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11 Cards in this Set

  • Front
  • Back
Credit is approved automatically by computer by comparison to authorized credit limits
-occurrence
Recorded sales are supported by authorized shipping documents and are approved customer orders
-occurrence
-accuracy
Separation of duties between billing, recording of sales, and handling of cash receipts
-occurrence
-completeness
-posting & summarization
Shipping documents are forwarded to billing daily and are billed the subsequent day
-occurrence
-timing
Shipping documents are prenumbered and accounted for weekly
-completeness
-timing
Batch totals of quantities shipped are compared with quantities billed
-occurrence
-completeness
-accuracy
Unit selling prices are obtained from the price list master file of approved prices
-accuracy
Sales transactions are internally verified
-classification
Statements are mailed to customers each month
-occurrence
-accuracy
-posting & summarization
Computer automatically posts transactions to the accounts receivable subsidiary records and to the general ledger
-posting & smmarization
Accounts receivable master file is reconciled to the general ledger on a monthly basis
-posting & summarization