Purchase Solution

Sequentially numbered sales invoices as a control

Not what you're looking for?

Ask Custom Question

How do sequentially numbered sales invoices and shipping documents act as a control?

Purchase this Solution
Solution Summary

This posting provides a detailed solution to the student's question.

Solution Preview

Sales invoices and shipping documents are serially numbered to ensure that all transactions are ...

Purchase this Solution
Free BrainMass Quizzes
Business Processes

This quiz is intended to help business students better understand business processes, including those related to manufacturing and marketing. The questions focus on terms used to describe business processes and marketing activities.

Introduction to Finance

This quiz test introductory finance topics.

Cost Concepts: Analyzing Costs in Managerial Accounting

This quiz gives students the opportunity to assess their knowledge of cost concepts used in managerial accounting such as opportunity costs, marginal costs, relevant costs and the benefits and relationships that derive from them.

Income Streams

In our ever changing world, developing secondary income streams is becoming more important. This quiz provides a brief overview of income sources.

Situational Leadership

This quiz will help you better understand Situational Leadership and its theories.

View More Free Quizzes
Related BrainMass Solutions

  • Auditing and Assurance Services

    (1) Pre-numbered sales invoices in a sales journal where the lowest invoice number is 1 and the highest is 6211. As the pre-numbered sales invoices start from 1 and reach 6211, I divided 6211 by 50 since we require 50 items. I got 124.22.

  • Tests of Control for Sales

    87727 Tests of Control for Sales 10-63 (Testing Controls) Following is a list of controls typically implemented in the processing of sales transactions. Required a.

  • LBJ Company Internal Control

    The use of pre-numbered checks, pre-numbered invoices, locking up unused checks, having two managers approve new hires, and completing a bank reconciliation are "best practices" and good controls.

  • Misstatements and Controls: Internal Control Procedure

    Daily sales summaries are compared with control totals of invoices. g. Shipping documents are compared with sales invoices when goods are shipped. h. Sales invoices are compared with the master price file. i.

  • Effective Internal Control Measures

    Daily sales summaries are compared with control totals of invoices. 3. Invoices are sent for shipped goods, but are not recorded in the sales journal. f. Daily sales summaries are compared with control totals of invoices. 4.

  • Risk in the Revenue and Collection Cycle

    Shipments are all supported by sales order from valid customers ? Invoices, shipping documents, sales orders are all pre-numbered and accounts for on a timely basis (no break in number sequence). ?

  • External Auditing Questions

    The control that would eliminate the problem of sales invoices being misplaced are that the sales invoices should be pre-numbered, they should be prepared in triplicate so that the dispatch clerk receives one copy and one copy is sent to accounts receivable

  • LJB Company: Evaluate the system of internal controls

    The use of pre-numbered checks, pre-numbered invoices, locking up unused checks, having two managers approve new hires, and completing a bank reconciliation are "best practices" and I encourage you to stick with these procedures.

  • Test of Controls Sales and Collection Cycle - Apollo Shoes

    The pre-numbered sales invoices are necessary for maintaining effective internal control over the sales cycle. The procedure adopted by Apollo Shoes for the detection of missing invoices should be thoroughly checked.

View More Related Solutions