1. A comparison of checks listed on a sample of deposit slips to the detail of customer...
Question:
1. A comparison of checks listed on a sample of deposit slips to the detail of customer credits posted to customer accounts receivable can be an audit test for lapping
True
False
2. The aging information for accounts receivable is typically used in connection with assessing the allowance for doubtful accounts
True
False
3. Credit checks should be performed by the sales department before credit is approved.
True
False
4. The accountants who record cash receipts and credits to customer accounts should not handle the cash.
True
False
5. A price list master file contains the product unit prices that are used for billing customers.
True
False
Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak