Exam 9: Auditing the Revenue Cycle

Describe the key tasks in the sales order process

The stock release document is prepared by the shipping department to provide evidence that the goods have been released to the customer.

What is the purpose(s)of the stock release document?

What are the key segregation of duties related to computer programs that process accounting transactions.

Which of following functions should be segregated?

The stock release copy of the sales order is not used to

The cash receipts journal is a special journal.

Usually specific authorization is required for all of the following except

Customers should be billed for back-orders when

What is a bill of lading?

Internal controls for handling sales returns and allowances do not include

Sales orders should be prenumbered documents.

Which department is least likely to be involved in the revenue cycle?

Which journal is not used in the revenue cycle?

Sales return involves receiving,sales,credit,and billing departments,but not accounts receivable.

Which document triggers the revenue cycle?

The revenue cycle utilizes all of the following files except

For each of the following documents,describe its purpose,the functional area preparing it,and the key data included: remittance advice,remittance list,deposit slip.

A written customer purchase order is required to trigger the sales order system.

List two points in the sales processing system when authorization is required.