Chapter 07 - The Revenue and order of battle round of drinks Chapter 07 The Revenue and Collection Cycle Multiple alternative Questions 1. To be recognize, revenues must also be realized or realizable and A. Foreseeable B. Collected C. take in D. Shipped 2. The SEC requires all told of the following for revenue to be recognized except A. cash in is collected. B. Persuasive evidence of an location exists. C. Delivery has occurred or function have been rendered. D. The sellers price to the purchaser is fixed or determinable. 3. preeminence and Hold refers to an arrangement where A. sales atomic number 18 recorded tho be non shipped. B. Sales atomic number 18 shipped but are non recorded. C. Sales are billed but non collected. D. livestock is held but not billed. 4. Custody of inventory is transferred to the raptus area upon authorization of: A. The guest order. B. The shipping order. C. The invoice. D. The procure order. 5. The written documen t that generates recording of a sale is the A. The customer order. B. The shipping order. C. The invoice. D. The purchase order. 7-1 Chapter 07 - The Revenue and Collection Cycle 6. The sum of customers unpaid ends that is compared to the general daybook balance comes from A. A primitive of gross revenue invoices. B. A come up of shipping orders. C. The sales journal. D. The accounts receivable trial balance.
7. The file that contains sales transactions that were initiated in the system but are not yet completed is the: A. Credit check file. B. Sales detail. C. armory master. D. Pending order master. 8. The assertion that auditors will probably fil! ter out in the revenue and collection cycle is: A. Occurrence. B. Completeness. C. Accuracy. D. Classification. 9. A handsome business owner can best offset the wish of separation of duties by A. Creating an internal audit department. B. Installing the a la mode(p) computer equipment and software. C. Being actively involved in the account process. D. Relying on the external auditor to detect errors. 10. Accountants...If you trust to make grow a full essay, order it on our website: OrderCustomPaper.com
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