92 Which is not a key segregation of duties for the revenue process? Answer: D Terms: Reliability of audit evidence Diff: Moderate Objective: LO 7-3 AACSB: Reflective thinking skills does not provide evidence from an independent source." 20. . d. Shipments to customers were billed. Billed sales were shipped. Shipments to customers were recorded as receivables. C. Shipments to customers were billed. The BOL also serves as a receipt for the goods shipped. Auditing from the journals back to the supporting documents is a test for invalid transactions. d. All prenumbered sales. Tracing copies of computer-prepared sales invoices to copies of the corresponding computer-prepared shipping documents provides evidence that: A) Shipments to customers were properly billed. 91 Tracing bills of lading to sales invoices provides evidence that: shipments to customers were recorded as sales. In a few easy steps, you'll create a professional template with your company's logo and contact information. b. Debit entries in the accounts receivable subsidiary ledger are properly supported by sales invoices. Tracing shipping documents to pre-numbered sales invoices provides evidence that A. Tracing copies of computer-prepared sales invoices to copies of the corresponding computer-prepared shipping documents provides evidence that A. Disclosing lack of segregation of duties to external auditors during the annual review. You'll include things such as order number, the purchase number, reference number, and banking or payment information. Shipping documents provide evidence that a sale occurred, and tracing from shipping documents to sales invoices might identify instances in which a sale occurred but the associated invoice was not prepared (i.e., if no related invoice can be found ). Tracing shipping documents to sales invoices provides evidence that 1. sales billed to customers were actually shipped. Shipments to customers were recorded as receivables.b. g Choice "a" is correct. Shipping documents and sales invoices are matched by an employee who does not have authority to write-off bad debts. B is corrent because by tracing bills of lading to sales invoices, the auditor obtains evidence that merchandise which has been shipped (as evidenced by a bill of lading) has been invoiced. B. B) Reliability of audit evidence is dependent upon the evidence being convincing. The invoice is then sent to the customer and to the accounts receivable department. Trace the selected bills of lading to sales invoice and sales journal to ensure they have been recorded as sales revenue Scan the sequential number of sales invoices in the sales journal; ensure that the missing numbers are not unrecorded sales and have an appropriate explanation for. Select a sample of shipping documents such as bill and lading and trace back to sale invoices and then to sales and accounts receivable ledger account. Trace a sample of debit entries in the accounts receivable master file to the sales journal to determine whether the date, customer name, and amount are the same. d. Shipments to customers were billed. C. Sales billed to customers were actually shipped. Use our free sales invoice template to build a custom template for your business. An internal auditor would trace copies of sales invoices to shipping documents in order to determine that Customer shipments were billed. B) completeness. Validity objective--starting point is a journal Completeness objective--starting point is . c. Shipments to customers were invoiced. a. Sales that are billed were also shipped. 3. all goods ordered by customers were shipped. Recorded sales were shipped. Shipments to customers were recorded as receivables. O B. Entries in the accounts receivable subsidiary ledger were for sales actually shipped. B. Answer (a) is incorrect because duplicate shipments or billings will not in general be detected by tracing individual shipping documents to prenumbered sales invoices. Billed sales were shipped. Tracing copies of sales invoices to shipping documents will provide evidence that all: asked Aug 30, 2019 in Business by Johan A. At the same time the inspection of the document may not provide evidence in respect of the assertions of ownership and valuation of the asset. No duplicate shipments or billings occurred. B) shipments were recorded as receivables in the subsidiary ledger. A. No duplicate shipments or billings occurred B. ANSWER: C . Different parties should: 2. shipments to customers were properly invoiced. Tracing shipping documents to prenumbered sales invoices provides evidence that A. D. Providing greater management oversight of incompatible activities. Bill of Lading, B/L for short, is the most important shipping document in international trade. shipments to customers were properly invoiced; no duplicate shipments or billings occurred; goods billed to customers were shipped; all prenumbered sales invoices were accounted for; 4. Answer (a) is incorrect because duplicate shipments or billings will not in general be detected by tracing individual shipping documents to prenumbered sales invoices. ANSWER: B. Billed sales were shipped. Examples of evidence gathering by inspection techniques is the review by an auditor of sales orders, sales invoices, shipping documents, bank statements, electronic records (via CAATs), mechanical inspection of assets, etc. 45. If the numbers are different, it means that not everything ordered was shipped. B. shipments to customers were invoiced. d. Shipments to customers were billed. The BOL works as a receipt of freight services, a contract between a freight carrier and shipper, and a document of title. Billed sales were shipped. Tracing copies of sales invoices to shipping documents will provide evidence that all A. b) Inspect the entity's reports of prenumbered shipping documents that have not been recorded in the sales journal. These files will likely not provide evidence about specific sales. C) classification. After completing the proforma invoice, you'll need to prepare the goods for shipping and fill out the commercial invoice. b a. select a sample of duplicate sales invoices and trace each to related shipping documents. the shipping documents relate to shipments to customers, and tracing them to sales invoices will provide evidence on whether sales invoices were prepared. None of the options are correct B C E Inspecting certain documents may provide direct audit evidence of the existence of an asset, for instance a financial instrument like a share or a bond where the document itself constitutes the asset. d. All sales invoices have been properly posted to customer accounts. Required D. Shipments to customers were billed. B) Entries in the accounts receivable subsidiary ledger were for sales actually shipped. Compare price, features, and reviews of the software side-by-side to make the best choice for your business. c. Debits to the subsidiary accounts receivable ledger are for sales shipped. Tracing copies of sales invoices to shipping documents will provide evidence that all a. ANSWER: B. Tracing shipping documents to prenumbered sales invoices provides evidence that a. In this case, we can perform test of controls to ensure cut-off by: Trace date of shipping document to the date of sale invoice and sale transaction. invoiced sales were shipped C. Debits to the subsidiary accounts receivable ledger are for sales shipped. b. trace a sample of shipping documents to related duplicate sales invoices. Shipments to customers were recorded as receivables.b. C. Shipments to customers were recorded as receivables. Entries in the accounts receivable subsidiary ledger were for sales actually shipped. c) Compare the invoiced prices on prenumbered sales invoices to the entity's authorized price list. b. Tracing copies of computer-generated sales invoices to copies of the corresponding computer-generated shipping documents provides evidence that: asked Jul 13, 2018 in Business by Phenomono A. B. Shipments to customers were properly invoiced All goods ordered by customers were shipped D All prenumbered sales invoices were accounted for. receiving report and the vendor's shipping document. It originated from the French word envoyer, which implies "to send". Tracing shipping documents to pre-numbered sales invoices provides evidence that: shipments to customers were properly invoiced. c. Debits to the subsidiary accounts receivable ledger are for sales shipped. The commercial invoice includes the details of the transaction. Tracing from source documents to the journals is a test for omitted transactions. Choice "a" is incorrect. 登录 之后可查看解析. Tracing bills of lading to sales invoices provides evidence that. The purpose of tracing shipping documents to prenumbered sales invoices would be to provide evidence that a. shipments to customers were properly invoiced b. no duplicate shipments or billings occurred c. goods billed to customers were shipped d. all prenumbered sales invoices were accounted for a. shipments to customers were properly invoiced C. B. 31. A 31. Shipments to customers were properly invoiced. C. B is corrent because by tracing bills of lading to sales invoices, the auditor obtains evidence that merchandise which has been shipped (as evidenced by a bill of lading) has been invoiced. Billed sales were shipped. C) the accounts receivable master file and the accounts receivable subsidiary ledger reconcile. Shipments to customers were properly invoiced. Replacing personnel every three or four years. If a customer was indeed billed twice for an order, you'd probably look at the purchase order and verify quantity ordered, and compare it with quantity invoiced. c. Debits to the subsidiary accounts receivable ledger are for sales shipped. Tracing shipping documents to prenumbered sales invoices provides evidence that a. Tracing shipping documents to prenumbered sales invoices provides evidence that a.Shipments to customers were properly invoiced b.All goods orders by custormers were accounted for c.All prenumbered sales invoices were accounted for d.No duplicate shipments or billings occured Expert Answer 100% (3 ratings) Choice a is correct. Tracing fr … Bill of lading under sea shipment or Airway bill under air shipment is carrier's document required to be submitted with customs for import customs clearance purpose. D. Debits to the subsidiary accounts receivable ledger are for sales shipped. B. 2. b. this would require tracing the shipping documents to invoices; . d. Shipments to customers were billed. The purpose of tracing shipping documents to prenumbered sales invoices would be to provide evidence that . Shipments to customers were recorded as receivables. C. Sales billed to customers were actually shipped. 2. shipments to customers were properly invoiced. A is incorrect because the sales invoices do not provide sufficient evidence . shipping documents to related duplicate sales invoices and the sales journal. Tracing shipping documents to prenumbered sales invoices provides evidence that a. Tracing bills of lading to sales invoices will provide evidence that . 1 Answer to The purpose of tracing shipping documents to prenumbered sales invoices would be to provide evidence that a. shipments to customers were properly invoiced b. no duplicate shipments or billings occurred c. goods billed to customers were shipped d. all prenumbered sales invoices were accounted. Trace shipping documents to sale transactions in general ledger. No duplicate shipments to customers were made. Shipments to customers were properly billed. 32. Entries in the accounts receivable subsidiary ledger were for sales actually shipped. b. Tracing sales invoices to shipping documents to test the completeness of recorded accounts receivable. a) Verify that extensions and footings on the entity's sales invoices and monthly customer statements have been recomputed. Answer (c) is incorrect . Performed to test validity of documented or recorded information. d. Shipments to customers were recorded as sales. 31. Answer (c) is incorrect . a. 31.Tracing copies of sales invoices to shipping documents will provide evidence that all a. B. b. Shipments to customers were recorded as receivables. 分享到：. No duplicate shipments or billings occurred. c. All goods ordered by customers were shipped. recorded sales were shipped. c. All goods ordered by customers were shipped. Shipments to customers were properly invoiced. a. 正确答案： B. 4. shipments to customers were recorded as sales. Question. D. Shipments to customers were billed. Shipments to customers were recorded as receivables. B. c. trace a sample of Sales Journal entries to the Accounts Receivable subsidiary ledger. Billed sales were shipped. Likewise, auditors usually perform the tracing procedure when they need to test the completeness assertion. Vouching debits from a sample selection of customers' accounts receivable records to supporting sales invoices is an audit procedure designed to obtain evidence about the assertion of: A) occurrence. Agree individual balance on detailed aged receivables listing to the sales ledger account; Agree total balance of detailed aged receivables listing to the sales ledger account; Right and obligation D) goods shipped were billed to customers. • Vouch a sample of sales invoices to corresponding shipping documents to verify that . A. Billed sales were shipped. No duplicate shipments or billings occurred. d. All prenumbered sales. D Billed sales were shipped. C) Sales billed to customers were actually shipped. D) An effective internal control system provides more reliable audit evidence. 6 Tracing shipping documents to prenumbered sales invoices provides evidence that A No duplicate shipments or billings occurred. Sometimes, sellers also call it a " sales invoice". Compare OnTime 360 vs. Order Taker vs. inSitu Sales using this comparison chart. C. Shipments to customers were recorded as receivables. The primary purpose of this procedure is to obtain evidence about management's financial statement assertions of -- Presentation and disclosure, and valuation or allocation -- Presentation and disclosure , and valuation or allocation Choose the correct statement (s) regarding the auditing of debt obligations. Tracing copies of sales invoices to shipping documents will provide evidence that all: An auditor would test control over the objective of the occurrence of sales transactions by sampling recorded revenues and tracing them back to invoices and shipping documents d. Shipments to customers were billed. Vouching Track information backward from one record to a prepared record or tangible resource. D. Shipments to customers were billed. C. Requiring accountants to pass a yearly background check. Tracing copies of sales invoices to shipping documents will provide evidence that all A. c. Debits to the subsidiary accounts receivable ledger are for sales shipped. Choice "b" is incorrect. Shipments to customers were properly invoiced C. All goods ordered by customers were accounted for D. All prenumbered sales invoices were accounted for B. Billed sales were shipped. We test cut-off assertion to ensure that sale transactions have been recorded in the correct accounting period. Tracing copies of sales invoices to shipping documents will provide evidence that all . Tracing copies of sales invoices to shipping documents will provide evidence that all A. Debits to the subsidiary accounts receivable ledger are for sales shipped. Tracing copies of sales invoices to shipping documents will provide evidence that all: An auditor would test control over the objective of the occurrence of sales transactions by sampling recorded revenues and tracing them back to invoices and shipping documents Shipments to customers were recorded as receivables. A 31. The occurrence assertion as it relates to payroll transactions would . a. Tracing bills of lading to the sales invoice provides assurance that shipments to customers were invoiced, not that they were recorded as sales. vendor's shipping document and the purchase order. Shipping documents, sales orders, and invoices are compared to assure that all shipments were based on valid customer orders and were properly billed. b. C) Reliability of evidence refers to the amount of evidence obtained. •Vouch sample of items from accounting records to warehouse to see the inventory items exist. Tracing copies of sales invoices to shipping documents will provide evidence that all a. 1) The audit procedure of tracing sales invoices to shipping documents will provide the auditor evidence that: A) billed sales were shipped. Sales invoices represent bona fide sales. 分享到：. Tracing from a population of bills of lading (shipping documents) to sales invoices provides evidence that shipments to customers were invoiced. b. Shipments to customers were properly invoiced Similar to vouching, tracing is also an act of examination of documents. You can even set up partial payments or give customers the . 5. The bill of lading is a legally binding document providing the driver and the carrier all the details needed to process the freight shipment and invoice it correctly. 42. the shipping documents relate to shipments to customers, and tracing them to sales invoices will provide evidence on whether sales invoices were prepared. Presentation and disclosure assertion 登录 之后可查看解析. Billed sales were shipped. No duplicate shipments or billings occurred. C. All goods ordered by customers were shipped. b. Invoiced sales were shipped. Question: estion 24 Tracing copies of computer prepared sales invoices to copies of the corresponding computer prepared shipping documents provides evidence that O A Shipments to customers were properly billed. Employees involved in the credit-granting function are separated from the sales function. 32. You can choose to bill by item or hourly and list the product or services you provided. c. All sales invoices have been recorded. A is incorrect because the sales invoices do not provide sufficient evidence . Rights and Obligations assertion B. Cut-off. An invoice is an accounting document that specifies the items and services a business provides to a customer and establishes the customer's responsibility to pay for those products and services. shipments to customers were recorded as sales. c. Debits to the subsidiary accounts receivable ledger are for sales shipped. d. Tracing bills of lading to sales invoices provides evidence that a. Prices and discounts are applied to the invoice, and necessary extensions and footings are computed. Shipments to customers were properly invoiced. An auditor should trace bank transfers for the last part of the audit period and first part of the subsequent period to detect whether: A. 答案解析：. D. All pre-numbered sales invoices were accounted for. Shipping Documents -Bill of Lading. B Alpha Brewery Corporation recorded sales through January 4, 2018, dating them December 31, 2017. In the audit of accounts receivable, the most important emphasis should be on the A. The purpose of tracing sales invoices to shipping . b. 32. Vouch a sample of duplicate sales invoices to related shipping documents filed in the shipping department to make sure that a shipment was made. Tracing shipping documents to pre-numbered sales invoices won't tell you if duplicate billings occurred. Matching shipping documents with approved sales orders before invoice preparation provides assurance that the quantity and terms of the invoice are correct. Tracing copies of computer-prepared sales invoices to copies of the corresponding computer-prepared shipping documents provides evidence that: A. Question #817 Topic 1. B. D) accuracy. 正确答案： B. Tracing copies of sales invoices to shipping documents will provide evidence that all . Tracing is an audit procedure of inspecting source documents to the accounting records in order to ensure that the accounting records are complete. 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