Explain the tests of controls that need to be performed

Assignment Help Accounting Basics
Reference no: EM132156177

Question - Your client controls the existence and occurrence of sales by having the computer program match the information supporting sales invoices with underlying shipping documents before a sales invoice is recorded. The customer information is matched with customer information on a bill of lading, the quantities invoiced are matched with packing slip information, prices are matched with the sales order, and the invoice date is matched with the accounting period in which goods are shipped. If the transaction does not exactly match the underlying information, it is printed on an exception report and not processed.

Required - Explain the tests of controls that need to be performed to assess control risk at a low level based on the programmed controls described above?

Reference no: EM132156177

Questions Cloud

Responsibilities of both general ethics-professional ethics : Identify responsibilities of the decision maker. (Consider responsibilities of both general ethics and professional ethics.)
Write the procedure documentation for the reconciliation : Write the procedure documentation for the monthly bank reconciliation process in a professional manner. Prepare the monthly bank reconciliation
Discuss the strategic goals of the organizations : Create a matrix that contrasts the differences between marketing in for-profit and not-for-profit health care organizations.
What is the role of the operations manager : What is operations management? How does it add value to the success of the business entity? What is the role of the operations manager?
Explain the tests of controls that need to be performed : Required - Explain the tests of controls that need to be performed to assess control risk at a low level based on the programmed controls described above
Differentiate the concept of performance management : Differentiate the concept of performance management and performance appraisal with three (3) to four (4) key points. Then, make your case to leadership.
Seven phases of the systems development life cycle : Describe the seven phases of the systems development life cycle.
Why pat assumes problems between managers and shareholders : Explain why PAT assumes 'problems' between managers and shareholders? Suggest ways shareholders can minimise these "problems"
Calculate the lower and upper control limits for the mean : Calculate the lower and upper control limits for the mean. (Keep three decimal places)

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd