Below Are the Seven Internal Control Objectives

question 15

Essay

Below are the seven internal control objectives.
A)Validity
B)Completeness
C)Authorization
D)Accuracy
E)Classification
F)Accounting and posting
G)Proper period HYPERLINK ""
For each of the following control procedures,identify the internal control objective that applies and place the correct letter in the space provided.
____ 1.Match shipping documents to sales invoices before recording the transaction in the sales journal.
____ 2.Reconcile the accounts receivable subsidiary ledger to the general ledger control account.
____ 3.The sales manager must approve any discounts taken after the discount period.
____ 4.Compare the quantity shipped per the shipping documents to the quantity billed per the sales invoice,check prices to approved price lists,and recalculate extensions and totals before the recording the sale.
____ 5.Account for numerical sequence of pre-numbered shipping documents.

• A)Validity
• B)Completeness
• C)Authorization
• D)Accuracy
• E)Classification
• F)Accounting and posting
• G)Proper period HYPERLINK ""
• For each of the following control procedures,identify the internal control objective that applies and place the correct letter in the space provided.
• ____ 1.Match shipping documents to sales invoices before recording the transaction in the sales journal.
• ____ 2.Reconcile the accounts receivable subsidiary ledger to the general ledger control account.
• ____ 3.The sales manager must approve any discounts taken after the discount period.
• ____ 4.Compare the quantity shipped per the shipping documents to the quantity billed per the sales invoice,check prices to approved price lists,and recalculate extensions and totals before the recording the sale.
• ____ 5.Account for numerical sequence of pre-numbered shipping documents.

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Definitions:

Total Profit

The total income a business obtains after accounting for all expenses, taxes, and costs associated with its operations.

Herfindahl-Hirschman Index

A concentration measure used to calculate the level of competition within an industry by summing the squares of the market shares of all firms within the industry.

Concentration Ratio

A measure used in economics to assess the degree of market concentration, often indicating the combined market share of the top firms in an industry.

Herfindahl-Hirschman Index

A measure of market concentration to evaluate the level of competition within an industry.