Answered: For each of the tests of controls for…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

For each of the tests of controls for sales and receivables, indicate the assertion that is supported
by placing the correct number in the blank.
1. Accuracy
2. Completeness
3. Occurrence
4. Completeness
5. Accuracy
_______ A. Scan sales invoices for missing numbers in sequence.
_______ B. Perform arithmetic recalculation of a sample of
recorded sales invoices.
_______ C. For a sample of recorded sales, determine whether
credit was approved.
_______ D. Trace a sample of credit memos to postings in
customers' accounts.
_______ E. Select a sample of customer accounts and vouch debits
to sales invoices.

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