Nhu00f3m cu00e2u hu1ecfi 2.docx - Question 1 The...

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Question 1: The following question deal with internal controls in the sales andcollection cycle. Choose the best response.The accounting system will not post a sales transaction to the sales journal without avalid bill of lading number. This control is most relevant to which transaction-relatedobjective for sales?(1)Accuracy(3) Completeness(2) Occurrence(4) Posting and summarization
Question 2:Which of the following is most likely to be detected by an auditor’s review of an entity’s sales cutoff?
Question 3: When goods are received, the receiving clerk should match the goods with:
Question 4: In a properly designed purchasing process, the same employee most likelywould match vendors’ invoices with receiving reports and also:
Question 5: Purchase cutoff procedures should be designed to test whether all inventory:a.Purchased and received before the end of the year was paid for.b.Ordered before the end of the year was received.c.Purchased and received before the end of the year was recorded.d.Owned by the company is in the possession of the company at the end of the year

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