Independent internal verification is defined as the procedure conducted to verify the compliance…

Q: which, if any of the following situations represents improper segregation of functions? Explain your…

A:

Q: Which of the following is a control objective over sales? a. None of the options b. Compare goods…

A: Control Objective:- These are the statements in which it has been stated that how risk is going to…

Q: For good internal control, the purchasing department should not be responsible for... Select one:…

A: Internal Control Internal controls are the mechanisms, rules, and procedures a company should need…

Q: If the objective of a test of detail of transaction is to detect overstatement of sales, the…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: Below are several of the ASB management assertions. A. Occurrence B. Completeness C. Rights and…

A: The question is of Auditing and is related to the match management assertion that best appliesby…

Q: he auditor of Kent Ltd selects a sample from the file of shipping documents in order to confirm that…

A: An audit report is provided by an independent auditor that contains the opinion of the auditor on…

Q: An Internal control questionnaire indicates that an approved receiving report is required to…

A: An internal control questionnaire is a document that an auditor delivers to a company's staff prior…

Q: Which of the following forms cannot be customized? Select one: A. Estimate B. Sales Receipt C.…

A: Under QBO there is a feature to customize your forms.

Q: 1. What would a credit manager do if a sales order received caused a customer to exceed its credit…

A: The credit manager should disapprove the sales order as it will increase the collection period…

Q: What internal control or procedure(s) would provide protection against the following threats? A…

A: Note: Since we are entitled to answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit…

Q: The control procedure of cancelling the documents in a voucher package (invoices and goods receipt…

A: Solution: The control procedure of cancelling the documents in a voucher package is designed to…

Q: Which of the following is a control objective over sales? O a. None of the options O b. Compare…

A: The question is multiple choice question regarding control objective over sales.

Q: In response to the six primary physical control weaknesses that have been identified, make…

A: Physical control weaknesses: It is the  failure in the implementation or effectiveness of  physical…

Q: ropriate one of the following risks mitigated to the correct internal control procedure stated…

A: Internal Control Procedures are the systems and regulations established inside the entity to reduce…

Q: Which of the following is a test of control relating to purchases? a. None of the options b. Give…

A: Test of controls refers to the audit procedure followed by the auditors while conducting an audit of…

Q: Which of the following will be the most appropriate test to determine wherether purchase orders are…

A: Purchase order: Purchase order is a document send by a buyer to seller indicating all the…

Q: Which of the following are examples of preventive controls? Select all that apply. O account coding…

A: Preventive controls are the controls placed in the system prior to the occurrence of any threat to…

Q: When performing tests of controls over cash sales, an auditor would use observation to test whether…

A: When performing tests of controls over cash sales, an auditor would use observation to test whether…

Q: Why should the function of requisitioning the purchase of goods be segregated from the function of…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Which of the following statements is false? Explain Why?? a. It is the best practice to verify…

A: Intra company transfer represents the transfer of the inventory from one department to another…

Q: Which of the following is NOT an independent verification control?a. The shipping department…

A: Answer:   Option d.

Q: Upon reciept of requisition, the stores manager initiates a three part purchase order. To copies go…

A: Given: Which of the given statements properly describe the over purchasing internal cost. The…

Q: A fraudulent sales order was prepared by an order entry clerk in an attempt to steal merchandise…

A: Detection of errors and frauds is the main aim of any internal control system or…

Q: Why does billing receive a copy of the sales order when the order is approved but does not bill…

A:

Q: hould be on basis of blind copy of purchase order provided not by the packing slip. The inventory…

A: The recommendations are given as,

Q: Tracing copies of computer-prepared sales invoices to copies of the corresponding computer-prepared…

A: Shipping documents contained the number of units shipped, sales invoice contain the number of units…

Q: Tests of Controls and Errors/Frauds. The following four questions are taken from an internal control…

A: The test of controls includes the procedures that are developed to generate evidence about…

Q: Sample Selection. Hunter McNeal is studying and evaluating Branyon’s internal controlsrelated to the…

A: Audit procedure:   Audit procedures are used by auditors to determine the quality of financial…

Q: Describe how prenumbered shipping papers and sales invoices may be effective controls for avoiding…

A: Prenumbering: It refers to the technique of giving numerical identifiers to documents that may be…

Q: sales where the customer is billed before delivery of the goods

A: First option is wrong because there is no such condition to recognize revenue before delivery of…

Q: Explain how prenumbered shipping documents and sales invoicescan be useful controls for preventing…

A: Prenumbering: It refers to the process of assigning of numbers to documents which can be identified.

Q: What would you do, and how would you document your decision?

A: Given case is: You have Noticed that the A/R clerk has created abnormally  high number of credit…

Q: What is a walkthrough of a sales transaction? How can the walkthrough work complement the use of an…

A: Internal control- It is a process of assuring to achieve organizational's objectives by doing…

Q: A serious exposure for an organization that is connnected with the revenue cycle is the loss of…

A: In this question we asked about a serious exposure for an organization that is connnected with the…

Q: Which of the following is not an example of safeguarding inventory? a. physical devices such as…

A: From the given options, option (b) is the correct answer:   Explanation:   Returning inventory…

Q: Discuss whether the following situations are improper segregation functions. Support your answer…

A: