Which document should be sampled to determine whether or not sales are recorded in the proper...
Which document should be sampled to determine whether or not sales are recorded in the proper period?
Purchase orders
Sales invoices
Shipping documents
Sales orders
Receiving documents
Homework Answers
Correct answer---shipping documents.
.
A sale must be recorded as soon as good are shipped to the buyer.
Shipping documents can tell when goods are actually transferred from seller to buyer. The date or sale invoice (which is primarity to be checked in this case) cannot be later than shipping date in normal cercumstances.
Receiving document can verify purchase not sales.
Purchase order does not nessesarily tells when sale will be made. Sale could be done any time after receiving purchase order.
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Which document should be sampled to determine whether or not
sales are recorded in the proper...
help asap Indicate which of the following audit procedures, used as tests of controls, do NOT...
help asap
Indicate which of the following audit procedures, used as tests of controls, do NOT involve audit sampling: 1) Observing and evaluating segregation of duties. 2) Testing of whether sales invoices are supported by authorized customer orders and shipping documents. 3) Reviewing client's procedures for accounting for the numerical sequence of shipping documents 4) Examining sales orders for proper credit approval. 5) Recomputing the information on copies of sales invoices. 6) Comparing the average days outstanding in accounts receivable...
give explanation Indicate which of the following audit procedures, used as tests of controls, do NOT...
give explanation
Indicate which of the following audit procedures, used as tests of controls, do NOT involve audit sampling: 1) Observing and evaluating segregation of duties. 2) Testing of whether sales invoices are supported by authorized customer orders and shipping documents 3) Reviewing client's procedures for accounting for the numerical sequence of shipping documents 4) Examining sales orders for proper credit approval. 5) Recomputing the information on copies of sales invoices. 6) Comparing the average days outstanding in accounts receivable...
Which of the following procedures most likely represents an internal control designed to reduce the risk...
Which of the following procedures most likely represents an internal control designed to reduce the risk of errors in the billing process? 1. Requiring customers that purchase on account to be approved by the credit department. 2. Comparing control totals for shipping documents with corresponding totals for sales invoices. 3. Matching receiving documents with approved sales orders before invoice preparation. 4. Reconciling the control totals for sales invoices with the accounts receivable subsidiary ledger.
For each audit procedure, select the appropriate audit objective. Objective Procedure 1. Trace receiving reports to...
For each audit procedure, select the appropriate audit objective. Objective Procedure 1. Trace receiving reports to related invoice and entry in purchases journal to determine that existing purchases are recorded. 2. Examine sales invoices selected from the sales journal to determine if recorded on the correct dates. 3. Verify recorded fixed asset additions by physically examining the equipment. 4. Examine the last five sales invoices recorded in the sales journal to determine they are recorded in the proper period. 5....
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14-26 (Objective 14-3) The following are selected transaction-related audit objectives and audit procedures for sales transactions:...
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1.Which of the following controls would provide the most assurance to management that recorded sales actually...
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Ashton Fleming has decided to document and analyze the accounts payable process at S&S so the transition to a computerized system will be easier. He also hopes to improve any weaknesses he discovers in the system. In the following narrative, Ashton explains what happens at S&S: Before S&S pays a vendor invoice, the invoice must be matched against the purchase order used to request the goods and the receiving report that the receiving department prepares. Because all three of these...
3.6. Ashton Fleming has decided to document and analyze the accounts payable process at S&S so...
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help asap
Indicate which of the following audit procedures, used as tests of controls, do NOT involve audit sampling: 1) Observing and evaluating segregation of duties. 2) Testing of whether sales invoices are supported by authorized customer orders and shipping documents. 3) Reviewing client's procedures for accounting for the numerical sequence of shipping documents 4) Examining sales orders for proper credit approval. 5) Recomputing the information on copies of sales invoices. 6) Comparing the average days outstanding in accounts receivable...
give explanation
Indicate which of the following audit procedures, used as tests of controls, do NOT involve audit sampling: 1) Observing and evaluating segregation of duties. 2) Testing of whether sales invoices are supported by authorized customer orders and shipping documents 3) Reviewing client's procedures for accounting for the numerical sequence of shipping documents 4) Examining sales orders for proper credit approval. 5) Recomputing the information on copies of sales invoices. 6) Comparing the average days outstanding in accounts receivable...
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...
3.6. Ashton Fleming has decided to document and analyze the accounts payable process at S&S so the transition to a computerized system will be easier. He also hopes to improve any weaknesses he discovers in the system. In the following narrative, Ashton explains what happens at S&S: Before S&S pays a vendor invoice, the invoice must be matched against the pur- chase order used to request the goods and the receiving report that the receiving department prepares. Because all three...
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