Multiple Choice
The likely result of a lack of proper authorisation in the sales and collection cycle is the loss of:
A) company assets by shipping goods to customers who fail to pay for them.
B) potential revenue by billing sales at an incorrect price.
C) company assets by shipping goods to fictitious customers.
D) all of the above
Correct Answer:

Verified
Correct Answer:
Verified
Q14: The sales and collection cycle involves the
Q15: Documents related to the billing of customers
Q16: For each internal control deficiency identified by
Q17: Which one of the following types of
Q18: The total of the individual account balances
Q20: Describe the substantive tests of transactions used
Q21: An effective procedure to test the completeness
Q22: A bill of lading is a written
Q23: Which of the following is a listing
Q24: One of the key internal controls to