Which of the following controls most likely would help ensure that all credit sales transactions of an entity are recorded? The billing department supervisor matches prenumbered shipping documents with entries in the sales journal. Show
Which of the following internal control procedures would most likely assure that all billed sales are correctly posted to the accounts receivable ledger?Which of the following internal control procedures would most likely assure that all billed sales are correctly posted to the accounts receivable ledger? Daily sales summaries are compared to daily postings to the accounts receivable ledger. Which internal control is intended to ensure?Internal controls are intended to prevent errors and irregularities, identify problems and ensure that corrective action is taken. What are the 4 internal controls?Internal controls consists of all the measures taken by the organization for the purpose of; (1) protecting its resources against waste, fraud, and inefficiency; (2) ensuring accuracy and reliability in accounting and operating data; (3) securing compliance with the policies of the organization; and (4) evaluating the … What are examples of internal control activities?Examples of these activities include reconciliations, authorizations, approval processes, performance reviews, and verification processes. An integral part of the control activity component is segregation of duties. However, in very small governmental units, such segregation may not be practical. Which of the following is a reason to establish internal control?The primary purpose of internal controls is to help safeguard an organization and further its objectives. Internal controls function to minimize risks and protect assets, ensure accuracy of records, promote operational efficiency, and encourage adherence to policies, rules, regulations, and laws. Terms in this set (8) answer: final authorization of credit memos by personnel in the sales department could permit an employee defalcation scheme. The most likely result of ineffective internal control policies and procedures in the revenue cycle is that: answer: shipments to customers were invoiced. What are the 9 common internal controls?Here are controls: Strong tone at the top; Leadership communicates importance of quality; Accounts reconciled monthly; Leaders review financial results; Log-in credentials; Limits on check signing; Physical access to cash, Inventory; Invoices marked paid to avoid double payment; and, Payroll reviewed by leaders. What are the 5 internal controls?
What are the 7 internal control procedures?The seven internal control procedures are separation of duties, access controls, physical audits, standardized documentation, trial balances, periodic reconciliations, and approval authority. What are the 3 types of internal controls?
What is an effective internal control system?An effective internal control system provides reasonable assurance that policies, processes, tasks, behaviours and other aspects of an organisation, taken together, facilitate its effective and efficient operation, help to ensure the quality of internal and external reporting, and help to ensure compliance with … What are key internal controls?Internal controls are the mechanisms, rules, and procedures implemented by a company to ensure the integrity of financial and accounting information, promote accountability and prevent fraud. What are the five main objectives of internal control?
What are the different forms of internal control?Overview. There are two basic categories of internal controls – preventive and detective. An effective internal control system will have both types, as each serves a different purpose. What is internal control checklist?The Internal Control Checklist is a tool for the campus community to help evaluate and strengthen internal controls, promote effective and efficient business practices, and improve compliance in a department or functional unit. Which of the following control procedures may prevent the failure to bill customers for some shipments?Which of the following control activities may prevent the failure to bill customers for some shipments? Each shipment should be supported by a prenumbered sales invoice that is accounted for.
Which of the following controls most likely would ensure that all billed sales are correctly?Which of the following internal control activities most likely would assure that all billed sales are correctly posted to the accounts receivable ledger? Daily sales summaries are compared with daily postings to the accounts receivable ledger.
Which of the following procedures would most likely not be an internal control procedure designed to reduce the risk of errors in the billing process?Explanation: Choice “D” is correct. Reconciling the control totals for sales invoices with the accounts receivable subsidiary ledger would probably not reduce the risk of errors in the billing process, since any errors in billing would likely be included in both the sales and accounts receivable balances.
Which of the following internal control procedures most likely would deter?Which of the following internal control activities most likely would deter lapping of collections from customers? Separation of duties between receiving cash and posting the accounts receivable ledger.
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Which of the following control procedures would most likely assure that access to shipping, billing
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