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Chapter 07 - The Revenue and ingathering motorcycle Chapter 07 The Revenue and Collection Cycle Multiple alternative Questions 1. To be accept, revenues must also be realized or realizable and A. Foreseeable B. Collected C. earn D. Shipped 2. The SEC requires all told of the following for revenue to be recognized except A. cash in is collected. B. Persuasive evidence of an scheme exists. C. Delivery has occurred or function have been rendered. D. The sellers price to the purchaser is fixed or determinable. 3. preeminence and Hold refers to an arrangement where A. gross revenue atomic number 18 recorded tho ar non shipped. B. Sales are shipped but are non recorded. C. Sales are billed but non collected. D. livestock is held but not billed. 4. Custody of inventory is transferred to the raptus area upon authorization of: A. The client order. B. The shipping order. C. The invoice. D. The procure order. 5. The written document that generates recordi ng of a sale is the A. The customer order. B. The shipping order. C. The invoice. D. The purchase order. 7-1 Chapter 07 - The Revenue and Collection Cycle 6. The sum of customers unpaid eases that is compared to the general daybook balance comes from A. A primitive of gross revenue invoices. B. A organic of shipping orders. C. The gross sales journal. D. The accounts receivable trial balance.

7. The file that contains sales transactions that were initiated in the system but are not yet completed is the: A. Credit check file. B. Sales detail. C. descent master. D. Pending order master. 8. The ass ertion that auditors will probably puree i! n the revenue and collection cycle is: A. Occurrence. B. Completeness. C. Accuracy. D. Classification. 9. A turn out business owner can best offset the privation of separation of duties by A. Creating an internal audit department. B. Installing the a la mode(p) computer equipment and software. C. Being actively involved in the account process. D. Relying on the external auditor to detect errors. 10. Accountants...If you fatality to make grow a full essay, order it on our website: OrderCustomPaper.com

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