Which is the best control to prevent invoicing customers for more than the actual quantity shipped? A...
Which is the best control to prevent invoicing customers for more than the actual quantity shipped?
| A |
Use the information from the sales order to prepare the sales invoice. |
|
| B |
Use the information from the picking ticket to prepare the sales invoice. |
|
| C |
Use the information from the bill of lading to prepare the sales invoice. |
|
| D |
Use the information from the packing slip to prepare the sales invoice. |
Homework Answers
| Option D is the answer | ||
| Using the information from the packaging slip in the preparation of the sales invoice is the best control in preventing the invoicing customers for more than what was actually shipped. |
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Which is the best control to prevent
invoicing customers for more than the actual quantity shipped?
A...
31) A picking ticket is generated by the A) shipping process. B) sales order entry process....
31) A picking ticket is generated by the A) shipping process. B) sales order entry process. C) packing process. D) billing process. 32) The A) bill of lading B) packing slip C) back order D) picking list is a legal contract that defines responsibility for goods that are in transit. 33) A company uses the method for tracking accounts receivable where customers pay according to individual sales invoices. This describes the A) monthly statement B) open-invoice C) balance forward D)...
QUESTION 2 The following is a list of 10 control plans and ten system failures that...
QUESTION 2 The following is a list of 10 control plans and ten system failures that have control implications. Match the letter from the list of the best control plan to prevent the system failure from occurring. A letter should be used only once I can approve all customer orders. a. b. Any correcting entries to be made by the customer service representative are done at a later time Procedures for rejected inputs rather than as the data is input...
Before a shipping notice is prepared during the revenue cycle, shipping department personnel should match the...
Before a shipping notice is prepared during the revenue cycle, shipping department personnel should match the inventory received from the warehouse to the A picking tickets. B sales order and bill of lading. C picking ticket and sales order. D sales order. Usually the supplier will give the buyer permission to correct the invoice for any discrepancies in quantity. In the case of damaged or poor-quality goods, a document called a(n) ________ is prepared after the supplier agrees to take...
15. Determine which management assertion the following control is designed to enhance: Attaching the customer purchase...
15. Determine which management assertion the following control is designed to enhance: Attaching the customer purchase order and bill of lading to each sales invoice before recording the sales transaction. a. Classification b. Cut off c. Occurrence d. Completeness
Assume that GBI is currently working with a manual system. The company uses the following 26...
Assume that GBI is currently working with a manual system. The company uses the following 26 steps when they sell standard goods to the customers: A customer sends a purchase order for off-road bicycles to a GBI employee. A GBI employee compares the customer’s purchase order to determine if the customer’s master data is in the system and is correct. If the customer master data is not in the system or is incorrect, then the master sales and distribution data...
Create a system flowchart and review the controls in the process. See attached document for details....
Create a system flowchart and review the controls in the
process. See attached document for details.
Flowchart Assignment Business Process Diagramming and Control Evaluation The project is based on the business processes and controls for Order Entry/ Shipping and Billing / Cash Receipts at NashGulch Furnishings. NashGulch Furnishing sells high end, i.e. expensive and unique, home and office furnishings to design studios, building contractors, and architects. Customers place orders over the phone to the NashGulch customer fulfillment center, Nash Gulch...
soods have been returned the mes the adjustment of the customer's account 37) Upon notification from the receiving...
soods have been returned the mes the adjustment of the customer's account 37) Upon notification from the receiving department that the goods and manager issues an) _.which authorizes the adjustment of the cus A) debt memo B) credit mcmo C) adjusting entry D) bill of lading 38) Which of the following is not one of the controls when customer payments are com with other mail? A) preparing a remittance list as mail is opened B) restrictively endorsing checks when received...
Page 9 of 17 Watch the terms presented below with their definitions by writing the corresponding...
Page 9 of 17 Watch the terms presented below with their definitions by writing the corresponding letter in the space provided in the right column. (1 point each) Maximum possible account balance for a customer I credit limit vocument used to authorize reducing the balance in a customer account Method of maintaining customer accounts that generates payments for each individual sales transaction System that contains customer-related data organized in a manner to facilitate customer service, sales, and retention Document used...
Pick one of the following and describe a control procedure. Basically, each one has more than...
Pick one of the following and describe a control procedure. Basically, each one has more than one control that can be implemented. What internal control procedure(s) would provide protection against the following threats? Theft of goods by the shipping dock workers, who claim that the inventory shortages reflect errors in the inventory records Posting the sales amount to the wrong customer account because a customer account number was incorrectly keyed into the system Making a credit sale to a customer...
vided the procedure (1-9) the auditor could implement to test the operating electiveness of the Internal...
vided the procedure (1-9) the auditor could implement to test the operating electiveness of the Internal control Select from the option list provided the procedure (1-9) the following situations. Each choice may be used once, more than once, or not at all. 1. Match prenumbered shipping documents with entries in the sales journal. 2. Trace sales invoices to account receivable subsidiary ledger 3. Vouch bill of lading file to approved sales invoices. 4. Observe client comparing receiving quantities, and inspect...
31) A picking ticket is generated by the A) shipping process. B) sales order entry process. C) packing process. D) billing process. 32) The A) bill of lading B) packing slip C) back order D) picking list is a legal contract that defines responsibility for goods that are in transit. 33) A company uses the method for tracking accounts receivable where customers pay according to individual sales invoices. This describes the A) monthly statement B) open-invoice C) balance forward D)...
QUESTION 2 The following is a list of 10 control plans and ten system failures that have control implications. Match the letter from the list of the best control plan to prevent the system failure from occurring. A letter should be used only once I can approve all customer orders. a. b. Any correcting entries to be made by the customer service representative are done at a later time Procedures for rejected inputs rather than as the data is input...
Create a system flowchart and review the controls in the
process. See attached document for details.
Flowchart Assignment Business Process Diagramming and Control Evaluation The project is based on the business processes and controls for Order Entry/ Shipping and Billing / Cash Receipts at NashGulch Furnishings. NashGulch Furnishing sells high end, i.e. expensive and unique, home and office furnishings to design studios, building contractors, and architects. Customers place orders over the phone to the NashGulch customer fulfillment center, Nash Gulch...
soods have been returned the mes the adjustment of the customer's account 37) Upon notification from the receiving department that the goods and manager issues an) _.which authorizes the adjustment of the cus A) debt memo B) credit mcmo C) adjusting entry D) bill of lading 38) Which of the following is not one of the controls when customer payments are com with other mail? A) preparing a remittance list as mail is opened B) restrictively endorsing checks when received...
Page 9 of 17 Watch the terms presented below with their definitions by writing the corresponding letter in the space provided in the right column. (1 point each) Maximum possible account balance for a customer I credit limit vocument used to authorize reducing the balance in a customer account Method of maintaining customer accounts that generates payments for each individual sales transaction System that contains customer-related data organized in a manner to facilitate customer service, sales, and retention Document used...
vided the procedure (1-9) the auditor could implement to test the operating electiveness of the Internal control Select from the option list provided the procedure (1-9) the following situations. Each choice may be used once, more than once, or not at all. 1. Match prenumbered shipping documents with entries in the sales journal. 2. Trace sales invoices to account receivable subsidiary ledger 3. Vouch bill of lading file to approved sales invoices. 4. Observe client comparing receiving quantities, and inspect...
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