Author Question: Cash receipts from sales on account have been misappropriated. Which of the following acts would ... (Read 81 times)

bubba123 · **on:** Aug 21, 2022

Question 1

An audit procedure that compares the name, amount, and dates shown on remittance advices with cash receipts journal entries and with related duplicate deposit slips would be effective in detecting
◦ kiting.
◦ lapping.
◦ unauthorized write-offs of customers as uncollectible accounts.
◦ sales without proper credit authorization.

Question 2

Cash receipts from sales on account have been misappropriated. Which of the following acts would conceal this fraud and be least likely to be detected by an auditor?
◦ understating the sales journal by not recording cash sales
◦ overstating the accounts receivable control account by intentionally misstating prices charged for goods sold
◦ overstating the accounts receivable subsidiary ledger by not recording payments made by customers
◦ understating the cash receipts journal by purposely recording incorrect amounts

swagmaster69 · **Reply #1 on:** Aug 21, 2022

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