Sales orders are written by sales people who have no access to the goods, which are released by warehouse personnel. This is example of: an analytical review establishing a system for storing and counting inventory proper documentation that is monitored properly segregation of duties

Q: Most of the accounting cycles have journal entries that accompany activities of each cycle.Which of…

A: Recording transaction in journal is termed as journalizing the entries. Transaction are first…

Q: Most of the accounting cycles have journal entries that accompany the activities of each cycle.…

A: A process of identifying a transaction, analyzing it and then recording the same in the books is…

Q: Which of the following automated application controls would offer reasonable assurancethat inventory…

A: Auditing is a gathering of information and evaluation of evidence as to report on the degree of…

Q: The receiving department compares the quantity received with the quantity prin on the receiving…

A: PO termed as Purchase order refers to the document which legally binds and it is created through…

Q: Which of the following procedure is designed to prevent the company from ordering unnecessary items?…

A: D) Approval of purchase requisitions is the procedure designed to prevent the company from ordering…

Q: t happens after the shipping department verifies that the quantities and descriptions of goods…

A: The sale order may be defined as the order which is generated by the seller of the goods to the…

Q: Auditing an attestation client's inventory accounts can vary widely in complexity and time required…

A: Inventory accounts are audited to report on the true and fair state of inventory balances on a…

Q: what are the objectives of eliminating the receiving function. What accounting/audit problems need…

A: Receiving Department:   The receiving department is in obligation of inspection and the receiving…

Q: when the auditor Watch employees count inventory to determine whether company procedures are being…

A: Ans. An auditor carries out various audit procedures like observation, inspection, confirmation,…

Q: Avatar Company Income Statement Year Ended December 31, 2024 Sales Revenue $291,300 Interest Revenue…

A: OverviewThe Statement of Cash Flows shows how cash flows in and out of a business during a specific…

Q: For companies that use a perpetual inventory system, all of the following are reasons for taking a…

A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…

Q: A two bin system for inventory control eliminates the need for the perpetual inventory tracking. Is…

A: Two bin system:Two bin inventory control system is a very useful system for material control. With…

Q: On the date of declaration what is the journal entry to record the declaration of a 25,000 cash…

A: The dividend is declared to the shareholders from the retained earnings of the business. The net…

Q: nvoices, and the AR department posts to the customers’ accounts. B The sales department approves…

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Q: Inquiries of warehouse personnel concerning possible obsolete inventory items provide assurance…

A: The value of inventory, the lower of cost and net realizable value, and obsolete items are among…

Q: What is the primary reason we perform physical inventory observations? A. To obtain sufficient…

A: Inventory : It is the stock of raw material work in process and finished goods Kept in the store for…

Q: Describe some inventory control systems that are used in practice

A: Inventory control system: The inventory control system can be defined as the use of a computerized…

Q: Which of the following is not considered an important element of segregation of duties in the…

A: The assignment of distinct steps in a process to different personnel is known as the segregation of…

Q: When evaluating inventory controls, an auditor would be least likely toa. Inspect documents.b. Make…

A: Auditing:   In auditing, auditors verify the correctness and fair presentation of financial…

Q: Which of the following best represents a key control for ensuring sales are properlyauthorized when…

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Q: Which type of inventory might a service provider report? Select one: O O O a. raw materials b.…

A: Lets understand the basics.In business industry, physical goods are sold to customer. So in the…