Which of the following responses to a confirmation of balances at December 31

Which of the following responses to a confirmation of

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54.Which of the following responses to a confirmation of balances at December 31 would be most troubling to an auditor? A. We paid this amount on December 28.B. We received these goods on January 2.C. We returned this amount on December 28 under our standing agreement with the company.D. This amount is not due until January 15.55.Revenues are normally considered to have been earned when
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56.Sales are normally recorded on the date of the 57.When auditing the revenue and collection cycle, auditors normally select balances to confirm from the 58.Which of the following accounts is not normally part of the revenue and collection cycle? A. Sales.B. Accounts Receivable.C. Cash.D. Purchases Returns and Allowances.59.The control activity "credit sales approved by credit department" is directed toward which transaction assertion? 60.Which of the following would be the best protection for a company that wishes to prevent the "lapping" of trade accounts receivable? 61.Which of the following internal control activities will most likely prevent the concealment of a cash shortage by improperly writing off a trade account receivable? Write-offs must be authorized by company field sales employees who are in a position to determine the financial standing of the customers.
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  • Spring '12
  • janigrt
  • Sales, Financial audit, invoice

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