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Category > Accounting Posted 05 Aug 2017 My Price 15.00

control procedures and devices

ASSERATION ASSOCIATION

 

Exhibit 7.60 contains an arrangement of example of transactions error (lettered a-g) and set of client control procedures and devices (number 1-5).

Required: for each error/control objective identify the assertion about cases of transactions and events most benefited by the control

a. Sales recoreded,good not ship

b. Goods shipped, sales not recorded

c. Goods shipped to a bad credit risk customers

d. Sales billed at the wrong price or wrong quantity

e. Product line A sales recorded as product line B

f. Failure to post charges to customers for sales

g. January sales recorder in December

 

Exhibit 7.60.1

 

Control Procedures

1. Sales order approved for credit

2. Prenumbered shipping doc prepared. Sequence checked

3. Shipping document quality compare to sales invoice

4. Prenumbere sales invoiced, sequence checked

5. Sales invoice checked to sales

6. Invoice prices compared to approved price list

7. General Ledger code checked for sales product lines

8. Sales dollar batch totals compared to sales journal

9. Periodic sales total compare t same period accounts receivable posting

10. Accountants have instruments to date sales on the date of shipment

11. Sales entry date compared shipping doc date

12. Accounts receivable subsidiary totaled and reconciled to accounts receivable control accounts

13. Intercompany accounts receivable write with subsidiary company records

14. Credit files updated for customer payment history

15. Overdue customers accounts investigated for collection

 

 

Complete and submit in excel document

Answers

Maurice Tutor
(5)
Status NEW Posted 05 Aug 2017 09:08 PM My Price 15.00

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