The following can be appropriately included in an Internal Control Questionnaire for Revenue/Receipt Cycle, except * A. Is the credit department independent of the sales department? B. Are debit or credit memos independently checked against sales invoice data? C. Are accounts receivable periodically reviewed and aged? D. Does the cashier compare the official receipt, deposit slip, and cash receipts journal? E. None of them
The following can be appropriately included in an Internal Control Questionnaire for Revenue/Receipt Cycle, except * A. Is the credit department independent of the sales department? B. Are debit or credit memos independently checked against sales invoice data? C. Are accounts receivable periodically reviewed and aged? D. Does the cashier compare the official receipt, deposit slip, and cash receipts journal? E. None of them
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following can be appropriately included in an Internal Control Questionnaire for Revenue/Receipt Cycle, except *
A. Is the credit department independent of the sales department?
B. Are debit or credit memos independently checked against sales invoice data?
C. Are
D. Does the cashier compare the official receipt, deposit slip, and cash receipts journal?
E. None of them
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