Chapter 11 1. Accounts receivable include not only claims against customers. Name other types of claims. There are 6. (KC #1). 2. There are 6 ways to minimize the risk of a material misstatement of receivables. Name as many as you can. (KC # 2). 3. There are 10 duties that can be segregated among employees, so that internal control of credit sales is strengthened. Name as many ways as you can. (KC #3). 4. What are the 3 principles of internal control over notes receivable? (KC # 4). 5. There are 7 types of working papers that auditors prepare in documenting receivables and revenue. Name as many as you can. (KC #5). 6. Briefly distinguish between positive and negative confirmation requests. (KC #6). Chapter 12 1. In the audit of inventories, is it true that a complete audit of inventories includes those in finished goods and available for sale, and all others are considered raw materials? (KC #1) 2. Name as many of the auditor's objectives in the audit of inventories and cost of goods sold that you can. There are 8 in total (KC #2). 3. An aspect of auditing that is repeated throughout the course is the control environment. What are the three themes or principles that are continuously cited? (KC 33). 4. Name the various forms or documents in sequence of use in the purchasing cycle? (KC # 4). 5. Name as many audit procedures relating to substantive procedures for inventories and cost of goods sold as you can. (KC #5). 6. Name the 4 steps that auditor's should take with respect to first-year audit clients? (KC#6)