Instructions for each possible risk listed below (possible errors & fraud), identify the assertion that we are concerned about with respect to revenues (use assertions related to classes of transactions & events during the period-this list can be found in the slides and in your textbook in table 10-5 on pg.351 ) and identify an internal control procedure that (if properly designed & implemented), could assist in preventing & detecting errors or irregularities. List of controls to choose from (note: you may use some controls more than once, and others you will not need at all - this is not a matching exercise): a. Shipping clerks compare goods received from the warehouse with the details on the shipping docs. b. Approved sales orders are required for goods to be released from the warehouse. C. Monthly statements are mailed to all customers with outstanding balances. d. Shipping clerks compare goods received from the warehouse with approved sales orders. e. Customer orders are compared with the inventory master file to determine whether items ordered are in stock. f. Daily sales summaries are compared with control totals of invoices. g. Shipping documents are compared with sales invoices when goods are shipped. h. Sales invoices are compared with the master price file. i. Customer orders are compared with an approved customer list. j. Sales orders are prepared for each customer order. k. control amounts posted to the AR subledger are compared with control totals of invoices. 1. Sales invoices are compared with shipping documents and approved cutomer orders before invoices are mailed. m. pre-numbered credit memos are used for granting credit for goods returned. n. Goods returned for credit are approved by the supervisor of the sales department. 0. Remittance advices are separated from the checks in the mailroom and forwarded to the accounting department. p. Total amounts posted to the AR subledger from remittance advices are compared with the validated bank deposit slip. q. The cashier examines each check from proper endorsement. r. Validated deposit slips are compared with the cashier's daily cash summaries. s. an employee, other than the bookkepper, periodically prepares a bank reconciliation. t. The same employee who issues receiving reports evidencing actual return of goods approves sales returns. 1. Invoices for goods sold are posted to incorrect customer accounts Assertion: Control (indicate letter from a to t): QUESTION 2 0.55556 points Save Answer 2. Goods ordered by customers are shipped but are not billed to anyone. Assertion: Control (indicate letter from a to t): QUESTION 3 0.55556 points Save Answer 3. Invoices are sent for shipped goods but are not recorded the sales journal. Assertion: Control (indicate letter from a to t): QUESTION 4 0.55556 points Save Answer 4. Invoices are sent for shipped goods and are recorded in the sales journal but are not posted to any customer account. Assertion: Control (indicate letter from a to t): QUESTION 5 0.55556 points Save Answer 5. Credit sales are made to individuals with unsatisfactory credit ratings. Assertion: Control (indicate letter from a to t): QUESTION 6 0.55556 points Save Answer 6. Goods are removed from inventory for unauthorized orders. Assertion: Control (indicate letter from a to t)