The Completeness of Computer Generated Sales Figures Can Be Tested

question 40

Multiple Choice

The completeness of computer generated sales figures can be tested by comparing the number of items listed on the daily sales report with the number of items billed on the actual invoices.This process uses:

• A)Self-checking numbers.
• B)Control totals.
• C)Validity tests.
• D)Process tracing data.

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Definitions:

Paid-in Capital in Excess

The amount of shareholder equity that exceeds the par value of the shares issued.

Subscriptions Receivable-Common Stock

An account reflecting the amounts due from subscribers who have committed to purchase common stock, not yet paid for.

Source of Capital

Source of capital refers to the avenues through which a business or an individual raises funds to finance projects, operations, or investments, including equity, debt, and internal funds.

Paid-In Capital

The quantity of funds a corporation has obtained from its investors as compensation for shares of the company's stock.