To Verify That All Sales Transactions Have Been Recorded (The

question 59

Multiple Choice

To verify that all sales transactions have been recorded (the completeness assertion) , a test of transactions should be completed on a representative sample drawn from:

• A)the billing clerk's file of sales orders.
• B)entries in the sales journal.
• C)the shipping clerk's file of duplicate copies of bills of lading (goods shipped notices).
• D)a file of duplicate copies of sales invoices for which all pre-numbered forms in the series have been accounted for.

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Definitions:

Return

The profit or loss derived from an investment over a particular period, often expressed as a percentage of the investment's initial cost.

Inflation

The velocity of rise in the aggregate pricing of goods and services, reducing the power of the dollar.

Dividends

Regular payments declared by a company's board of directors and given to its shareholders from the company's earnings.