You are working on the audit of Starburst Ltd and have just completed an evaluation of the controls in the cash receipts area. You note the following key controls as part of your evaluation:<\/p>
<\/p>
1. All cash handling is independent of the accounting function's cash (5 marks)<\/p>
<\/p>
2. Cash receipts are matched to specific sales invoices before being posted to the accounts receivable master file (5 marks)<\/p>
<\/p>
3. There is independent check that cash receipts are recorded in the correct account (5 marks)<\/p>
<\/p>
4. There is a policy of depositing cash receipts each day (5 marks)<\/p>
<\/p>
Required<\/p>
<\/p>
Provide an example of each procedure that could be used to test the control for each of the key controls identified above?<\/p>", "transcribed_text": "", "related_book": { "title": "Fundamentals Of Statistics", "isbn": "978-032184460, 032183870X, 321844602, 9780321838704, 978-0321844606", "edition": "4th Edition", "authors": "Michael Sullivan III", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/445.jpg", "uri": "\/textbooks\/fundamentals-of-statistics-4th-edition-445", "see_more_uri": "" }, "free_related_book": { "isbn": "1647552397", "uri": "\/textbooks\/birds-of-indiana-field-guide-1st-edition-978-1647552398-302246", "name": "Birds Of Indiana Field Guide", "edition": "1st Edition" }, "question_posted": "2024-06-28 08:56:59", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/international-products-has-contracted-for-5000-winter-hats-from-russia", "description": "International Products has contracted for 5,000 winter hats from Russia. The contract price is 1,375 rubles per hat. The current direct exchange rate is 0.03562. The expected inflation rate for the...", "stars": 3 }, { "url": "\/study-help\/introduction-to-probability-statistics\/267-standardized-test-scores-a-districts-school-boards-verbal-and-1981017", "description": "2.67 Standardized Test Scores A district's school board's verbal and mathematics scholastic aptitude tests are scored on a scale of 200 to 800. Although the tests were originally designed to produce...", "stars": 3 }, { "url": "\/the-adjusted-trial-balance-of-sang-company-shows-the-following", "description": "The adjusted trial balance of Sang Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2017: Sales Revenue $820,000, Freight-Out $16,000, Sales Returns and...", "stars": 3 }, { "url": "\/study-help\/questions\/why-it-is-important-regardless-of-the-systematic-approach-involved-9886060", "description": "Why it is important, regardless of the systematic approach involved, to catch problems early on in the development of the system?", "stars": 3 }, { "url": "\/study-help\/questions\/transcribed-image-text-if-the-price-of-a-10000-par-4689908", "description": "If the price of a $10,000 par Treasury bond is $10,237.50, the quote would be listed in the newspaper as Multiple Choice 102.237 102.102 102.375 102.750", "stars": 3 }, { "url": "\/study-help\/questions\/ms-mary-mulenga-and-ms-joyce-hachiintu-are-second-year-1002478", "description": "Ms. Mary Mulenga and Ms. Joyce Hachiintu are second year students from the National Institute of Public Administration pursuing a Bachelor of Arts in Public Administration. After writing their final...", "stars": 3 }, { "url": "\/study-help\/questions\/watch-this-wonderfully-made-video-where-flight-instruction-in-france-1007955", "description": "Watch this wonderfully made video where flight instruction in France is conducted in English. https:\/\/www.youtube.com\/watch?v=Y5NOncG7WHY How effective is this instructor in his delivery with the...", "stars": 3 }, { "url": "\/study-help\/questions\/a-medical-supplies-manufacturer-that-operates-250-days-a-year-1004684", "description": "A medical supplies manufacturer that operates 250 days a year has a constant annual demand of 50,000 units of a certain medicine. The company has a daily production capacity of 500 units and the...", "stars": 3 }, { "url": "\/study-help\/questions\/question-6-05-points-max-z5x1-3x2-subject-to-1007920", "description": "Question 6 0.5 Points Max Z=5X1 + 3X2 Subject to X1 + 2x2 10 X1-X2 8 X1, X2 0 In the starting Simplex tableau, X1 and X2 are non-basic variables and the value of Z is zero. The value of Z in the next...", "stars": 3 }, { "url": "\/study-help\/questions\/what-is-a-strategic-business-that-starbucks-has-or-has-1002886", "description": "What is a strategic business that Starbucks has or has recently faced; contextualized within the organizational setting, including an overview of relevant strategic decisions that led to its current...", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/requireda-record-the-transaction-in-the-general-journalb-prepare-inventory-4278633", "next": "\/study-help\/questions\/what-am-i-missing-the-following-transactions-are-from-ohlm-4278635" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": "You are working on the audit of Starburst Ltd and have just", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/you-are-working-on-the-audit-of-starburst-ltd-and-4278634" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } }d": "1" } }