Match each of the following application control objectives to the appropriate transaction cycle.
a. Purchasing cycle
b. Sales cycle
c. Payroll cycle
d. Banking/Cash
e. Financial cycle

___ 1. All goods shipped are accurately billed in the proper period.
___ 2. Record cash receipts on accounts receivable completely and accurately.
___ 3. Enter and process time worked accurately.
___ 4. Ensure that items ordered are received on a timely basis.
___ 5. Disburse cash only for authorized purchases.
___ 6. System controls are in place for appropriate approval of write-offs.
___ 7. Record tax payments completely and accurately
___ 8. Prevent unauthorized use of purchase orders.
___ 9. Process only valid customer orders.
___ 10. Reconcile accounting records with physical assets.

  • CreatedFebruary 20, 2015
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