2 - 10. Are returned sales credits and other credits...

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Control Questionnaire—Sales Transaction Processing Assertions and Questions Yes,  No,  N/A Comments Occurrence assertion:  1. Is the credit department independent of the  sales department?  2. Are sales of the following types controlled by  the same procedures described below? Sales  to employees, COD sales, disposals of  property, cash sales, and scrap sales.  3. Is access to sales invoice blanks restricted?  4. Are pre-numbered bills of lading or other  shipping documents prepared or completed in  the shipping department? Completeness assertion:  5. Are sales invoice blanks pre-numbered?  6. Is the sequence checked for missing invoices?  7. Is the shipping document numerical sequence  checked for missing bills of lading numbers? Accuracy assertion:  8. Are all credit sales approved by the credit  department prior to shipment?  9. Are sales prices and terms based on approved  standards?
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Unformatted text preview: 10. Are returned sales credits and other credits supported by documentation as to receipt, condition, and quantity, and approved by a responsible officer? 11. Are shipped quantities compared to invoice quantities? 12. Are sales invoices checked for error in quantities, prices, extensions and footing, and freight allowances, and checked with customers orders? 13. Is there an overall check on arithmetic accuracy of period sales data by a statistical or product-line analysis? 14. Are periodic sales data reported directly to general ledger accounting independent of accounts receivable accounting? Classification objective: 15. Does the accounting manual contain instructions for classifying sales? Cutoff objective: 16. Does the accounting manual contain instructions to date sales invoices on the shipment date? <<RevenueICQ.doc>>...
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2 - 10. Are returned sales credits and other credits...

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