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YGYGYH

Mathematics

University

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27 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

A) prepare the sales invoice.
B) approve the journal entry.
C) approve the customer's credit.
D) verify that the unit price is accurate.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

2. Most companies recognize sales revenue when

A) sales are invoiced.
B) payment is received from the customer.
C) goods are shipped.
D) the customer's order is received.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

3. A document sent to each customer showing his or her beginning accounts receivable balance and the amount and date of each sale, cash payment received, any debit or credit memo issued, and the ending balance is the

A) accounts receivable subsidiary ledger.
B) monthly statement.
C) remittance advice.
D) sales invoice.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

4. When dealing with the processing and recording of cash receipts,

A) the most important concern is the theft of cash.
B) theft can only occur before the receipts are entered into the records.
C) cash receipts should be deposited at least monthly.
D) the monthly statement is used to prepare the cash receipts journal.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

6. Which accounts are involved in the sales class of transactions?

A) accounts receivable and sales returns and allowances
B) cash and allowance for uncollectible accounts
C) sales allowances and accounts receivable
D) accounts receivable and sales

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

7. In many audits, no substantive tests of transactions are made for the grounds that understatement of sales is not a concern.

A) accuracy
B) existence
C) completeness
D) none of the above

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

8. Which of the following is not a key control for sales and cash receipts?

A) active board of directors
B) adequate separation of duties
C) internal verification procedures
D) adequate documents and records

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