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