The following four questions are taken from an internal control questionnaire. For each question, state (a) One

Question:

The following four questions are taken from an internal control questionnaire. For each question, state

(a) One test of controls procedure you could use to find out whether the control technique was really functioning and

(b) what error or fraud could occur if the question were answered "no" or if you found the control was not effective.

1. Are blank sales invoices available only to authorized personnel?

2. Are sales invoices pre-numbered and are all numbers accounted for?

3. Are sales invoices checked for the accuracy of quantities billed? Prices used? Mathematical calculations?

4. Are the duties of the accounts receivable bookkeeper separate from all cash functions?

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...