Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

For each of the controls below, identify the transaction-related assertion to which it applies. Presentation, classification, occurrence, accuracy, or completeness. 1. Sales are made only

For each of the controls below, identify the transaction-related assertion to which it applies. Presentation, classification, occurrence, accuracy, or completeness. 1. Sales are made only to approved customers. The computer system rejects orders if the customer number is invalid. 2. The computer system generates a list of shipping documents that were not matched with a recorded sale. The sales clerk follows up on each exception and electronically signs the report when they're all resolved. 3. The accounts receivable clerk prepares a monthly reconciliation of accounts receivable in the general ledger with the account receivable master file. He signs and dates the reconciliation and forwards it to the controller for review and approval. 4. Payroll accounting personnel must input the employee's identification numbers. The system does not allow input of hours worked for invalid employee numbers. 5. Periodically, the payroll accounting personnel obtain a listing of pay rates and withholding information for a sample of employees from human resources to recalculate gross and net pay

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Tools For Business Decision Making

Authors: Paul D. Kimmel,  Jerry J. Weygandt,  Jill E. Mitchell

10th Edition

1119791081, 978-1119791089

More Books

Students also viewed these Accounting questions