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Forest Hill Essay

3779 words - 16 pages

Chapter 13: Audit of Sales and Collection Cycle
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   | key activities an organization completes to execute and record business transactions for sales, cash receipts, sales returns, and so forth |
  | Sorry - the correct answer is Business functions for sales and collection cycle |
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   | processing transactions one at a time with an immediate update against the data files |
  | Sorry - the correct answer is Online processing |
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   | in the sales and collection cycle, data that are established when a customer starts purchasing, and updated as customer information changes |
  | Sorry - the correct answer is Semi-permanent (or master file) data |
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   | 6 ...view middle of the document...

| | Whenever footing and comparisons are restricted to journals, master file records, and ledgers, the process is Your Answer: | cutoff. | |
Correct Answer: | summarization. | |
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1. | | Which one of the following would the auditor be concerned with when examining the client's billing function? Your Answer: | All three are of concern. |
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2. | | In every audit it is necessary to perform some clerical accuracy tests by footing the journals and tracing the totals to the general ledger. The only effect that the quality of internal control will have on this process is on Your Answer: | designing the tests of controls. | |
Correct Answer: | sample size. | |
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3. | | The most significant effect of the results of the tests of controls and substantive tests of transactions in the sales and collection cycle is on the Your Answer: | allowance for uncollectible accounts. | |
Correct Answer: | confirmation of accounts receivable. | |
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4. | | Which of the following control procedures may prevent the failure to bill customers for some shipments? Your Answer: | Each sales invoice should be supported by a shipping document. | |
Correct Answer: | Each shipment should be supported by a prenumbered sales invoice that is accounted for. | |
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5. | | Tracing bills of lading to sales invoices will provide evidence that Your Answer: | shipments to customers were recorded as sales. | |
Correct Answer: | shipments to customers were invoiced. | |
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6. | | An auditor selects a sample from the file of shipping documents to determine whether invoices were prepared. This test is performed to satisfy the audit objective of Your Answer: | completeness. |
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7. | | Which of the following might be detected by an auditor's review of the client's sales cut-off? Your Answer: | lapping of end-of-period accounts receivable | |
Correct Answer: | inflated sales for the year | |
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8. | | To achieve good internal control, which department should perform the activities of matching shipping documents with sales orders and preparing daily sales summaries? Your Answer: | billing |
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9. | | Which of the following activities belongs in the sales/collection business process? Your Answer: | delivery of merchandise to a customer |
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10. | | In a traditional sales/collection process, which of the following duties should be performed by different people? Your Answer: | authorizing sales orders, shipping, and recording of accounts receivable |
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1. | | Setting materiality for accounts receivable starts with the auditor deciding the preliminary judgment about materiality for Your Answer: | individual balance sheet accounts, and then summing these to find materiality for the entire set of financial statements. | |
Correct Answer: | the entire set of financial statements, and then allocating an amount to each significant balance sheet account....

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