Identify a Necessary Control for Each of the Following Potential

question 15

Essay

Identify a necessary control for each of the following potential misstatements in relation to credit sales transactions:
1. Sales may be made to unauthorised customers.
2. Sales may be made without credit approval.
3. Goods may be released from the warehouse for unauthorized orders.
4. Unauthorized shipments may be made.
5. Some shipments may not be invoiced.
6. Invoices may not be journalized or posted to customer accounts.
7. Invoices may be posted to the wrong customer account.

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Definitions:

Populations

The entire collection of individuals, items, or data under study in a statistical analysis.

Sample Standard Deviations

A measure of the dispersion or variability of data points in a sample from their mean.

Margin Of Error

An expression of the amount of random sampling error in a survey's results, indicating a range within which the true value lies with a specified confidence level.

Equal Sample Sizes

A condition in experimental design where all groups being compared have the same number of observations or participants.