8. Which of the following would be consistent with an employee taking cash recei

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8. Which of the following would be consistent with an employee taking cash receipts from customers on account? (a) (b) (e) (d) The total of the accounts receivable subsidiary ledger balances is less than the accounts receivable control account. Total credit sales for the month. cash receipts from customers for the month are greater than The total of the accounts receivable subsidiary ledger balances is greater than the accounts receivable control account. Total cash receipts from customers for the month are less than credit sales for the month. 9. Which of the following is true about analytical procedures? (a) est of Analytical procedures are used in planning, as a substantive t specific accounts, and in the final review of the audited financial statements. Performing analytical procedures results in the most reliable form of evidence. (b) Analytical procedures are used for planning, but they should not be used to obtain evidence as to the reasonableness of specific account balances. (c) Analytical procedures are tests of controls used to evaluate the quality of a client's internal control structure. (d) " (a) (b) (c) (d) 10 Bill and Hold" refers to an arrangement where: Sales are billed but not collected. Sales are shipped but are not recorded. Sales are recorded but are not shipped. Inventory is held but not billed. 11. The document that generates recording of a sale in the sales journal is the: (a) Customer order. (b) Sales invoice. (c) Shipping order. (d) Purchase order 12. The primary audit assertions that auditors will probably emphasize in the revenue and collection cycle is (a) Existence or occurrence. (b) Valuation or allocation. (c) Classification and understandability (d) Completeness

Explanation / Answer

8. The answer is " (a) "

9. The answer is " (a) "

10. The answer is " (c) "

11. The answer is " (b) "

12. The answer is " (a) "

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