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CPA AUD Flashcards > AUD 3 Internal Control 13 - 2 The Revenue Cycle (Sales Revenue, AR, Cash Receipts) > Flashcards

AUD 3 Internal Control 13 - 2 The Revenue Cycle (Sales Revenue, AR, Cash Receipts) Flashcards

1
Q

Revenue Cycle
(Sales Revenue / Accounts Receivable / Cash Receipts)

Some of the documents and records that are commonly seen in the revenue cycle include the following.

A

Revenue Cycle
(Sales Revenue / Accounts Receivable / Cash Receipts)

Some of the documents and records that are commonly seen in the revenue cycle include the following.

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2
Q

Revenue Cycle
(Sales Revenue / Accounts Receivable / Cash Receipts)

Some of the documents and records that are commonly seen in the revenue cycle include the following.

  • Sales order – The list of goods ordered by the customer along with the prices to be charged. Even if a customer has submitted their own purchase order, a sales order will be prepared, since these are prenumbered and make it possible to periodically account for orders to be sure they were processed.
  • Bill of lading – The shipping document that is signed by the carrier, often a trucker, accepting goods from the shipping clerk.
  • Sales invoice – The bill that is prepared and sent to the customer after shipment to request payment. Before doing so, the billing clerk should compare the sales order and bill of lading to ensure they are in agreement.
  • Sales register (journal) – A book in which sales invoice information is posted. Cash register records provide similar information for retail outlets and other cash businesses.
  • Subsidiary receivables ledger – A book that lists the outstanding receivables with a separate record for each customer.
  • Remittance advice – The document included in an envelope with the check or other form of payment to indicate the purpose of the check.
  • Remittance listing – A summary of the money received that day. This may be called a prelist in some cases, and is prepared by the employee first receiving the cash, which is usually the mail room clerk.
  • Cash receipts journal – A book in which the remittance listings are posted.
  • Deposit slip – The document signed or stamped by the bank to acknowledge receipt of checks and that is periodically reconciled to postings into the cash receipts journal by an independent employee.
  • Bank Reconciliation – Comparison of the cash balance according to the entity’s books to the amount indicated by the bank that it is holding on behalf of the entity (book to physical).

The purpose of most other documents and records can be determined by seeing the context in which they are being used on the exam.

A

Revenue Cycle
(Sales Revenue / Accounts Receivable / Cash Receipts)

Some of the documents and records that are commonly seen in the revenue cycle include the following.

  • Sales order – The list of goods ordered by the customer along with the prices to be charged. Even if a customer has submitted their own purchase order, a sales order will be prepared, since these are prenumbered and make it possible to periodically account for orders to be sure they were processed.
  • Bill of lading – The shipping document that is signed by the carrier, often a trucker, accepting goods from the shipping clerk.
  • Sales invoice – The bill that is prepared and sent to the customer after shipment to request payment. Before doing so, the billing clerk should compare the sales order and bill of lading to ensure they are in agreement.
  • Sales register (journal) – A book in which sales invoice information is posted. Cash register records provide similar information for retail outlets and other cash businesses.
  • Subsidiary receivables ledger – A book that lists the outstanding receivables with a separate record for each customer.
  • Remittance advice – The document included in an envelope with the check or other form of payment to indicate the purpose of the check.
  • Remittance listing – A summary of the money received that day. This may be called a prelist in some cases, and is prepared by the employee first receiving the cash, which is usually the mail room clerk.
  • Cash receipts journal – A book in which the remittance listings are posted.
  • Deposit slip – The document signed or stamped by the bank to acknowledge receipt of checks and that is periodically reconciled to postings into the cash receipts journal by an independent employee.
  • Bank Reconciliation – Comparison of the cash balance according to the entity’s books to the amount indicated by the bank that it is holding on behalf of the entity (book to physical).

The purpose of most other documents and records can be determined by seeing the context in which they are being used on the exam.

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3
Q

Revenue Cycle

Some of the documents and records that are commonly seen in the revenue cycle include the following.

• Sales order
– The list of goods ordered by the customer along with the prices to be charged.

Even if a customer has submitted their own purchase order, a sales order will be prepared, since these are prenumbered and make it possible to periodically account for orders to be sure they were processed.

A

Revenue Cycle

Some of the documents and records that are commonly seen in the revenue cycle include the following.

• Sales order
– The list of goods ordered by the customer along with the prices to be charged.

Even if a customer has submitted their own purchase order, a sales order will be prepared, since these are prenumbered and make it possible to periodically account for orders to be sure they were processed.

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4
Q

Revenue Cycle

• Sales order
– The list of g__ds ordered by the customer along with the prices to be charged.

A

Revenue Cycle

• Sales order
– The list of goods ordered by the customer along with the prices to be charged.

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5
Q

Revenue Cycle

• Sales order
– The list of goods ordered by the customer along with the pr__es to be charged.

A

Revenue Cycle

• Sales order
– The list of goods ordered by the customer along with the prices to be charged.

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6
Q

Revenue Cycle

• Sales order
– The list of goods ordered by the customer along with the prices to be charged.

Even if a customer has submitted their own pur_____ order, a sales order will be prepared,

A

Revenue Cycle

• Sales order
– The list of goods ordered by the customer along with the prices to be charged.

Even if a customer has submitted their own purchase order, a sales order will be prepared,

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7
Q

Revenue Cycle

• Sales order
– The list of goods ordered by the customer along with the prices to be charged.

Even if a customer has submitted their own purchase order, a s___s order will be prepared,

A

Revenue Cycle

• Sales order
– The list of goods ordered by the customer along with the prices to be charged.

Even if a customer has submitted their own purchase order, a sales order will be prepared,

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8
Q

Revenue Cycle

• Sales order
– The list of goods ordered by the customer along with the prices to be charged.

Even if a customer has submitted their own purchase order, a sales order will be pre____d,

A

Revenue Cycle

• Sales order
– The list of goods ordered by the customer along with the prices to be charged.

Even if a customer has submitted their own purchase order, a sales order will be prepared,

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9
Q

Revenue Cycle

• Sales order
– The list of goods ordered by the customer along with the prices to be charged.

Even if a customer has submitted their own purchase order, a sales order will be prepared,

since these are pren______ed

A

Revenue Cycle

• Sales order
– The list of goods ordered by the customer along with the prices to be charged.

Even if a customer has submitted their own purchase order, a sales order will be prepared,

since these are prenumbered

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10
Q

Revenue Cycle

• Sales order
– The list of goods ordered by the customer along with the prices to be charged.

Even if a customer has submitted their own purchase order, a sales order will be prepared,

since these are prenumbered and make it possible to per_____ly account for orders

A

Revenue Cycle

• Sales order
– The list of goods ordered by the customer along with the prices to be charged.

Even if a customer has submitted their own purchase order, a sales order will be prepared,

since these are prenumbered and make it possible to periodically account for orders

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11
Q

Revenue Cycle

• Sales order
– The list of goods ordered by the customer along with the prices to be charged.

Even if a customer has submitted their own purchase order, a sales order will be prepared,

since these are prenumbered and make it possible to periodically acc_____ for orders

A

Revenue Cycle

• Sales order
– The list of goods ordered by the customer along with the prices to be charged.

Even if a customer has submitted their own purchase order, a sales order will be prepared,

since these are prenumbered and make it possible to periodically account for orders

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12
Q

Revenue Cycle

• Sales order
– The list of goods ordered by the customer along with the prices to be charged.

Even if a customer has submitted their own purchase order, a sales order will be prepared,

since these are prenumbered and make it possible to periodically account for orders to be sure they were pro____ed.

A

Revenue Cycle

• Sales order
– The list of goods ordered by the customer along with the prices to be charged.

Even if a customer has submitted their own purchase order, a sales order will be prepared,

since these are prenumbered and make it possible to periodically account for orders to be sure they were processed.

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13
Q

Revenue Cycle

• Sales or___
– The list of goods ordered by the customer along with the prices to be charged.

Even if a customer has submitted their own purchase order, a sales order will be prepared,

since these are prenumbered and make it possible to periodically account for orders to be sure they were processed.

A

Revenue Cycle

• Sales order
– The list of goods ordered by the customer along with the prices to be charged.

Even if a customer has submitted their own purchase order, a sales order will be prepared,

since these are prenumbered and make it possible to periodically account for orders to be sure they were processed.

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14
Q

Revenue Cycle

• Sales order
– The list of goods ordered by the customer along with the prices to be charged.

Even if a customer has submitted their own purchase order, a sales order will be prepared, since these are prenumbered and make it possible to periodically account for orders to be sure they were processed.

• Bill of lading
– The shipping document that is signed by the carrier, often a trucker, accepting goods from the shipping clerk.

A

Revenue Cycle

• Sales order
– The list of goods ordered by the customer along with the prices to be charged.

Even if a customer has submitted their own purchase order, a sales order will be prepared, since these are prenumbered and make it possible to periodically account for orders to be sure they were processed.

• Bill of lading
– The shipping document that is signed by the carrier, often a trucker, accepting goods from the shipping clerk.

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15
Q

Revenue Cycle

• Bill of lading
– The sh___ing document

A

Revenue Cycle

• Bill of lading
– The shipping document

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16
Q

Revenue Cycle

• Bill of lading
– The shipping document that is s___ed by the carrier,

A

Revenue Cycle

• Bill of lading
– The shipping document that is signed by the carrier,

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17
Q

Revenue Cycle

• Bill of lading
– The shipping document that is signed by the carrier, often a tr___er,

A

Revenue Cycle

• Bill of lading
– The shipping document that is signed by the carrier, often a trucker,

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18
Q

Revenue Cycle

• Bill of lading
– The shipping document that is signed by the carrier, often a trucker, accepting goods from the sh___ing clerk.

A

Revenue Cycle

• Bill of lading
– The shipping document that is signed by the carrier, often a trucker, accepting goods from the shipping clerk.

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19
Q

Revenue Cycle

• Bill of lading
– The shipping document that is signed by the carrier, often a trucker, ac___ting goods from the shipping clerk.

A

Revenue Cycle

• Bill of lading
– The shipping document that is signed by the carrier, often a trucker, accepting goods from the shipping clerk.

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20
Q

Revenue Cycle

• Bill of lading
– The shipping document that is signed by the carrier, often a trucker, accepting goods from the shipping c___k.

A

Revenue Cycle

• Bill of lading
– The shipping document that is signed by the carrier, often a trucker, accepting goods from the shipping clerk.

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21
Q

Revenue Cycle

• Bi__ of lading
– The shipping document that is signed by the carrier, often a trucker, accepting goods from the shipping clerk.

A

Revenue Cycle

• Bill of lading
– The shipping document that is signed by the carrier, often a trucker, accepting goods from the shipping clerk.

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22
Q

Revenue Cycle

• Bill of l__ing
– The shipping document that is signed by the carrier, often a trucker, accepting goods from the shipping clerk.

A

Revenue Cycle

• Bill of lading
– The shipping document that is signed by the carrier, often a trucker, accepting goods from the shipping clerk.

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23
Q

Revenue Cycle

• Bill of lading
– The shipping document that is signed by the carrier, often a trucker, accepting goods from the shipping clerk.

• Sales invoice
– The bill that is prepared and sent to the customer after shipment to request payment.

Before doing so, the billing clerk should compare the sales order and bill of lading to ensure they are in agreement.

A

Revenue Cycle

• Bill of lading
– The shipping document that is signed by the carrier, often a trucker, accepting goods from the shipping clerk.

• Sales invoice
– The bill that is prepared and sent to the customer after shipment to request payment.

Before doing so, the billing clerk should compare the sales order and bill of lading to ensure they are in agreement.

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24
Q

Revenue Cycle

• Sales invoice
– The b___ that is prepared and sent to the customer after shipment to request payment.

A

Revenue Cycle

• Sales invoice
– The bill that is prepared and sent to the customer after shipment to request payment.

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25
Q

Revenue Cycle

• Sales invoice
– The bill that is pr_____ed and sent to the customer after shipment to request payment.

A

Revenue Cycle

• Sales invoice
– The bill that is prepared and sent to the customer after shipment to request payment.

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26
Q

Revenue Cycle

• Sales invoice
– The bill that is prepared and sent to the customer af___ shipment to request payment.

A

Revenue Cycle

• Sales invoice
– The bill that is prepared and sent to the customer after shipment to request payment.

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27
Q

Revenue Cycle

• Sales invoice
– The bill that is prepared and sent to the customer after shipment to req___t payment.

A

Revenue Cycle

• Sales invoice
– The bill that is prepared and sent to the customer after shipment to request payment.

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28
Q

Revenue Cycle

• Sales invoice
– The bill that is prepared and sent to the customer after shipment to request payment.

Before doing so, the billing clerk should com____ the sales order and bill of lading

A

Revenue Cycle

• Sales invoice
– The bill that is prepared and sent to the customer after shipment to request payment.

Before doing so, the billing clerk should compare the sales order and bill of lading

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29
Q

Revenue Cycle

• Sales invoice
– The bill that is prepared and sent to the customer after shipment to request payment.

Before doing so, the billing clerk should compare the s___s order and b___ of lading to ensure they are in agreement.

A

Revenue Cycle

• Sales invoice
– The bill that is prepared and sent to the customer after shipment to request payment.

Before doing so, the billing clerk should compare the sales order and bill of lading to ensure they are in agreement.

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30
Q

Revenue Cycle

• Sales invoice
– The bill that is prepared and sent to the customer after shipment to request payment.

Before doing so, the billing clerk should compare the sales order and bill of lading to ensure they are in agree____.

A

Revenue Cycle

• Sales invoice
– The bill that is prepared and sent to the customer after shipment to request payment.

Before doing so, the billing clerk should compare the sales order and bill of lading to ensure they are in agreement.

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31
Q

Revenue Cycle

• Sales in_____
– The bill that is prepared and sent to the customer after shipment to request payment.

Before doing so, the billing clerk should compare the sales order and bill of lading to ensure they are in agreement.

A

Revenue Cycle

• Sales invoice
– The bill that is prepared and sent to the customer after shipment to request payment.

Before doing so, the billing clerk should compare the sales order and bill of lading to ensure they are in agreement.

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32
Q

Revenue Cycle

• Sales invoice
– The bill that is prepared and sent to the customer after shipment to request payment. Before doing so, the billing clerk should compare the sales order and bill of lading to ensure they are in agreement.

• Sales register (journal)
– A book in which sales invoice information is posted. Cash register records provide similar information for retail outlets and other cash businesses.

A

Revenue Cycle

• Sales invoice
– The bill that is prepared and sent to the customer after shipment to request payment. Before doing so, the billing clerk should compare the sales order and bill of lading to ensure they are in agreement.

• Sales register (journal)
– A book in which sales invoice information is posted. Cash register records provide similar information for retail outlets and other cash businesses.

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33
Q

Revenue Cycle

• Sales register (journal)
– A b__k in which sales invoice information is posted.

A

Revenue Cycle

• Sales register (journal)
– A book in which sales invoice information is posted.

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34
Q

Revenue Cycle

• Sales register (journal)
– A book in which sales in_____ information is posted.

A

Revenue Cycle

• Sales register (journal)
– A book in which sales invoice information is posted.

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35
Q

Revenue Cycle

• Sales register (journal)
– A book in which sales invoice information is p___ed.

A

Revenue Cycle

• Sales register (journal)
– A book in which sales invoice information is posted.

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36
Q

Revenue Cycle

• Sales register (journal)
– A book in which sales invoice information is posted.

Cash re_____ records provide similar information for retail outlets and other cash businesses.

A

Revenue Cycle

• Sales register (journal)
– A book in which sales invoice information is posted.

Cash register records provide similar information for retail outlets and other cash businesses.

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37
Q

Revenue Cycle

• Sales register (journal)
– A book in which sales invoice information is posted.

Ca__ register records provide similar information for retail outlets and other cash businesses.

A

Revenue Cycle

• Sales register (journal)
– A book in which sales invoice information is posted.

Cash register records provide similar information for retail outlets and other cash businesses.

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38
Q

Revenue Cycle

• Sales register (journal)
– A book in which sales invoice information is posted.

Cash register records provide similar information for re____ outlets and other cash businesses.

A

Revenue Cycle

• Sales register (journal)
– A book in which sales invoice information is posted.

Cash register records provide similar information for retail outlets and other cash businesses.

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39
Q

Revenue Cycle

• Sales register (jo_____)
– A book in which sales invoice information is posted.

Cash register records provide similar information for retail outlets and other cash businesses.

A

Revenue Cycle

• Sales register (journal)
– A book in which sales invoice information is posted.

Cash register records provide similar information for retail outlets and other cash businesses.

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40
Q

Revenue Cycle

• Sales re______ (journal)
– A book in which sales invoice information is posted.

Cash register records provide similar information for retail outlets and other cash businesses.

A

Revenue Cycle

• Sales register (journal)
– A book in which sales invoice information is posted.

Cash register records provide similar information for retail outlets and other cash businesses.

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41
Q

Revenue Cycle

• Sales register (journal)
– A book in which sales invoice information is posted. Cash register records provide similar information for retail outlets and other cash businesses.

• Subsidiary receivables ledger
– A book that lists the outstanding receivables with a separate record for each customer.

A

Revenue Cycle

• Sales register (journal)
– A book in which sales invoice information is posted. Cash register records provide similar information for retail outlets and other cash businesses.

• Subsidiary receivables ledger
– A book that lists the outstanding receivables with a separate record for each customer.

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42
Q

Revenue Cycle

• Subsidiary rec_________s ledger
– A book that lists the outstanding receivables with a separate record for each customer.

A

Revenue Cycle

• Subsidiary receivables ledger
– A book that lists the outstanding receivables with a separate record for each customer.

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43
Q

Revenue Cycle

• Subsidiary receivables ledger
– A b__k that lists the outstanding receivables with a separate record for each customer.

A

Revenue Cycle

• Subsidiary receivables ledger
– A book that lists the outstanding receivables with a separate record for each customer.

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44
Q

Revenue Cycle

• Subsidiary receivables ledger
– A book that lists the out______ing receivables with a separate record for each customer.

A

Revenue Cycle

• Subsidiary receivables ledger
– A book that lists the outstanding receivables with a separate record for each customer.

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45
Q

Revenue Cycle

• Subsidiary receivables ledger
– A book that lists the outstanding receivables with a sep______ record for each customer.

A

Revenue Cycle

• Subsidiary receivables ledger
– A book that lists the outstanding receivables with a separate record for each customer.

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46
Q

Revenue Cycle

• Subsidiary receivables ledger
– A book that lists the outstanding receivables with a separate record for ea__ customer.

A

Revenue Cycle

• Subsidiary receivables ledger
– A book that lists the outstanding receivables with a separate record for each customer.

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47
Q

Revenue Cycle

• Su_______ry receivables ledger
– A book that lists the outstanding receivables with a separate record for each customer.

A

Revenue Cycle

• Subsidiary receivables ledger
– A book that lists the outstanding receivables with a separate record for each customer.

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48
Q

Revenue Cycle

• Subsidiary receivables led___
– A book that lists the outstanding receivables with a separate record for each customer.

A

Revenue Cycle

• Subsidiary receivables ledger
– A book that lists the outstanding receivables with a separate record for each customer.

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49
Q

Revenue Cycle

• Subsidiary receivables ledger
– A book that lists the outstanding receivables with a separate record for each customer.

• Remittance advice
– The document included in an envelope with the check or other form of payment to indicate the purpose of the check.

A

Revenue Cycle

• Subsidiary receivables ledger
– A book that lists the outstanding receivables with a separate record for each customer.

• Remittance advice
– The document included in an envelope with the check or other form of payment to indicate the purpose of the check.

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50
Q

Revenue Cycle

• Remittance advice
– The doc______ included in an envelope with the check

A

Revenue Cycle

• Remittance advice
– The document included in an envelope with the check

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51
Q

Revenue Cycle

• Remittance advice
– The document included in an envelope with the ch___ or other form of payment

A

Revenue Cycle

• Remittance advice
– The document included in an envelope with the check or other form of payment

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52
Q

Revenue Cycle

• Remittance advice
– The document included in an envelope with the check or other form of pay____ to indicate the purpose of the check.

A

Revenue Cycle

• Remittance advice
– The document included in an envelope with the check or other form of payment to indicate the purpose of the check.

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53
Q

Revenue Cycle

• Remittance advice
– The document included in an envelope with the check or other form of payment to indi____ the purpose of the check.

A

Revenue Cycle

• Remittance advice
– The document included in an envelope with the check or other form of payment to indicate the purpose of the check.

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54
Q

Revenue Cycle

• Remittance advice
– The document included in an envelope with the check or other form of payment to indicate the pur____ of the check.

A

Revenue Cycle

• Remittance advice
– The document included in an envelope with the check or other form of payment to indicate the purpose of the check.

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55
Q

Revenue Cycle

• Remit______ advice
– The document included in an envelope with the check or other form of payment to indicate the purpose of the check.

A

Revenue Cycle

• Remittance advice
– The document included in an envelope with the check or other form of payment to indicate the purpose of the check.

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56
Q

Revenue Cycle

• Remittance adv___
– The document included in an envelope with the check or other form of payment to indicate the purpose of the check.

A

Revenue Cycle

• Remittance advice
– The document included in an envelope with the check or other form of payment to indicate the purpose of the check.

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57
Q

Revenue Cycle

• Remittance advice
– The document included in an envelope with the check or other form of payment to indicate the purpose of the check.

• Remittance listing
– A summary of the money received that day. This may be called a prelist in some cases, and is prepared by the employee first receiving the cash, which is usually the mail room clerk.

A

Revenue Cycle

• Remittance advice
– The document included in an envelope with the check or other form of payment to indicate the purpose of the check.

• Remittance listing
– A summary of the money received that day. This may be called a prelist in some cases, and is prepared by the employee first receiving the cash, which is usually the mail room clerk.

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58
Q

Revenue Cycle

• Remittance listing
– A su____ry of the money received that day.

A

Revenue Cycle

• Remittance listing
– A summary of the money received that day.

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59
Q

Revenue Cycle

• Remittance listing
– A summary of the m____y received that day.

A

Revenue Cycle

• Remittance listing
– A summary of the money received that day.

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60
Q

Revenue Cycle

• Remittance listing
– A summary of the money received that d__.

A

Revenue Cycle

• Remittance listing
– A summary of the money received that day.

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61
Q

Revenue Cycle

• Remittance listing
– A summary of the money received that day.
This may be called a prel___ in some cases,

A

Revenue Cycle

• Remittance listing
– A summary of the money received that day.
This may be called a prelist in some cases,

62
Q

Revenue Cycle

• Remittance listing
– A summary of the money received that day.

This may be called a prelist in some cases,
and is pre____d by the employee first receiving the cash,

A

Revenue Cycle

• Remittance listing
– A summary of the money received that day.

This may be called a prelist in some cases,
and is prepared by the employee first receiving the cash,

63
Q

Revenue Cycle

• Remittance listing
– A summary of the money received that day.

This may be called a prelist in some cases,
and is prepared by the employee fi___ receiving the cash,

A

Revenue Cycle

• Remittance listing
– A summary of the money received that day.

This may be called a prelist in some cases,
and is prepared by the employee first receiving the cash,

64
Q

Revenue Cycle

• Remittance listing
– A summary of the money received that day.

This may be called a prelist in some cases,
and is prepared by the employee first receiving the c__h, which is usually the mail room clerk.

A

Revenue Cycle

• Remittance listing
– A summary of the money received that day.

This may be called a prelist in some cases,
and is prepared by the employee first receiving the cash, which is usually the mail room clerk.

65
Q

Revenue Cycle

• Remittance listing
– A summary of the money received that day.

This may be called a prelist in some cases,
and is prepared by the employee first receiving the cash, which is usually the mail r__m clerk.

A

Revenue Cycle

• Remittance listing
– A summary of the money received that day.

This may be called a prelist in some cases,
and is prepared by the employee first receiving the cash, which is usually the mail room clerk.

66
Q

Revenue Cycle

• Remi______ listing
– A summary of the money received that day.

This may be called a prelist in some cases,
and is prepared by the employee first receiving the cash, which is usually the mail room clerk.

A

Revenue Cycle

• Remittance listing
– A summary of the money received that day.

This may be called a prelist in some cases,
and is prepared by the employee first receiving the cash, which is usually the mail room clerk.

67
Q

Revenue Cycle

• Remittance li__ing
– A summary of the money received that day.

This may be called a prelist in some cases,
and is prepared by the employee first receiving the cash, which is usually the mail room clerk.

A

Revenue Cycle

• Remittance listing
– A summary of the money received that day.

This may be called a prelist in some cases,
and is prepared by the employee first receiving the cash, which is usually the mail room clerk.

68
Q

Revenue Cycle

• Remittance listing
– A summary of the money received that day. This may be called a prelist in some cases, and is prepared by the employee first receiving the cash, which is usually the mail room clerk.

• Cash receipts journal
– A book in which the remittance listings are posted.

A

Revenue Cycle

• Remittance listing
– A summary of the money received that day. This may be called a prelist in some cases, and is prepared by the employee first receiving the cash, which is usually the mail room clerk.

• Cash receipts journal
– A book in which the remittance listings are posted.

69
Q

Revenue Cycle

• Cash receipts journal
– A book in which the rem_________ listings are posted.

A

Revenue Cycle

• Cash receipts journal
– A book in which the remittance listings are posted.

70
Q

Revenue Cycle

• Cash receipts journal
– A book in which the remittance li__ings are posted.

A

Revenue Cycle

• Cash receipts journal
– A book in which the remittance listings are posted.

71
Q

Revenue Cycle

• Cash receipts journal
– A book in which the remittance listings are po__ed.

A

Revenue Cycle

• Cash receipts journal
– A book in which the remittance listings are posted.

72
Q

Revenue Cycle

• Cash re_____s journal
– A book in which the remittance listings are posted.

A

Revenue Cycle

• Cash receipts journal
– A book in which the remittance listings are posted.

73
Q

Revenue Cycle

• Cash receipts journal
– A book in which the remittance listings are posted.

• Deposit slip
– The document signed or stamped by the bank to acknowledge receipt of checks and that is periodically reconciled to postings into the cash receipts journal by an independent employee.

A

Revenue Cycle

• Cash receipts journal
– A book in which the remittance listings are posted.

• Deposit slip
– The document signed or stamped by the bank to acknowledge receipt of checks and that is periodically reconciled to postings into the cash receipts journal by an independent employee.

74
Q

Revenue Cycle

• Deposit slip
– The docu____ signed or stamped by the bank to acknowledge receipt of checks

A

Revenue Cycle

• Deposit slip
– The document signed or stamped by the bank to acknowledge receipt of checks

75
Q

Revenue Cycle

• Deposit slip
– The document signed or st___ed by the bank to acknowledge receipt of checks

A

Revenue Cycle

• Deposit slip
– The document signed or stamped by the bank to acknowledge receipt of checks

76
Q

Revenue Cycle

• Deposit slip
– The document signed or stamped by the b__k to acknowledge receipt of checks

A

Revenue Cycle

• Deposit slip
– The document signed or stamped by the bank to acknowledge receipt of checks

77
Q

Revenue Cycle

• Deposit slip
– The document signed or stamped by the bank to ack_______ge receipt of checks

A

Revenue Cycle

• Deposit slip
– The document signed or stamped by the bank to acknowledge receipt of checks

78
Q

Revenue Cycle

• Deposit slip
– The document s___ed or stamped by the bank to acknowledge receipt of checks

A

Revenue Cycle

• Deposit slip
– The document signed or stamped by the bank to acknowledge receipt of checks

79
Q

Revenue Cycle

• Deposit slip
– The document signed or stamped by the bank to acknowledge receipt of checks

and that is periodically re____iled

A

Revenue Cycle

• Deposit slip
– The document signed or stamped by the bank to acknowledge receipt of checks

and that is periodically reconciled

80
Q

Revenue Cycle

• Deposit slip
– The document signed or stamped by the bank to acknowledge receipt of checks

and that is periodically reconciled to p___ings into the cash receipts journal

A

Revenue Cycle

• Deposit slip
– The document signed or stamped by the bank to acknowledge receipt of checks

and that is periodically reconciled to postings into the cash receipts journal

81
Q

Revenue Cycle

• Deposit slip
– The document signed or stamped by the bank to acknowledge receipt of checks

and that is periodically reconciled to postings into the c___ receipts journal

A

Revenue Cycle

• Deposit slip
– The document signed or stamped by the bank to acknowledge receipt of checks

and that is periodically reconciled to postings into the cash receipts journal

82
Q

Revenue Cycle

• Deposit slip
– The document signed or stamped by the bank to acknowledge receipt of checks

and that is periodically reconciled to postings into the cash receipts jour___

by an independent employee.

A

Revenue Cycle

• Deposit slip
– The document signed or stamped by the bank to acknowledge receipt of checks

and that is periodically reconciled to postings into the cash receipts journal

by an independent employee.

83
Q

Revenue Cycle

• Deposit slip
– The document signed or stamped by the bank to acknowledge receipt of checks

and that is periodically reconciled to postings into the cash receipts journal

by an indepen____ employee.

A

Revenue Cycle

• Deposit slip
– The document signed or stamped by the bank to acknowledge receipt of checks

and that is periodically reconciled to postings into the cash receipts journal

by an independent employee.

84
Q

Revenue Cycle

• Deposit slip
– The document signed or stamped by the bank to acknowledge receipt of checks and that is periodically reconciled to postings into the cash receipts journal by an independent employee.

• Bank Reconciliation
– Comparison of the cash balance according to the entity’s books to the amount indicated by the bank that it is holding on behalf of the entity (book to physical).

A

Revenue Cycle

• Deposit slip
– The document signed or stamped by the bank to acknowledge receipt of checks and that is periodically reconciled to postings into the cash receipts journal by an independent employee.

• Bank Reconciliation
– Comparison of the cash balance according to the entity’s books to the amount indicated by the bank that it is holding on behalf of the entity (book to physical).

85
Q

Revenue Cycle

• Bank Reconciliation
– Comparison of the cash balance

according to the entity’s books to the amount indicated by the bank

that it is holding on behalf of the entity (book to physical).

A

Revenue Cycle

• Bank Reconciliation
– Comparison of the cash balance

according to the entity’s books to the amount indicated by the bank

that it is holding on behalf of the entity (book to physical).

86
Q

Revenue Cycle

• Bank Reconciliation
– Comp______ of the cash balance

A

Revenue Cycle

• Bank Reconciliation
– Comparison of the cash balance

87
Q

Revenue Cycle

• Bank Reconciliation
– Comparison of the c___ balance

A

Revenue Cycle

• Bank Reconciliation
– Comparison of the cash balance

88
Q

Revenue Cycle

• Bank Reconciliation
– Comparison of the cash bal_____

A

Revenue Cycle

• Bank Reconciliation
– Comparison of the cash balance

89
Q

Revenue Cycle

• Bank Reconciliation
– Comparison of the cash balance

according to the entity’s b__ks to the amount indicated by the bank

A

Revenue Cycle

• Bank Reconciliation
– Comparison of the cash balance

according to the entity’s books to the amount indicated by the bank

90
Q

Revenue Cycle

• Bank Reconciliation
– Comparison of the cash balance

according to the entity’s books to the am___t indicated by the bank

A

Revenue Cycle

• Bank Reconciliation
– Comparison of the cash balance

according to the entity’s books to the amount indicated by the bank

91
Q

Revenue Cycle

• Bank Reconciliation
– Comparison of the cash balance

according to the entity’s books to the amount indicated by the b__k

A

Revenue Cycle

• Bank Reconciliation
– Comparison of the cash balance

according to the entity’s books to the amount indicated by the bank

92
Q

Revenue Cycle

• Bank Reconciliation
– Comparison of the cash balance

according to the entity’s books to the amount indicated by the bank

that it is h___ing on behalf of the entity

(book to physical).

A

Revenue Cycle

• Bank Reconciliation
– Comparison of the cash balance

according to the entity’s books to the amount indicated by the bank

that it is holding on behalf of the entity

(book to physical).

93
Q

Revenue Cycle

• Bank Reconciliation
– Comparison of the cash balance

according to the entity’s books to the amount indicated by the bank

that it is holding on behalf of the entity

(book to ph_____l).

A

Revenue Cycle

• Bank Reconciliation
– Comparison of the cash balance

according to the entity’s books to the amount indicated by the bank

that it is holding on behalf of the entity

(book to physical).

94
Q

Revenue Cycle

• Bank Reconciliation
– Comparison of the cash balance according to the entity’s books to the amount indicated by the bank that it is holding on behalf of the entity (b__k to physical).

A

Revenue Cycle

• Bank Reconciliation
– Comparison of the cash balance according to the entity’s books to the amount indicated by the bank that it is holding on behalf of the entity (book to physical).

95
Q

Revenue Cycle

• B__k Reconciliation
– Comparison of the cash balance according to the entity’s books to the amount indicated by the bank that it is holding on behalf of the entity (book to physical).

A

Revenue Cycle

• Bank Reconciliation
– Comparison of the cash balance according to the entity’s books to the amount indicated by the bank that it is holding on behalf of the entity (book to physical).

96
Q

Revenue Cycle

• Bank Rec_________
– Comparison of the cash balance according to the entity’s books to the amount indicated by the bank that it is holding on behalf of the entity (book to physical).

A

Revenue Cycle

• Bank Reconciliation
– Comparison of the cash balance according to the entity’s books to the amount indicated by the bank that it is holding on behalf of the entity (book to physical).

97
Q

Revenue Cycle
(Sales Revenue / Accounts Receivable / Cash Receipts)

Some of the documents and records that are commonly seen in the revenue cycle include the following.

  • Sales order – The list of goods ordered by the customer along with the prices to be charged.
  • Bill of lading – The shipping document that is signed by the carrier, accepting goods from the shipping clerk.
  • Sales invoice – The bill that is prepared and sent to the customer after shipment to request payment.
  • Sales register (journal) – A book in which sales invoice information is posted.
  • Subsidiary receivables ledger – A book that lists the outstanding receivables with a separate record for each customer.
  • Remittance advice – The document included in an envelope with the check to indicate the purpose of the payment.
  • Remittance listing – A summary of the money received that day. (Prelist)
  • Cash receipts journal – A book in which the remittance listings are posted.
  • Deposit slip – The document signed or stamped by the bank to acknowledge receipt of checks.
  • Bank Reconciliation – Comparison of the cash balance (book to physical).
A

Revenue Cycle
(Sales Revenue / Accounts Receivable / Cash Receipts)

Some of the documents and records that are commonly seen in the revenue cycle include the following.

  • Sales order – The list of goods ordered by the customer along with the prices to be charged.
  • Bill of lading – The shipping document that is signed by the carrier, accepting goods from the shipping clerk.
  • Sales invoice – The bill that is prepared and sent to the customer after shipment to request payment.
  • Sales register (journal) – A book in which sales invoice information is posted.
  • Subsidiary receivables ledger – A book that lists the outstanding receivables with a separate record for each customer.
  • Remittance advice – The document included in an envelope with the check to indicate the purpose of the payment.
  • Remittance listing – A summary of the money received that day. (Prelist)
  • Cash receipts journal – A book in which the remittance listings are posted.
  • Deposit slip – The document signed or stamped by the bank to acknowledge receipt of checks.
  • Bank Reconciliation – Comparison of the cash balance (book to physical).
98
Q

Revenue Cycle
(Sales Revenue / Accounts Receivable / Cash Receipts)

Some of the documents and records that are commonly seen in the revenue cycle include the following.

  • Sales order – The list of goods ordered by the customer along with the prices to be charged. Even if a customer has submitted their own purchase order, a sales order will be prepared, since these are prenumbered and make it possible to periodically account for orders to be sure they were processed.
  • Bill of lading – The shipping document that is signed by the carrier, often a trucker, accepting goods from the shipping clerk.
  • Sales invoice – The bill that is prepared and sent to the customer after shipment to request payment. Before doing so, the billing clerk should compare the sales order and bill of lading to ensure they are in agreement.
A

Revenue Cycle
(Sales Revenue / Accounts Receivable / Cash Receipts)

Some of the documents and records that are commonly seen in the revenue cycle include the following.

  • Sales order – The list of goods ordered by the customer along with the prices to be charged. Even if a customer has submitted their own purchase order, a sales order will be prepared, since these are prenumbered and make it possible to periodically account for orders to be sure they were processed.
  • Bill of lading – The shipping document that is signed by the carrier, often a trucker, accepting goods from the shipping clerk.
  • Sales invoice – The bill that is prepared and sent to the customer after shipment to request payment. Before doing so, the billing clerk should compare the sales order and bill of lading to ensure they are in agreement.
99
Q

Revenue Cycle

  • Sales register (journal) – A book in which sales invoice information is posted. Cash register records provide similar information for retail outlets and other cash businesses.
  • Subsidiary receivables ledger – A book that lists the outstanding receivables with a separate record for each customer.
  • Remittance advice – The document included in an envelope with the check or other form of payment to indicate the purpose of the check.
A

Revenue Cycle

  • Sales register (journal) – A book in which sales invoice information is posted. Cash register records provide similar information for retail outlets and other cash businesses.
  • Subsidiary receivables ledger – A book that lists the outstanding receivables with a separate record for each customer.
  • Remittance advice – The document included in an envelope with the check or other form of payment to indicate the purpose of the check.
100
Q

Revenue Cycle

  • Remittance listing – A summary of the money received that day. This may be called a prelist in some cases, and is prepared by the employee first receiving the cash, which is usually the mail room clerk.
  • Cash receipts journal – A book in which the remittance listings are posted.
  • Deposit slip – The document signed or stamped by the bank to acknowledge receipt of checks and that is periodically reconciled to postings into the cash receipts journal by an independent employee.
A

Revenue Cycle

  • Remittance listing – A summary of the money received that day. This may be called a prelist in some cases, and is prepared by the employee first receiving the cash, which is usually the mail room clerk.
  • Cash receipts journal – A book in which the remittance listings are posted.
  • Deposit slip – The document signed or stamped by the bank to acknowledge receipt of checks and that is periodically reconciled to postings into the cash receipts journal by an independent employee.
101
Q

Revenue Cycle

• Bank Reconciliation – Comparison of the cash balance according to the entity’s books to the amount indicated by the bank that it is holding on behalf of the entity (book to physical).

The purpose of most other documents and records can be determined by seeing the context in which they are being used on the exam.

A

Revenue Cycle

• Bank Reconciliation – Comparison of the cash balance according to the entity’s books to the amount indicated by the bank that it is holding on behalf of the entity (book to physical).

The purpose of most other documents and records can be determined by seeing the context in which they are being used on the exam.

102
Q

Revenue Cycle

The purpose of most other documents and records can be determined by seeing the context in which they are being used on the exam.

A

Revenue Cycle

The purpose of most other documents and records can be determined by seeing the context in which they are being used on the exam.

103
Q

Revenue Cycle
(Sales Revenue / Accounts Receivable / Cash Receipts)

Some of the documents and records that are commonly seen in the revenue cycle include the following.

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
A

Revenue Cycle
(Sales Revenue / Accounts Receivable / Cash Receipts)

Some of the documents and records that are commonly seen in the revenue cycle include the following.

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
104
Q

Revenue Cycle
(Sales Revenue / Accounts Receivable / Cash Receipts)

Ultimately, the reason an au_____ cares about the internal control structure is that

A

Revenue Cycle
(Sales Revenue / Accounts Receivable / Cash Receipts)

Ultimately, the reason an auditor cares about the internal control structure is that

105
Q

Revenue Cycle

Ultimately, the reason an auditor cares about the internal co_____ structure is that

A

Revenue Cycle

Ultimately, the reason an auditor cares about the internal control structure is that

106
Q

Revenue Cycle

Ultimately, the reason an auditor cares about the internal control structure is that

it relates to whether the financial statement ass______s are correct and therefore may be relied upon.

A

Revenue Cycle

Ultimately, the reason an auditor cares about the internal control structure is that

it relates to whether the financial statement assertions are correct and therefore may be relied upon.

107
Q

Revenue Cycle

Ultimately, the reason an auditor cares about the internal control structure is that

it relates to whether the financial statement assertions are cor____ and therefore may be relied upon.

A

Revenue Cycle

Ultimately, the reason an auditor cares about the internal control structure is that

it relates to whether the financial statement assertions are correct and therefore may be relied upon.

108
Q

Revenue Cycle

Ultimately, the reason an auditor cares about the internal control structure is that

it relates to whether the financial statement assertions are correct and therefore may be re__ed upon.

A

Revenue Cycle

Ultimately, the reason an auditor cares about the internal control structure is that

it relates to whether the financial statement assertions are correct and therefore may be relied upon.

109
Q

Revenue Cycle

Ultimately, the reason an auditor cares about the internal control structure is that it relates to whether the financial statement assertions are correct and therefore may be relied upon.

The assertions are discussed in detail in another section, but some specific app______ns of these assertions are frequently tested in discussing the revenue cycle.

A

Revenue Cycle

Ultimately, the reason an auditor cares about the internal control structure is that it relates to whether the financial statement assertions are correct and therefore may be relied upon.

The assertions are discussed in detail in another section, but some specific applications of these assertions are frequently tested in discussing the revenue cycle.

110
Q

Revenue Cycle

Ultimately, the reason an auditor cares about the internal control structure is that it relates to whether the financial statement assertions are correct and therefore may be relied upon.

The assertions are discussed in detail in another section, but some specific applications of these assertions are frequently tested in discussing the revenue cycle.

Examples related to each assertion follow (U-PERCV):

  • Understandability and Classification
  • Presentation and Disclosure
  • Existence or Occurrence (Vouching)
  • Rights and Obligations
  • Completeness (Tracing) and Cutoff
  • Valuation, Allocation and Accuracy
A

Revenue Cycle

Ultimately, the reason an auditor cares about the internal control structure is that it relates to whether the financial statement assertions are correct and therefore may be relied upon.

The assertions are discussed in detail in another section, but some specific applications of these assertions are frequently tested in discussing the revenue cycle.

Examples related to each assertion follow (U-PERCV):

  • Understandability and Classification
  • Presentation and Disclosure
  • Existence or Occurrence (Vouching)
  • Rights and Obligations
  • Completeness (Tracing) and Cutoff
  • Valuation, Allocation and Accuracy
111
Q

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales _____
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
A

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
112
Q

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of _______
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
A

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
113
Q

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales ________
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
A

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
114
Q

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales ______ (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
A

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
115
Q

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (________)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
A

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
116
Q

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • ___________ receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
A

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
117
Q

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary ___________ ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
A

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
118
Q

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables _______
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
A

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
119
Q

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • ___________ advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
A

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
120
Q

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance ________
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
A

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
121
Q

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • _________ listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
A

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
122
Q

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance ______ (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
A

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
123
Q

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (______)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
A

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
124
Q

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • ___ receipts journal
  • Deposit slip
  • Bank Reconciliation
A

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
125
Q

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash _______ journal
  • Deposit slip
  • Bank Reconciliation
A

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
126
Q

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts ______
  • Deposit slip
  • Bank Reconciliation
A

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
127
Q

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • ______ slip
  • Bank Reconciliation
A

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
128
Q

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit ____
  • Bank Reconciliation
A

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
129
Q

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • ____ Reconciliation
A

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
130
Q

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank ____________
A

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
131
Q

Some of the documents and records that are commonly seen in the revenue cycle include:

  • ______ order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
A

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
132
Q

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • ____ of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
A

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
133
Q

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • _____ invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
A

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
134
Q

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • _____ register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
A

Some of the documents and records that are commonly seen in the revenue cycle include:

  • Sales order
  • Bill of lading
  • Sales invoice
  • Sales register (journal)
  • Subsidiary receivables ledger
  • Remittance advice
  • Remittance listing (Prelist)
  • Cash receipts journal
  • Deposit slip
  • Bank Reconciliation
135
Q

What is the documents / records that the paragraph below described?

“Comparison of the cash balance according to the entity’s books to the amount indicated by the bank that it is holding on behalf of the entity (book to physical).”

A

• Bank Reconciliation

– Comparison of the cash balance according to the entity’s books to the amount indicated by the bank that it is holding on behalf of the entity (book to physical).

136
Q

What is the documents / records that the paragraph below described?

“The document signed or stamped by the bank to acknowledge receipt of checks and that is periodically reconciled to postings into the cash receipts journal by an independent employee.”

A

• Deposit slip

– The document signed or stamped by the bank to acknowledge receipt of checks and that is periodically reconciled to postings into the cash receipts journal by an independent employee.

137
Q

What is the documents / records that the paragraph below described?

“A book in which the remittance listings are posted.”

A

• Cash receipts journal

– A book in which the remittance listings are posted.

138
Q

What is the documents / records that the paragraph below described?

“A summary of the money received that day. This may be called a prelist in some cases, and is prepared by the employee first receiving the cash, which is usually the mail room clerk.”

A

• Remittance listing

– A summary of the money received that day. This may be called a prelist in some cases, and is prepared by the employee first receiving the cash, which is usually the mail room clerk.

139
Q

What is the documents / records that the paragraph below described?

“The document included in an envelope with the check or other form of payment to indicate the purpose of the check.”

A

• Remittance advice

– The document included in an envelope with the check or other form of payment to indicate the purpose of the check.

140
Q

What is the documents / records that the paragraph below described?

“A book that lists the outstanding receivables with a separate record for each customer.”

A

• Subsidiary receivables ledger

– A book that lists the outstanding receivables with a separate record for each customer.

141
Q

What is the documents / records that the paragraph below described?

“A book in which sales invoice information is posted. Cash register records provide similar information for retail outlets and other cash businesses.”

A

• Sales register (journal)

– A book in which sales invoice information is posted. Cash register records provide similar information for retail outlets and other cash businesses.

142
Q

What is the documents / records that the paragraph below described?

“The bill that is prepared and sent to the customer after shipment to request payment. Before doing so, the billing clerk should compare the sales order and bill of lading to ensure they are in agreement.”

A

• Sales invoice

– The bill that is prepared and sent to the customer after shipment to request payment. Before doing so, the billing clerk should compare the sales order and bill of lading to ensure they are in agreement.

143
Q

What is the documents / records that the paragraph below described?

“The shipping document that is signed by the carrier, often a trucker, accepting goods from the shipping clerk.”

A

• Bill of lading

– The shipping document that is signed by the carrier, often a trucker, accepting goods from the shipping clerk.

144
Q

What is the documents / records that the paragraph below described?

“The list of goods ordered by the customer along with the prices to be charged. Even if a customer has submitted their own purchase order, a sales order will be prepared, since these are prenumbered and make it possible to periodically account for orders to be sure they were processed.”

A

• Sales order

– The list of goods ordered by the customer along with the prices to be charged. Even if a customer has submitted their own purchase order, a sales order will be prepared, since these are prenumbered and make it possible to periodically account for orders to be sure they were processed.

145
Q

Why an auditor cares about the internal control structure?

Ultimately, the reason an auditor cares about the internal control structure is that it relates to whether the financial statement assertions are _______ and therefore may be ____________.

A

Why an auditor cares about the internal control structure?

Ultimately, the reason an auditor cares about the internal control structure is that it relates to whether the financial statement assertions are correct and therefore may be relied upon.

146
Q

Why an auditor cares about the internal control structure?

Ultimately, the reason an auditor cares about the internal control structure is that it relates to whether the financial statement ___________ are correct and therefore may be relied upon.

A

Why an auditor cares about the internal control structure?

Ultimately, the reason an auditor cares about the internal control structure is that it relates to whether the financial statement assertions are correct and therefore may be relied upon.

147
Q

Why an auditor cares about the internal control structure?

Ultimately, the reason an auditor cares about the internal control structure is that it relates to whether the _________ statement assertions are correct and therefore may be relied upon.

A

Why an auditor cares about the internal control structure?

Ultimately, the reason an auditor cares about the internal control structure is that it relates to whether the financial statement assertions are correct and therefore may be relied upon.

148
Q

Why an auditor cares about the internal control structure?

Ultimately, the reason an auditor cares about the internal control structure is that it relates to whether the financial ___________ assertions are correct and therefore may be relied upon.

A

Why an auditor cares about the internal control structure?

Ultimately, the reason an auditor cares about the internal control structure is that it relates to whether the financial statement assertions are correct and therefore may be relied upon.

149
Q

Why an auditor cares about the internal control structure?

Ultimately, the reason an auditor cares about the internal control __________ is that it relates to whether the financial statement assertions are correct and therefore may be relied upon.

A

Why an auditor cares about the internal control structure?

Ultimately, the reason an auditor cares about the internal control structure is that it relates to whether the financial statement assertions are correct and therefore may be relied upon.

150
Q

Why an auditor cares about the internal control structure?

A

Why an auditor cares about the internal control structure?

Ultimately, the reason an auditor cares about the internal control structure is that it relates to whether the financial statement assertions are correct and therefore may be relied upon.

CPA AUD Flashcards (62 decks)

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