1: Which of the following documents is typically used to authorize the release of inventory from the warehouse for shipping to a customer?
30s
Packing Slip
Sales Invoice
Picking Ticket
Credit Memo
2: Which of the following risks is most effectively mitigated by segregating the duties of cash handling and accounts receivable record-keeping?
30s
Theft of inventory
Unauthorized disclosure of customer data
Theft of cash
Stockouts due to unrecorded sales
3: A company notices discrepancies between its shipping records and billed sales. Upon investigation, it finds that some shipments were not billed, and others were billed incorrectly. Which combination of controls would best address both issues?
45s
Requiring managerial approval for all invoices and reconciling the bank statement to customer accounts.
Automating the matching of shipping notices to sales invoices and implementing data entry controls for pricing.
Using barcodes for inventory management and implementing lockboxes for customer payments.
Performing periodic physical counts of inventory and reconciling the general ledger to subsidiary accounts.