-18%

Auditing An International Approach 8th Edition By Wally Smieliauskas – Test Bank

Original price was: $55.00.Current price is: $45.00.

{
“@context”: “https://schema.org/”,
“@type”: “Product”,
“name”: “Auditing An International Approach 8th Edition By Wally Smieliauskas – Test Bank”,
“image”: “http://testbank.llc/wp-content/uploads/2023/02/Auditing-An-International-Approach-8th-Edition-By-Wally-Smieliauskas-–-Test-Bank.jpeg”,
“description”: “PDF files are available for the Auditing An International Approach 8th Edition. Become more prepared for your exams by accessing our test bank instantly!”,
“brand”: {
“@type”: “Brand”,
“name”: “Auditing”
},
“sku”: “AASA555”,
“offers”: {
“@type”: “Offer”,
“url”: “https://testbank.llc/auditing-an-international-approach-8th-edition-by-wally-smieliauskas-test-bank/”,
“priceCurrency”: “USD”,
“price”: “30”,
“priceValidUntil”: “2025-04-19”,
“availability”: “https://schema.org/InStock”,
“itemCondition”: “https://schema.org/NewCondition”
},
“aggregateRating”: {
“@type”: “AggregateRating”,
“ratingValue”: “4.8”,
“bestRating”: “5”,
“worstRating”: “1”,
“ratingCount”: “260”
}
}

Compare
Add to wishlist
Description

Auditing An International Approach 8th Edition By Wally Smieliauskas – Test Bank

Chapter 11

The Revenues, Receivables, and Receipts Process and Cash Account Balance

Multiple Choice Questions

  1. Which of the following lists outlines the best order for a typical sequence of activities in the revenue and collection cycle?
    A.Delivering goods, billing customers, credit granting, collection activity.
    B. Customer ordering, delivering goods, billing customer, cash receipts.
    C. Customer ordering, delivering goods, credit granting, collection activity.
    D. Credit granting, billing customers, delivering goods, cash receipts.

Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Easy
Learning Objective: 11-01 Describe the revenues, receivables, and receipts process, including typical risks, transactions, account balances, source documents, and controls.
Topic: 11-05 Understanding the Revenues, Receivables, and Receipts Process
Topic: 11-06 Assertion-Based Risk Assessment for Revenues, Receivables, and Receipts
Topic: 11-07 Revenues, Receivables, and Receipts Process: Typical Activities

  1. Which of the following source documents are typically NOT involved in the revenue and collection cycle?
    A.purchase requisitions
    B. shipping documents
    C. customer orders
    D. sales invoices

Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Easy
Learning Objective: 11-01 Describe the revenues, receivables, and receipts process, including typical risks, transactions, account balances, source documents, and controls.
Topic: 11-05 Understanding the Revenues, Receivables, and Receipts Process
Topic: 11-06 Assertion-Based Risk Assessment for Revenues, Receivables, and Receipts
Topic: 11-07 Revenues, Receivables, and Receipts Process: Typical Activities

 

  1. When the credit manager decides a customers’ account is considered to be uncollectible, the decision should be reviewed by the controller to ________.
    A.ensure the bad debts account is within budget
    B. ensure the credit manager has not written off the account as a favour to a friend
    C. begin a lawsuit to collect the money
    D. inform the police

Accessibility: Keyboard Navigation
Blooms: Apply
Difficulty: Easy
Learning Objective: 11-01 Describe the revenues, receivables, and receipts process, including typical risks, transactions, account balances, source documents, and controls.
Topic: 11-05 Understanding the Revenues, Receivables, and Receipts Process
Topic: 11-06 Assertion-Based Risk Assessment for Revenues, Receivables, and Receipts
Topic: 11-07 Revenues, Receivables, and Receipts Process: Typical Activities

  1. Upon receipt of customer cheques in the mailroom, a responsible employee should prepare a remittance listing and forward it to the cashier. A copy of the listing should be sent to the ________.
    A.internal auditor to investigate the listing for unusual transactions
    B. controller to compare the listing with the monthly bank statement
    C. accounts receivable bookkeeper to update the subsidiary accounts receivable records
    D. entity’s bank to compare the listing with the cashier’s deposit slip

Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: Medium
Learning Objective: 11-01 Describe the revenues, receivables, and receipts process, including typical risks, transactions, account balances, source documents, and controls.
Topic: 11-07 Revenues, Receivables, and Receipts Process: Typical Activities
Topic: 11-13 Cash Receipts and Cash Balances: Processing and Controls
Topic: 11-14 Custody

 

  1. A control weakness for revenues and receivables processing that could lead to theft of inventory is ______.
    A.when accounting staff can update the accounts receivable files
    B. when the stockkeeper authorizes release of the inventory
    C. when no period confirmation of the balance owing from the customer is made.
    D. when shipping personnel have the power to alter the quantities shipped on the shipping documents

Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: Medium
Learning Objective: 11-01 Describe the revenues, receivables, and receipts process, including typical risks, transactions, account balances, source documents, and controls.
Topic: 11-08 Revenues and Accounts Receivable: Processing and Controls
Topic: 11-09 Custody
Topic: 11-11 Recording

  1. In evaluating the adequacy of the allowance for doubtful accounts, an auditor is most likely to review the aging of receivables as evidence and support for management’s financial statement assertion of ________.
    A.existence or occurrence
    B. valuation
    C. completeness
    D. rights and obligations

Accessibility: Keyboard Navigation
Blooms: Apply
Difficulty: Hard
Learning Objective: 11-01 Describe the revenues, receivables, and receipts process, including typical risks, transactions, account balances, source documents, and controls.
Topic: 11-07 Revenues, Receivables, and Receipts Process: Typical Activities
Topic: 11-24 Aged Accounts Receivable Trial Balance

 

  1. The most frequent reconciliation is the comparison of the sum of customers’ unpaid balances with the accounts receivable control account total. Usually, this reconciliation is done with a(n) ________.
    A.aged trial balance
    B. capital asset sub-ledger
    C. bank statement
    D. customer statement

Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: Easy
Learning Objective: 11-01 Describe the revenues, receivables, and receipts process, including typical risks, transactions, account balances, source documents, and controls.
Topic: 11-08 Revenues and Accounts Receivable: Processing and Controls
Topic: 11-12 Periodic Reconciliation

  1. A fictitious entry in the cash receipts journal provides evidence of which assertion misstatement for accounts receivable?A. Ownership
    B. Completeness
    C. Valuation
    D. Existence

Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: Hard
Learning Objective: 11-02 Describe the auditor’s control risk assessment and control tests for auditing control over customer credit approval, delivery, accounts receivable, cash receipts, and bank statements.
Topic: 11-07 Revenues, Receivables, and Receipts Process: Typical Activities
Topic: 11-25 Control Risk Assessment

How You Will Get Your Product?

After making the purchase, you will get the activation license Instantly


Step 1: Instant Access to Your Purchase

  1.      The official product download link
  2.      We will provide you the original key to activate the product without any issues.

Step 2: License Key Format

  1. License Key format :
    1. License Number: XXXX-XXXX-XXXX-XXX
    2. Product number: XXX-XXX

Certified QuickBooks ProAdvisor services!

We offer Intuit ProAdvisor licenses registered under our company. With our QuickBooks ProAdvisor licenses, you'll receive the full benefits of an authentic Intuit license. Your software and company data/files remain secure and stored on your computer at your designated work location. As it's a desktop version, not online, no remote access to your data/files is possible.