ACC 403 help A Guide to career/Snaptutorial ACC 403 help A Guide to career/Snaptutorial | Page 78

7. What event initiates a transaction in the sales and collection
cycle?
8. To test for recorded sales for which there were no actual
shipments, the auditor vouches from the:
9. Generally, when is the earliest point in the sales and collection
cycle in which revenue can be recognized?
10. A document sent to each customer showing his or her beginning
accounts receivable balance and the amount and date of each sale,
cash payment received, any debit or credit memo issued, and the
ending balance is the:
11. What critical event must take place before goods can be shipped
in order to assure payment can be reasonably expected?
12. Most companies recognize sales revenue when:
13. Which of the following is not a business function within the
"Sales" class of transactions?
14. When an employee who is authorized to make customer entries
in the accounts receivable subsidiary ledger, purposefully enters cash
received into the wrong customer's account that employee may be
suspected of:
15. The audit procedure referred to as proof of cash receipts is
particularly useful to test:
16. In systematic sample selection, the population size is divided by
the number of sample items desired in order to determine the:
17. Which of the following is the risk that audit tests will not
uncover existing exceptions in a sample?
18. There are three phases in both statistical and nonstatistical
sampling. The first phase is to:
19. Attributes sampling is based on the ________ distribution, in
which each possible sample in the population has one of two possible
values, such as yes or no.
20. The acceptable risk of overreliance:
21. When the auditor decides to select less than 100 percent of the
population for testing, the auditor is said to use:
22. Which of the following occurrences would be least likely to
warrant further audit attention for the auditor?