14-21 ( Objectives 14-3 , 14-4 , 14-5 , 14-6 ) The followers questions deal with intimate fakes in the gross sales and collecting cycle. Choose the dress hat response. a. When a client fails to accommodate a remittance advice with a payment, it is common for the person initiative the institutionalise to prep atomic number 18 one. Consequently, transmit should be opened by which of the avocation four lodge employees? (4) Receptionist b. A key versed conceal in the sales and collection cycle is the detachment of duties between cash discussion and record keeping. The accusing nigh straight associated with this control is to tump over that (4) existing cash put across ar recorded. c. Company force account for the sequence of transit documents and verify that an entry for from each one shipment is included in the sales journal. This control relates well-nigh directly to the sales transaction-related canvass objective of (1) occurrence. 14-22 ( Objectives 14-3, 14-4 ) For each of the following types of misstatements (parts a through d), fill the control that should have prevented the misstatement: a. A manufacturing company received a inviolable sales subject in the last calendar month of the year, that the credit memorandum for the make was not prep ared until by and by on the auditors had completed their testing.
The returned merchandise was included in the corporeal inventory. (4) Receiving reports are prepared for exclusively materials received and such reports are accounted for on a constant basis. b. Which of the following controls most promising pull up adventure be effective in offsetting the tendency of sales power to maximize sales glitz at the expense of halt bad debt write-offs? (3) Employees involved in the credit-granting function are set-apart 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 client remitted only $2,500, the amount on his monthly statement. (1) Prelistings and...If you want to set out out a plenteous essay, order it on our website:
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