ACCT241 Auditing CH7 Quiz

ACCT241 Auditing CH7 Quiz - takes a cash receipt and uses a...

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Question 1 1 out of 1 points To be recognized, revenues must be Answer Selected Answer: All the above. Question 2 1 out of 1 points Recording a sale while keeping the goods in your own warehouse is called: Answer Selected Answer: Bill and hold. Question 3 1 out of 1 points Which of the accounts would not be included in the Revenue and Collection cycle? Answer Selected Answer: Raw Materials. Question 4 1 out of 1 points Custody is transferred from the warehouse to the shipping department upon authorization of the Answer Selected Answer: Shipping order.
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Question 5 1 out of 1 points A form signed by the carrier to verify goods are shipped is called the Answer Selected Answer: Bill of lading. Question 6 1 out of 1 points A fraud technique whereby someone
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Unformatted text preview: takes a cash receipt and uses a later cash receipt from another customer to cover the first one is called Answer Selected Answer: Lapping Question 7 1 out of 1 points Approval of credit sales by the credit department supports the assertion of Answer Selected Answer: Valuation or allocation. Question 8 1 out of 1 points Confirming accounts receivable primarily supports the assertion of Answer Selected Answer: Existence. Question 9 1 out of 1 points The most reliable evidence comes from Answer Selected Answer: A blank confirmation. Question 10 1 out of 1 points Which of the following responses to a confirmation request at December 31 is Answer Selected Answer: We returned these items....
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ACCT241 Auditing CH7 Quiz - takes a cash receipt and uses a...

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