ACCT 444 Week 5 Quiz
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about a key<br />
authorization<br />
point in the<br />
sales or<br />
collection<br />
cycle?<br />
(Points : 3)<br />
The receiving<br />
room must<br />
have<br />
authorization<br />
before<br />
releasing<br />
items to<br />
inventory<br />
control.<br />
Credit must<br />
be authorized<br />
before the<br />
sale.<br />
Goods must<br />
be shipped<br />
after the<br />
authorization.<br />
Prices must<br />
be<br />
authorized.<br />
7. (TCO 9) At which point in an ordinary sales transaction would a lack of specific authorization<br />
be of least concern to the auditor? (Points : 3)<br />
Granting of credit<br />
Shipment of goods<br />
Determination of discounts<br />
Selling of goods for cash<br />
8. (TCO<br />
9) The<br />
creditgranting<br />
functions<br />
should be<br />
separated
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