For companies that sell goods or services on account, there is significant! interaction between sales and accounts receivable. True False Risks associated with revenue recognition are such that auditors often consider the occurrence of revenues and the existence of receivables assertions to be a significant inherent risk. o True False The effectiveness of IT controls usually depends on both effective entity- level controls and effective IT general controls. True False Gross sales refers to earnings before interest and taxes total revenues, net of deductions for sales returns and allowances operating income O total revenues before any deductions, such as deductions for sales returns and allowances