46) 46) Which of the following sets of duties would ordinarily be comsidered basically incompatible in terms of effective internal contrel? A) Custody of unmailed signed checks and maintenance of expense B) Collection of receipts on account and maintaining accounts receivable records of monthly statements to customers and maintenance of the accounts receivable subsidiary ledger D) Posting to the general ledger and approval of addistions and terminations relating to the payroll 47) A product cost is A)recognized inthe pid during which related revenue is recognized. B) recognized during the period in which a liability is incurred C) recognized in the period in which cash is spent D) an expense allocated by a sysematic procedure 48) 48) The cutoff assertion for accouts payable inclades A) determining whether all accounts payable are peoperly classified in the financial B) determining whether all accounts payable are rocoeded. C) determining whether all accounts payable are recoeded in the proper period D) determining whether all accounts payable actually are liablities 49) 49) Purchase cutoff procedures should be designed to test whether or not all inventory A) owned by the company is in the possession of the company B) on the year-end balance sheet was paid for by the company. C) on the year-end halance sheet was carried at lower of cost or market D) purchased and received before the year-end was recorded before year-end 50) Tests designed to detect purchases made before the end of the year that have been rocorded in the subsequent year most likcly would provide assurance about management's assertion of B) classification D) occurrence A) cutoff C) accuracy