Select the correct alternative to complete the sentence pertaining to the revenue and receipts cycle. An Internal Sales Order is authorised by signature by the credit controller before being sent to the warehouse. The objective of this control is to ensure that ______.a.the sale is made to a customer who can pay their accountb.goods are indeed in stock to be despatchedc.the recording of incorrect or incomplete order details is preventedd.the sales order is acted upon timeously

The internal controls surrounding the revenue cycle provide the organization with several assurances that include all of the following except theSelect one:a.proper authorization of all sales and sales return and allowance transactions.b.approval of all credit sales transactions after they are processed.c.accurate recording, shipping, and billing of all valid sales transactions.d.proper safeguarding of finished goods inventories while in stock and during the shipment process.

The internal control objectives of the revenue cycle include all of the following exceptSelect one:a.Custody over assets resulting from the revenue cycle is properly maintained.b.appropriate goods are ordered so that sales can be made.c.transactions relating to revenue are properly recorded.d.revenue cycle transactions are properly executed.

In the revenue and receipts cycle, a new customer wishes to purchase inventory on credit, at your shop. Select the first step that you will insist should be followed by your staff. a.Request a valid purchase order from the customer before processing the order.b.Create a correct purchase order, signed by the customer.c.Request that a credit application form be completed by the customer.d.Set up an accounts receivable account for the customer in the accounts receivable ledger.

Select the best alternative to complete the sentence. The role of the ______ function in the acquisitions and payments cycle, is to ensure that only valid creditors are paid and that they are paid the correct amount, on time. a.recording of purchasesb.payment preparationc.actual payment and recordingd.receiving of goods

In the warehouse function in the revenue and receipts cycle, identify best be control to mitigate the risk of incorrect items and quantities being picked.a.Gate controls should check that all goods delivered appear on the delivery list and are supported by delivery notes.b.Warehouse clerk to check goods picked against the picking slip.c.Delivery notes and picking slips to be matched and filed numerically.d.The invoice clerk should compare the details on the internal sales order and delivery notes.