ACCT 555 Week 6 HW KB
Khalia Brewer
ACCT 555
Week 6
Homework
14-21
A. (2)- Occurrence
B. (1)- Accuracy
C. (3)- Monthly statements are sent to customers and any discrepancies are resolved by someone independent of cash handling and accounting.
D. (4)- existing cash receipts are recorded.
14-22
A.(4)- Receiving reports are prepared for all materials received and such reports are accounted for on a timely basis.
B.(3)- Employees involved in the credit-granting function are separated from the sales function
C.(1)- Prelistings and predetermined totals are used to control postings.
D.(2)- As goods leave the shipping dock, the system generates a bill of lading and associated sales invoice, which is automatically recorded in the sales journal.
14-23
A. (4)- Debit entries in the accounts receivable master file are correctly supported by sales invoices.
B. (4)- the shipping clerk’s file of duplicate copies of bills of lading.
C. (2)- Vouch a sample of recorded sales from the sales journal to shipping documents.
14-24
1. a.Recorded sales are to valid customers who are able to pay (Occurrence).
b.Select a sample of sales recorded in the sales journal and determine if the appropriate individuals approved the corresponding customer order.
c.Sales may be overstated if customer is unable to pay for the goods.
d. Examine sales returns and write-offs of accounts during the year to determine if returns and write-offs are the result of customers unable to pay. Review aging of accounts receivable to determine if accounts in older aging categories include sales transactions that are unlikely to be collected.
2. a. Online sales are recorded in the sales system (Completeness).
b. Review online sales system documentation and make inquiries of client personnel to determine that the automatic interface is a part of the system design. Enter a sample of test transactions of online sales to determine if test data included in the sales journals. Reverse all test data items.
c. Online sales may
ACCT 555
Week 6
Homework
14-21
A. (2)- Occurrence
B. (1)- Accuracy
C. (3)- Monthly statements are sent to customers and any discrepancies are resolved by someone independent of cash handling and accounting.
D. (4)- existing cash receipts are recorded.
14-22
A.(4)- Receiving reports are prepared for all materials received and such reports are accounted for on a timely basis.
B.(3)- Employees involved in the credit-granting function are separated from the sales function
C.(1)- Prelistings and predetermined totals are used to control postings.
D.(2)- As goods leave the shipping dock, the system generates a bill of lading and associated sales invoice, which is automatically recorded in the sales journal.
14-23
A. (4)- Debit entries in the accounts receivable master file are correctly supported by sales invoices.
B. (4)- the shipping clerk’s file of duplicate copies of bills of lading.
C. (2)- Vouch a sample of recorded sales from the sales journal to shipping documents.
14-24
1. a.Recorded sales are to valid customers who are able to pay (Occurrence).
b.Select a sample of sales recorded in the sales journal and determine if the appropriate individuals approved the corresponding customer order.
c.Sales may be overstated if customer is unable to pay for the goods.
d. Examine sales returns and write-offs of accounts during the year to determine if returns and write-offs are the result of customers unable to pay. Review aging of accounts receivable to determine if accounts in older aging categories include sales transactions that are unlikely to be collected.
2. a. Online sales are recorded in the sales system (Completeness).
b. Review online sales system documentation and make inquiries of client personnel to determine that the automatic interface is a part of the system design. Enter a sample of test transactions of online sales to determine if test data included in the sales journals. Reverse all test data items.
c. Online sales may