Which of the following best represents a key control for ensuring sales are properlyauthorized when assessing control risks for sales? A. The separation of duties between the billing department and the cash receipts approval department. B. The use of an approved price list to determine unit selling price. C. Copies of approved sales orders sent to shipping, billing, and accounting departments. D. Sales orders are sent to the credit department for approval.

Q: 1. SEGREGATION OF FUNCTIONSWhich, if any, of the following situations representsimproper segregation…

A: Segregation Function: Segregation of function refers to an important physical control. This…

Q: up of answer choices a.The personnel in the receiving department should be separated from the…

A: the purchase you also known as account payable system and the cash disbursement cycle execute the…

Q: Identify which department has stewardship over the following journals,ledgers,and files. a.customer…

A: The answer is as fallows

Q: Explain the basic processes involved in documenting revenue transactions as a part of the audit on…

A: Revenue is the income a company earns from the sale of goods or services. It is the amount of money…

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: Customer Sales Department Billing Accounts Receivable Warehouse General Ledger Customer Order…

A: The company produces a flowchart to evaluate how a process operates. It is a helpful tool for…

Q: Describe the purpose of a purchase order by selecting the correct statement(s) below. (Check all…

A: The correct statements are:A purchase order is a document the purchasing department uses to place an…

Q: The functions of and documents generated by which of the below departments determine when a…

A: Lets understand the basics. In organization, there are various department which are inter connected…

Q: An effective revenue security system will help you accomplish the following important tasks: a)…

A: Revenue security refers to the procedure by which a company may match the total amount of sales with…

Q: purchases and disbursements cycle usually begins when a. a user department request for acquisition…

A: Solution: The purchase and disbursement cycle is the cycle in which the purchase needs of a business…

Q: A company is trying to set up proper internal controls for their accounts payable/inventory…

A:

Q: d. The sales department approves sales credit memos as the result of product returns and forwards…

A: The sales department of the company is responsible for recording the sales made by the company…

Q: "In order to determine whether internal control operated effectively to minimize errors of failure…

A: Internal control is a procedure that is aimed to offer reasonable confidence that information is…

Q: explain whether they are considered improper segregation of functions? a. The billig department…

A: Segregation of Duties (SOD) is a basic building block of sustainable risk management and internal…

Q: One internal control that companies often have is an official “approved vendor” list for purchases.…

A: The approved vendor list (AVL) can be referred to as the list containing the information of the…

Q: Which of the following would not be a control in a sales system? a. Agreeing details from the sales…

A:

Q: Client Control Procedures and Audit Tests of Controls. Exhibit 7.64.1 contains an arrangement of…

A: Test of controls: The test of controls includes the procedures that are developed to generate…

Q: Which, if any, of the following situations represent improper segregation of functions?a. The…

A:

Q: The functions of and documents generated by which of the below departments determine when a…

A: The documents which complete sale criteria will only make able to record sale transaction. Sale can…

Q: Which of the following are examples of preventive controls? Select all that apply. O account coding…

A: Preventive controls are the controls placed in the system prior to the occurrence of any threat to…

Q: The purchases and disbursements cycle usually begins when Group of answer choices A user department…

A: A disbursement seems to be the transfer of funds from one account to another, whether for a purchase…

Q: Which assertion is most likely being tested when an auditor vouches transactions from the sales…

A: In auditing and financial reporting, an assertion refers to a representation or statement made by…

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: Consider the following internal controls associated with an evaluated receipts process. For each…

A: Internal controls refer to the policies, procedures, and practices established within an…

Q: Under a system of good internal control, which of the following departments issues a voucher?…

A: Under a good internal control system, the main department in the business organizations are:…

Q: Imagine that you have been hired to audit the sales and collections of a medium-to-large…

A: In a medium to large merchandising company there would chances of theft, frauds if effective…

Q: document that the auditor would test would mostly likely be the? A. Supplier Invoice B. Purchase…

A: To  verify whether all goods received by the company have been recorded appropriately, the source…

Q: Describe the flow of data in the purchasing process that is initiated when the purchasing…

A: A data flow diagram is a flow of data that analyzes the beginning criteria and end results of a…

Q: Explain how prenumbered shipping documents and sales invoicescan be useful controls for preventing…

A: Prenumbering: It refers to the process of assigning of numbers to documents which can be identified.

Q: Which of the following is the best reason for prenumbering in numerical sequence documents such as…

A: Prenumbering of documents like shipping documents, sales invoices, and sales order means providing a…

Q: Which control activity is the entity implementing when all purchase orders above S5,000 should be…

A: Where a certain limitation is built upon the activities of the entity, it cannot be said that the…