Sales reports showing variances from budget are provided to all sales staff
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Ma1.
Which of the following improvements introduced by Evie Landon of A Plus Jewellery relates to data outputs?
Select one:
A.
Sales reports showing variances from budget are provided to all sales staff
B.
Individual sales records are subject to limit checks
C.
Reconciliation of total sales entered and total sales processed
D.
The use of a standardised sales records
Step by step
Solved in 2 steps
- A. Occurrence B. Completeness C. Rights and obligationsD. Allocation or valuationE. ClassificationF. ExistenceG. CutoffH. AccuracyI. UnderstandabilityFor each of the following control activities, identify the management assertion that best applies by placing the correct letter in the blank space below.___ 1. Match shipping documents with sales invoices before a sale is recorded.___ 2. Balance total of individual customers' receivables with the control account.___ 3. Sales manager approves taking discounts.___ 4. Computer check for billing the quantity shipped, list price, and total.___ 5. Account for numerical sequence of pre-numbered shipping documents.Below are several of the ASB management assertions. A. Occurrence B. Completeness C. Rights and obligationsD. Allocation or valuationE. ClassificationF. ExistenceG. CutoffH. AccuracyI. UnderstandabilityFor each of the following control activities, identify the management assertion that best applies by placing the correct letter in the blank space below.___ 1. Match shipping documents with sales invoices before a sale is recorded.___ 2. Balance total of individual customers' receivables with the control account.___ 3. Sales manager approves taking discounts.___ 4. Computer check for billing the quantity shipped, list price, and total.___ 5. Account for numerical sequence of pre-numbered shipping documents.Classify the following items as either:TPS—transaction processing systemFRS—financial reporting systemMRS—management reporting systema. Variance reportsb. Sales order capturec. Balance sheetd. Budgetse. Purchase order preparationf. Tax returnsg. Sales summary by product lineh. Cash disbursements preparationi. Annual report preparationj. Invoice preparationk. Cost-volume-profit analysis
- A B D. REQUIRED: IDENTIFY THE ASSERTION[S] RELATED TO EACH AUDIT PROCEDURE ASSERTION[S] E=existence C-Completeness A=Accuracy Cl=Classification Cu=Cutoff V=Valuation RO-Rights & Obligations Procedure A Compare sales invoices with customer purchase orders B Compare selected items on the inventory list with the physical inventory.Define days sales outstanding. What can be learned from it? Does ithave any deficiencies when used to monitor collections over time?Select - Paragraph Styles 8. Which of the following is the best way to compensate for inadequate segregation of duties? Editing a. Direct involvement of owners in key functions. b. Maintaining sound recruiting schemes. c. Giving chronological numbers for all source documents. d. Preparing budgets and performance reports. 9. Which of the following is an example of reducing uncertainty by which information improves decision making? a. A cost report with large variances. b. Setting prices and determining credit policies. c. Selecting a new marketing strategy due to the failure of a particular strategy. d. None of the above. 10. The proliferation of master files results in: a significant increase in the number of master files that organization created. b. the advantage to obtain an organization-wide view of the data. c. the advantage to effectively integrate data stored in different files. d. that different data were stored in two or more separate master file. a. 11. Which of the following…
- INFORMATION SYSTEM CATEGORIZATIONClassify the following as tasks performed by either:TPS—transaction processing SystemFRS—financial reporting SystemMRS—management reporting Systema. Preparation of balance sheetb. Capture customer sales orderc. Preparation of variance reportsd. Preparation of budgetse. Purchase order preparationf. Summary of inventory purchases by vendorg. Preparation of comparative sales report by divisionh. Preparation of cash disbursements to vendorsi. Annual report preparationj. Customer billing processk. Cost-volume-profit analysis3. Accounting for cost of incentive program for frequent customer purchases involves a. Recording an expense and a liability each period. b. Recording a liability and a reduction of revenue. c. Recording an expense and an asset reduction. d. Recording an expense and revenue each period. 4. Accounting for cost of customer incentive program a. Requires probability estimation. b. Follows the matching principle. c. Is a loss contingency situation. d. All of these are correct. 5. Providing a monetary rebate program Is accounted for similarly to a premium offer b. Creates an expense for the seller in the period of sale. c. Creates a liability for the seller at the time of sale. d. Is normally not recognizedAn example of a preventive control in the expenditure cycle is: A. Requiring management approval for large purchases B. Regular inventory counts C. Using firewalls and intrusion detection systems D. Conducting vendor audits.
- Multiple-Choice Questions 3. Which function should the billing departmentNOT perform?a. record the sales in the sales journalb. send the ledger copy of the sales order toaccounts receivablec. send the stock release document and the shipping notice to the billing department as proofof shipmentd. send the stock release document to inventorycontrolTo determine the client’s planned amount and timing of production of a product, the auditor reviews thea. Sales forecast.b. Inventory reports.c. Production plan.d. Purchases journal.The role of management accounting in directing attention involves: Select one: O A. The recording of sales by each sales person O B. Establishing why sales targets were not achieved O C. Establishing the selling price of a service O D. The calculation of depreciation on office computers
