A Control That May Be Implemented to Ensure All Sales

question 35

Multiple Choice

A control that may be implemented to ensure all sales that occur are recorded in the general ledger includes which of the following?

• A)Use of prenumbered shipping,invoice and sales documents.
• B)Use of prenumbered statements,inventory lists and credit memos.
• C)Reconciliation of invoices with customer statements.
• D)Use of pre-authorized price lists.

---

Definitions:

Good X

A symbolic term often used in economics to represent any generic commodity or product under consideration for analysis.

Units

Measurements or quantities ascertained by established standards used for trading, scientific experiments, and other purposes.

Utility Function

Refers to the model used by economists to estimate the level of utility or satisfaction a consumer derives from the consumption of goods and services, highlighting consumer preferences.

Budget Constraint

A representation of all the combinations of goods and services a consumer can purchase with their income at given prices.