Business, 11.03.2020 01:30 mya1318

Each of the following five cases illustrates specific control activities from a client's revenue cycle (accounts receivable/sales). For each of the procedures, (a) identify which management assertions apply, and (b) what potential category of errors and frauds can be prevented.
Control Procedure Assertion Error or Fraud
A. Credit sales over $1,000 require prior approval by the credit manager.
B. All shipping documents are prenumbered and matched with sales invoices daily.
C. Recorded sales are supported by invoices, shipping documents, and customer orders.
D. Sales invoices are reviewed for correct quantities and mathematical accuracy.
E. All sales on credit are charged to customers' individual accounts.

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