Tests of Controls Include

question 96

Multiple Choice

Tests of controls include

• A)confirming accounts receivable
• B)counting inventory
• C)completing questionnaires
• D)counting cash

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Definitions:

Sales Invoice

A document issued by a seller to a buyer, detailing a transaction's products, quantities, and agreed prices for products or services the seller has provided.

Bank Credit Cards

Financial tools issued by banks that allow users to borrow funds for purchases or cash advances, subject to repayment terms and credit limits.

Cash Sales

Transactions where goods or services are exchanged immediately for cash payment.

Normal Credit Balance

The expected balance on the credit side of an account, based on its accounting function (e.g., liabilities, revenues, and equity accounts).