The following are a number of ASB management assertions.
A.Occurrence
B.Completeness
C.Rights and obligations
D.Allocation or valuation
E.Classification
F.Existence
G.Cutoff
H.Accuracy
I.Understandability
For each of the following control activities,place the letter of the preceding management assertion that best applies to each of the following controls in the blank space.
_____ 1.Matching shipping documents with sales invoices before a sale is recorded.
_____ 2.Balancing the total of individual customers' receivables with the control account.
_____ 3.Obtaining sales manager's approval of taking discounts.
_____ 4.Doing a computer check for billing the quantity shipped,list price,and total.
_____ 5.Accounting for numerical sequence of prenumbered shipping documents.
Correct Answer:
Verified
Q105: Each of the following five cases illustrates
Q106: To reduce the control risk to a
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Q108: _ are specific actions taken by a
Q109: Significant deficiencies in internal control also include
Q111: _ reduces opportunities for a person to
Q112: Discuss some of the problems in establishing
Q113: Auditors perform _ to determine how well
Q114: _ to assets and important records,documents,and blank
Q115: Internal control systems generally provide _ assurance
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