Control over completeness for the revenue cycle What control procedures should be implemented to ensure the completeness objective is met with respect to sales?
Control procedures to ensure that the objective of completeness is met for the revenue accounts are:
? Prenumbered shipping and invoice documents should be used and accounted for periodically.
? Online computer input of all transactions and independent logging of the transactions should be created for subsequent use in performing reconciliations.
? Recorded transactions should be reviewed periodically, compared with budgets, and variances investigated.
? Monthly statements should be mailed regularly to customers.
? Subsidiary ledgers should be reconciled periodically to the general ledger and any differences investigated.
? A separate department should investigate all customer accounts receivable inquiries.
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Sparrow Corporation The items listed below were identified while preparing a bank reconciliation for the checking account of Sparrow Corporation as of March 31, 2012. Sparrow's balance according to the general ledger ? Bank statement balance $18,500 Outstanding checks 2,700 A customer's NSF check returned by the bank 350 Bank service charges 100 Deposits in transit 1,000 Interest earned on the
checking account 60 Refer to the information presented for Sparrow Corporation. Determine the amount of the balance per Sparrow's records before adjustment. A) $16,410 B) $16,900 C) $17,190 D) $17,310
Cousteau has had many sea experiences in his past. He is once again placed in charge of a vessel that has a mission to study dolphins. He looks forward to this new mission, even though he has done many similar excursions in the past, because he has a new group of students who are eager to learn from him. Cousteau has which type of power?
a. Personal expert power b. Personal reward power c. Organizational expert power d. Organizational coercive power
When the makers of Arm and Hammer Baking Soda created toothpaste containing baking soda as one of its ingredients, it was attempting to broaden its current brand with a new product. This strategy is called brand ________.
Fill in the blank(s) with the appropriate word(s).
The NPDES is a highly effective water emission technology required to be used by the EPA
a. True b. False Indicate whether the statement is true or false