The following can be appropriately included in an Internal Control Questionnaire for Revenue/Receipt Cycle, except * A. Is the credit department independent of the sales department? B. Are debit or credit memos independently checked against sales invoice data? C. Are accounts receivable periodically reviewed and aged? D. Does the cashier compare the official receipt, deposit slip, and cash receipts journal? E. None of them
The following can be appropriately included in an Internal Control Questionnaire for Revenue/Receipt Cycle, except * A. Is the credit department independent of the sales department? B. Are debit or credit memos independently checked against sales invoice data? C. Are accounts receivable periodically reviewed and aged? D. Does the cashier compare the official receipt, deposit slip, and cash receipts journal? E. None of them
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 1QY
Related questions
Question
The following can be appropriately included in an Internal Control Questionnaire for Revenue/Receipt Cycle, except *
A. Is the credit department independent of the sales department?
B. Are debit or credit memos independently checked against sales invoice data?
C. Are accounts receivable periodically reviewed and aged?
D. Does the cashier compare the official receipt, deposit slip, and cash receipts journal?
E. None of them
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Auditing: A Risk Based-Approach (MindTap Course L…
Accounting
ISBN:
9781337619455
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College