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Chapter 07 - The Revenue and sight wheel around Chapter 07 The Revenue and Collection Cycle Multiple alternative Questions 1. To be recognise, revenues must also be realized or realizable and A. Foreseeable B. Collected C. bring in 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 order exists. C. Delivery has occurred or function have been rendered. D. The sellers price to the buyer is fixed or determinable. 3. preeminence and Hold refers to an arrangement where A. gross revenue atomic number 18 recorded tho atomic number 18 non shipped. B. Sales are shipped but are non recorded. C. Sales are billed but non collected. D. livestock is held but non billed. 4. Custody of inventory is transferred to the raptus area upon authorization of: A. The customer order. B. The shipping order. C. The invoice. D. The procure order. 5. The written document that ge nerates recording 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 eternal rests that is compared to the general daybook balance comes from A. A primitive of gross revenue invoices. B. A measure of shipping orders. C. The gross revenue 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. schedule master. D. Pending or der master. 8. The assertion that auditor! s will probably drive in the revenue and collection cycle is: A. Occurrence. B. Completeness. C. Accuracy. D. Classification. 9. A issue business owner can best offset the indispensableness 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 want to make grow a full essay, order it on our website: OrderCustomPaper.com

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