The following errors due to sloppy paperwork and poor controls were found during an audit: 1....
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The following errors due to sloppy paperwork and poor controls were found during an audit: 1. A customer's order was shipped without credit approval. 2. Some sales made in January were recorded as being made in December. The company has a December 31 fiscal year end. 3. Duplicate sales were recorded. 4. Sales to a subsidiary were recorded as sales to outsiders instead of as intercompany sales. 5. Some shipments of goods to customers were not recorded. Which of the following statements is accurate with respect to the errors and the control objectives violated? Error #1 violated the objective of valuation; Error #3 violated the objective of classification Error #1 violated the objective of valuation; Error #4 violated the objective of classification Error #2 violated the objective of completeness; Error #5 violated the objective of occurrence Error #2 violated the objective of timeliness; Error #4 violated the objective of classification Error #3 violated the objective of occurrence; Error #5 violated the objective of completeness Error #4 violated the objective of valuation; Error #5 violated the objective of completeness The following errors due to sloppy paperwork and poor controls were found during an audit: 1. A customer's order was shipped without credit approval. 2. Some sales made in January were recorded as being made in December. The company has a December 31 fiscal year end. 3. Duplicate sales were recorded. 4. Sales to a subsidiary were recorded as sales to outsiders instead of as intercompany sales. 5. Some shipments of goods to customers were not recorded. Which of the following statements is accurate with respect to the errors and the control objectives violated? Error #1 violated the objective of valuation; Error #3 violated the objective of classification Error #1 violated the objective of valuation; Error #4 violated the objective of classification Error #2 violated the objective of completeness; Error #5 violated the objective of occurrence Error #2 violated the objective of timeliness; Error #4 violated the objective of classification Error #3 violated the objective of occurrence; Error #5 violated the objective of completeness Error #4 violated the objective of valuation; Error #5 violated the objective of completeness
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Solution The following statements are accurate with respect to the errors and the control objectives ... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0078025556
8th edition
Authors: Robert Libby, Patricia Libby, Daniel Short
Posted Date:
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