Homework Answers
The answer is C.
General ledger master file is an important file in the General Ledger System (GLS) database and it is based on organization's published chart of accounts. It holds information about separate general ledger accounts (like sales invoices, payroll) and a control account. A general ledger account that summarises and combines all of the subsidiary accounts for a specific type. In other words, it's a summary account that equals the sum of the subsidiary account and is used to simplify and organize the general ledger. The main purpose of general ledger is to keep the accounts balances to be presented in reports.
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Which file is most likely to contain control accounts? A) Inventory master file B) Customer master...
Which form of evidence is most reliable ? A. General ledger accounts balances B. Confirmation of...
Which form of evidence is most reliable ? A. General ledger accounts balances B. Confirmation of accounts receivable balance received from a customer C. An internal memo explaining the issuance of a credit memo D. Copy of month-end adjusting entries
In auditing accounts receivable, the “negative” form of confirmation request most likely would be used...
In auditing accounts receivable, the “negative” form of confirmation request most likely would be used when a. Accounts receivable consist of a number of accounts with large customer balances. b. Control Risk and Inherent Risk are assessed to be High. c. Recipients are likely to return positive confirmation requests without verifying the accuracy of the information. d. The auditor is not aware of circumstances or conditions that would cause recipients of negative confirmation...
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.
1. The programmed verification of a customer number is a ____ control. a. preventive b....
1. The programmed verification of a customer number is a ____ control. a. preventive b. detective c. corrective d. application 2. In general, material irregularities perpetrated by which of the following are most difficult to detect? a. cashier b. key-punch operator c. internal auditor d. controller 3. Which of the following is least likely to be evidence the auditor examines to determine whether operations are in compliance with the internal control systems? a. records documenting usage of EDP programs...
1) Which of the following general ledger accounts would likely not be impacted in a purchases...
1) Which of the following general ledger accounts would likely not be impacted in a purchases and payments process? Group of answer choices Accounts Receivable. Inventory. Purchase Discounts. Cash. 2) Which of the following is the most likely order of a basic purchases activity model? Group of answer choices Analyze Inventory→Place Purchase Order→Send Payment. Request prices and availability→Receive Items→Record Accounts Payable. Request prices and availability→Place Purchase Order→Receive Items→Send Payment. Create Purchase Order→Create Journal Entry→Receive Items→Send Payment.
The general ledger master data does not contain: •A) balance year-to-date •B) account name •C) vendor...
The general ledger master data does not contain: •A) balance year-to-date •B) account name •C) vendor name •D) account number
which of the following events is most likely to increase the accounts receivable turnover rate? A)...
which of the following events is most likely to increase the accounts receivable turnover rate? A) a decrease in sales B) faster collection on accounts receivable C) an increase in sales D) slower collection of accounts receivable
accounts payable clerk also has access to the approved supplier master file purchases. the control principle...
accounts payable clerk also has access to the approved supplier master file purchases. the control principle of
Please help. 1. Postings to the control accounts in the general ledger are made a. annually...
Please help.
1. Postings to the control accounts in the general ledger are made a. annually b. daily. c. monthly d. weekly 2. The balance of a control account in the general ledger a. must always be zero. b. must equal the amount of total assets. c. is always greater than the composite balance of individual accounts in a related subsidiary ledger. d. must equal the composite balance of individual accounts in a related subsidiary ledger. 3. Postings are made...
which of the following statements is true? a. The balance in the control account, Accounts Receivable, should be eq...
which of the following statements is true?
a. The balance in the control account, Accounts Receivable, should be equal to the sum of the balances in the subsidiary ledger for accounts receivable. b. An accounts receivable subsidiary ledger represents amounts due to vendors and suppliers. C. A subsidiary ledger takes the place of the control account for some companies. d. When a company uses a subsidiary ledger, the balance in the control account, Accounts Receivable, shows only the amount the...
The general ledger master data does not contain: •A) balance year-to-date •B) account name •C) vendor name •D) account number
Please help.
1. Postings to the control accounts in the general ledger are made a. annually b. daily. c. monthly d. weekly 2. The balance of a control account in the general ledger a. must always be zero. b. must equal the amount of total assets. c. is always greater than the composite balance of individual accounts in a related subsidiary ledger. d. must equal the composite balance of individual accounts in a related subsidiary ledger. 3. Postings are made...
which of the following statements is true?
a. The balance in the control account, Accounts Receivable, should be equal to the sum of the balances in the subsidiary ledger for accounts receivable. b. An accounts receivable subsidiary ledger represents amounts due to vendors and suppliers. C. A subsidiary ledger takes the place of the control account for some companies. d. When a company uses a subsidiary ledger, the balance in the control account, Accounts Receivable, shows only the amount the...
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