HW 10 - Shaikh Qadir Accounting 419 Chapter 10 HW Question...

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Shaikh Qadir Accounting 419 Chapter 10 HW Question 10-42 a) Sales Transaction Related Audit Objective Occurrence: Accountant has no access to cash. Monthly statements are sent to customers. Supervisor approves all credit. Completeness: The cash register is at the store entrance to control theft of cloths. Sales clerks handle no cash. Sales transactions are used to update perpetual and monthly physical inventory is taken. Accuracy: Supervisor rechecks all calculations. Accountant’s assistant files all sales invoices by customer number. A list of the invoice numbers in numerical sequence is included in the sales printout. Computer is used to update records. Monthly statements are sent. The aged trial balance is compared to the general ledger. Posting and summarization: The computer updates accounts receivable, inventory, and general ledger master files. Monthly statements are sent. The aged trial balance is compared to the general ledger.
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Classification: The supervisor enters the sale in her cash register as a credit or cash sales. Timing:
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This document was uploaded on 05/10/2011.

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HW 10 - Shaikh Qadir Accounting 419 Chapter 10 HW Question...

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