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WorksheetsFinancial Audit 2 - 18A4 - Audit on Revenue (I)
Total questions: 5
Worksheet time: 4mins
Which of the following is the monitoring control that applicable to revenue transactions?
Compare sales and cost of goods sold with budgeted amounts
Exception reports generated to identify unusual transactions
Internal audit of revenue cycle controls
All of the above
Which of the following is an account that is not affected by the revenue cycle?
Cash
Accounts receivable
Accounts payable
Allowance for doubtful accounts
Which of the following is a major activity for the revenue cycle?
Receive items
Forecast production
Record time spent on specific jobs
Deliver or ship order
(a) are recorded only when shipment has occurred and the primary revenue producing activity has been performed.
(a) transactions include all the processes ranging from the sale to shipping a product, billing the customer, and collecting cash.
