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ACC 403 QUIZ 7

ACC 403 QUIZ 7

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Author: Christine Farr
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The document that accompanies the customer's payment is the:

Before goods are shipped on account, a properly authorized person must:

The document that requires adjustments to the customers subsidiary ledger account is the:

To test for recorded sales for which there were no actual shipments, the auditor vouches from the:

The total of the individual account balances in the accounts receivable subsidiary ledger should equal the:

Credit memos are normally issued to:

Which of the following is an account that is not affected by the sales and collection cycle?

The audit procedure referred to as proof of cash receipts is particularly useful to test:

In the accounts receivable subsidiary ledger the length of time the account has been due can be useful to the client and the auditor in preparing the:

A ________ is a document that indicates a request for merchandise by a customer.

The document used to indicate to the customer the amount of a sale and payment due date is the:

Which of the following is not a business function within the "Sales" class of transactions?

A document that initiates shipment of goods and indicates the description of the merchandise, the quantity shipped, and customer name and address is the:

The auditor's objectives for the sales and cash collections activities when the client is primarily an e-commerce business as compared to a "bricks and mortar" business are:

Generally, when is the earliest point in the sales and collection cycle in which revenue can be recognized?

When the computed upper exception rate is greater than the tolerable exception rate, it is necessary for the auditor to take specific action. Which of the following courses of action would be most difficult to justify?

The advantage of systematic sample selection is that:

If the auditor decides to assess control risk at the moderate level in a private company audit, when in previous years the auditor set control risk at the maximum level, then tests of controls for the current year would be:

In systematic sample selection, the population size is divided by the number of sample items desired in order to determine the:

Which of the following is the risk that audit tests will not uncover existing exceptions in a sample?

When the auditor decides to select less than 100 percent of the population for testing, the auditor is said to use:

Which of the following occurrences would be least likely to warrant further audit attention for the auditor?

When auditors wish to evaluate a sample statistically, an acceptable selection method is:

A sample in which the characteristics of the sample are the same as those of the population is a(n):

Simple random sampling:

The sample exception rate equals:

A sample in which every possible combination of items in the population has an equal chance of constituting the sample is a:

Rodgers CPA believes that the rate of client billing errors is 4% and has established a tolerable deviation rate of 6%. In auditing client invoices Rodgers should use:

To determine if a sample is truly representative of the population, an auditor would be required to:

The process which requires the calculation of an interval and then selects the items based on the size of the interval is:


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