Indicate which of the following audit procedures, used as tests of controls, do not involve audit sampling.1. Observing and evaluating segregation of duties.2. Testing of whether sales invoices are supported by authorized customer orders and shipping documents.3. Reviewing entity's procedures for accounting for the numerical sequence of shipping documents.4. Examining sales orders for proper credit approval.5. Recomputing the information on copies of sales invoices.6. Comparing the average days outstanding in accounts receivable with industry averages.
What will be an ideal response?
1. Does not involve sampling.
2. Involves sampling.
3. Does not involve sampling.
4. Involves sampling.
5. Involves sampling.
6. Does not involve sampling.
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Which of the following statements about moral awareness is accurate?
a. A person’s moral awareness is likely to be stronger as a teenager than as a young child. b. People with low moral awareness will likely make ethical decisions in situations they do not recognize as ethical. c. A person’s moral awareness remains constant at the various stages of moral development. d. A person with high moral awareness may understand to act ethically while only considering the impact of their decisions on himself or herself.
Shoplifting, sweethearting, and retail borrowing are all problems that contribute to ________
A) off-price retailing B) shrinkage C) pyramid schemes D) understored trade areas E) pop-up retailing
The following journal entry was included in the accounting records of Spica, Inc Oct. 15 Accounts Payable 4,000 Inventory 40 Cash 3,960 Based on this information, it is likely that Spica:
A) purchased inventory for cash. B) paid for inventory purchased on credit, and took advantage of a 1% purchase discount. C) sold inventory for cash. D) collected cash for inventory sold on credit, and recognized a 1% sales discount.
Distributors carry large quantities of fewer items, in contrast to wholesalers who carry a large
assortment items. Indicate whether the statement is true or false