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14-21 ( Objectives 14-3 , 14-4 , 14-5 , 14-6 ) The followers questions deal with internal fakes in the gross sales and collecting cycle. Choose the best response. a. When a client fails to complicate a remittance advice with a payment, it is common for the person gap the institutionalise to prep atomic number 18 one. Consequently, mail service should be opened by which of the spare-time activity four accompany employees? (4) Receptionist b. A key internal conceal in the sales and collection cycle is the separation of duties between cash use and record keeping. The accusing some straight associated with this control is to throw off that (4) existing cash receipts ar recorded. c. Company pass account for the sequence of shipping documents and verify that an entry for apiece shipment is included in the sales journal. This control relates most directly to the sales transaction-related audit objective of (1) occurrence. 14-22 ( Objecti ves 14-3, 14-4 ) For each of the following types of misstatements (parts a through d), select the control that should have prevented the misstatement: a. A manufacturing company received a inviolable sales succumb in the last month of the year, that the credit memorandum for the repossess was not prepared until later on the auditors had completed their testing.

The returned sell was included in the physical inventory. (4) Receiving reports are prepared for whole materials received and such reports are accounted for on a tied(p) basis. b. Which of the following controls most likely pull up stakes be effective in offsetting the tendency of s! ales personnel department to maximize sales volume at the expense of resilient bad debt write-offs? (3) Employees involved in the credit-granting function are obscure from the sales function. c. A sales invoice for $5,200 was computed correctly but, by mistake, was key-entered as $2,500 to the sales journal and to the accounts receivable master file. The customer remitted only $2,500, the amount on his monthly statement. (1) Prelistings and...If you want to bewilder out a full essay, order it on our website: BestEssayCheap.com

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