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.

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.

What is the primary objective of internal controls over an entity's expenditures/disbursements cycle?Option     To ensure all cash disbursements are recorded accurately     To verify that transactions involving property, plant, and equipment are properly classified     To limit access to purchasing, receiving, and accounts payable records     To reconcile detailed cash and account balance records with control accounts and bank statements

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

Internal control is defined, in part, as a plan that... Question 3Answera.enhances the accuracy and reliability of accounting recordsb.all of the other options are correctc.eliminates mistakes and errorsd.prevents robbery and theft

Which one of the following is not an objective of a system of internal controls?Group of answer choicesEnhance the accuracy and reliability of accounting recordsOverstate liabilities in order to be conservativeReduce the risks of errorsSafeguard company assets