ch14 - Exam Name MULTIPLE CHOICE Choose the one alternative...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Exam Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the quest 1)The overall objective in the audit of the sales and collection cycle is to evaluate whether 1) A) the sales account and the accounts receivable account are free of material errors. B) the account balances affected by the cycle are fairly presented in accordance with generally accepted accounting principles. C) the sales account and the accounts receivable account are free of errors. D) the sales account and the accounts receivable account are presented fairly in accordance with generally accepted accounting principles. 2) For the most part, the evidence gathered during the audit of the sales and collection cycle can be subjectively combined with the other parts of the audit 2) A) as the evidence accumulation process proceeds. B) only after the audit of the sales and collection cycle is concluded. C) only when all fieldwork processes of the engagement are completed. D) after the conclusion of both the cash cycle and the sales and collection cycle. 3) Which of the following data elements would be included in the customer master file as semi - permanent information? 3) A) amount paid B) credit limit C) transaction date D) transaction amount 4)The sales and collection cycle ends with 4) 5)What information would be considered semi - permanent as well as transaction information? 5) A) Customer number or code B) Current balance outstanding C) Transaction amount D) Customer credit limit 6)Which of the following controls pertains to audit trails in the batch processing of sales transactions? 6) 7) What is the primary focus with respect to error detection and correction for the online processing of sales transactions? 7) 1
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern