Which of the Following Is a Control for the Completeness

question 60

Multiple Choice

Which of the following is a control for the completeness (of cash receipts assertion) ?

• A)The computer compares each item on the underlying information in the bank remittance report to develop a one for one match with recorded cash receipts in the daily remittance report.
• B)The computer starts with the population of daily cash receipts recorded in the daily remittance report and develops a one for one match with the underlying bank remittance report.
• C)The computer starts with the population of daily cash receipts recorded in the daily remittance report and it compares the dollar amount of each recorded cash receipt with the underlying bank remittance report.
• D)The computer starts with the population of daily cash receipts recorded in the daily remittance report and compares the date recorded in the daily remittance report with the date received and deposited by the bank.

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Definitions:

Fixed Costs

Business expenses that remain constant regardless of the level of production or sales activities.

Marginal Cost

The additional cost incurred by producing one more unit of a particular good or service.

Sunk Cost

Expenses that have already been incurred and cannot be recovered, which should not influence future business decisions.

Scrap Value

The estimated resale value of an asset after its useful life is over and it is deemed to no longer be usable for its intended purpose.