ich of the following controls is most likely to help ensure that all credit revenue transactions of an entity are recorded? Multiple Choice The billing department supervisor matches prenumbered shipping documents with entries in the sales journal. The billing department supervisor sends a copy of each approved sales order to the credit department for comparison to the custome authorized credit limit and current account balance. O The accounting department supervisor independently reconciles the accounts receivable subsidiary ledger to the accounts receivable account each month. A The accounting department supervisor controls the mailing of monthly statements to customers and investigates any customers. differences repo

ich of the following controls is most likely to help ensure that all credit revenue transactions of an entity are recorded? Multiple Choice The billing department supervisor matches prenumbered shipping documents with entries in the sales journal. The billing department supervisor sends a copy of each approved sales order to the credit department for comparison to the custome authorized credit limit and current account balance. O The accounting department supervisor independently reconciles the accounts receivable subsidiary ledger to the accounts receivable account each month. A The accounting department supervisor controls the mailing of monthly statements to customers and investigates any customers. differences repo

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter11: Accounting For Transactions Using A General Journal

Section: Chapter Questions

Problem 1AFE

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Which of the following controls most likely would assure that all billed sales are correctly posted to the accounts receivable ledger? a. Each shipment on credit is supported by a prenumbered sales invoice. O b. Daily sales summaries are compared to daily postings to the accounts receivable ledger. O C. The accounts receivable ledger is reconciled daily to the control account in the general ledger. O d. Each sales invoice is supported by a prenumbered shipping document.
An auditors would vouch copies of sales invoices to shipping documents in order to determine that: A- Sales that are billed were also shipped B-Customer shipments were billed C-Shipments to customer were also recorded as receivables D- The subsidiary accounts receivable ledger was updated
To minimize errors in the accounts payable function, which of the following procedures should be performed? approving the purchase requisition following up on open purchase orders double checking the math on the bank reconciliation matching the supplier’s invoice to the receiving report
Which statement about Revenue Cycle is correct? The customer and accounts payable department gets copies of the invoice.The sales order department prepares the invoice.The billing department uses the sales order and shipping documents to create the invoice.The accounts receivable department uses the sales order to update the accounts receivable subsidiary ledger
When a customer returns a product to Hartville Equipment that the customer purchasedon account, Hartville will issue a to authorize a credit to the customer’saccount receivable on Hartville’s books:a. return authorizationb. refund notec. credit memod. manager approval
Consider the following information items as you respond to the question:i. Customer master fileii. Journal entry to record the receipt of cashiii. Pre-numbered documentsiv. Schedule of accounts receivableAccounting information systems have five generic elements. Which of the following statements is most true? A. "Pre-numbered documents" can be an example of three of the five elements. B. "Schedule of accounts receivable" can be an example of all five elements. C. Both "Pre-numbered documents" can be an example of three of the five elements and "Schedule of accounts receivable" can be an example of all five elements are true. D. Neither "Pre-numbered documents" can be an example of three of the five elements nor "Schedule of accounts receivable" can be an example of all five elements is true.
Which of the following tests is directed towards the management assertion of completeness of sales? Question 19 options: 1) Checking mathematical accuracy of invoices. 2) Vouching sales recorded to invoices held. 3) Tracing delivery documents to invoices and sales recorded. 4) Vouching invoices to delivery documents. Next Page
Subject: Accounting Information SystemQuestion: What would be the correct system flowchart for this given process: Accounts Payable and Cash Disbursement Process:Vendors send invoices to the AP department where they are reviewed and approved for payment. Once approved, the invoice and a cash disbursement voucher are sent to the cash disbursement department, where a check is prepared and sent to the vendor. A copy of the check, the invoice, and the voucher are returned to the AP department and filed.
Consider the following internal controls associated with an evaluated receipts process. For each control, identify the assertion for which the control is designed to prevent, or detect and correct misstatements. a. b. C. d. e. f. g. h. Software generates a daily report comparing the daily total in the cash disbursements journal with the total of payables submitted to the third-party payment processor for payment, and discrepancies are reported. Software generates a daily report of any discrepancies between the vendor accounting coding and general ledger accounts coding, which is compared with the purchase order and purchase requisition. Software generates a daily report of any discrepancies between the recorded payable and quantities on the receiving report. Once a receiving report is matched with a purchase, it cannot be matched with another purchase. Software generates a daily report of receiving reports that have not been matched one-for-one with the recording of a purchase and a…
1. SEGREGATION OF FUNCTIONSWhich, if any, of the following situations representsimproper segregation of functions? Explain youranswer.a. The billing department prepares the customers’invoices and records the sale in the salesjournal.b. Mail room clerk opens cash receipts envelopesfrom customers and also prepares the remittancelist.c. Accounting clerk receives journal vouchers fromvarious departments and also posts to the GLaccounts.d. The sales department approves sales credit memosas the result of product returns and forwards these to the AR department, which adjusts the customeraccounts to reflect the return.
explain whether they are considered improper segregation of functions? a. The billig department prepares the customers, invoices and records the sale in the sales journal b. Mailroom clerk open cash receipts envelopes from customers and also prepares the remittance list. c. Accounting clerk recives journal vouchers from various departments and post togeneral ledger accounts d. The sales department approves sales credit memos as the result of production returns and forwards these to the Account Receivable department, which adjusts the customer accounts to reflect the return.
Post the transactions from each journal provided, Sales, Cash Receipts and General, into the appropriate customer accounts in the Accounts Receivable Subsidiary ledger. Each journal.