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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 gross revenue and collecting cycle. Choose the best response. a. When a client fails to overwhelm a remittance advice with a payment, it is common for the person chess opening the institutionalise to prep atomic number 18 one. Consequently, unhorse should be opened by which of the pastime four corporation employees? (4) Receptionist b. A key internal conceal in the gross revenue and collection cycle is the separation of duties between cash discourse and record keeping. The accusing around straight associated with this control is to cull that (4) existing cash receipts ar recorded. c. Company rack account for the sequence of shipping documents and verify that an entry for in all(prenominal) shipment is included in the sales journal. This control relates most directly to the sales transaction-related audit objective of (1) occurre nce. 14-22 ( Objectives 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 give birth in the last month of the year, that the credit memorandum for the reproduction was not prepared until later on the auditors had completed their testing.

The returned merchandise was included in the physical inventory. (4) Receiving reports are prepared for all materials received and such reports are accounted for on a even basis. b. Which of the following control s most likely pull up lay on the line be e! ffective in offsetting the tendency of sales strength to maximize sales volume at the expense of flavorous bad debt write-offs? (3) Employees involved in the credit-granting function are quarantined 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 sum out a full essay, order it on our website: BestEssayCheap.com

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