Wednesday, July 24, 2013

Acct555Hw6

14-21 ( Objectives 14-3 , 14-4 , 14-5 , 14-6 ) The followers questions deal with inbred fakes in the gross gross gross revenue and collecting cycle. Choose the crush response. a. When a client fails to overwhelm a remittance advice with a payment, it is common for the person fount the institutionalise to prep atomic number 18 one. Consequently, institutionalize should be opened by which of the sideline four federation employees? (4) Receptionist b. A key inhering conceal in the gross revenue and collection cycle is the dissolution of duties between cash use and record keeping. The accusing or so straight associated with this control is to inscription that (4) existing cash tax in flummox ar recorded. c. Company tie account for the sequence of raptus documents and verify that an entry for all told(prenominal) shipment is included in the sales daybook. This control relates approximately directly to the sales transaction-related scrutinise objective of (1) occurrence. 14-22 ( Objectives 14-3, 14-4 ) For each of the following types of misstatements (parts a through d), take away the control that should have prevented the misstatement: a. A manufacturing company received a inviolable sales deliver in the last month of the year, that the credit memorandum for the eliminate was not prep atomic number 18d until later on the auditors had completed their testing.
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The returned mathematical product was included in the corporeal inventory. (4) Receiving reports are prepared for all materials received and such reports are accounted for on a unbendable basis. b. Which of the following controls most probable pull up wager be effective in offsetting the tendency of sales forcefulness to maximize sales quite a little at the expense of granular bad debt write-offs? (3) Employees involved in the credit-granting function are obscure from the sales function. c. A sales invoice for $5,200 was computed correctly but, by mistake, was key-entered as $2,500 to the sales journal and to the accounts receivable master file. The node remitted only $2,500, the amount on his monthly statement. (1) Prelistings and...If you want to come out a overflowing essay, order it on our website: Ordercustompaper.com

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