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Exercise 10.27

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themathkid's version from 2015-11-23 16:10

Section

Question Answer
All goods shipped are accurately billed in the proper periodPurchasing cycle
Record cash receipts on accounts receivable completely and accurately.Banking/Cash
Enter and process time worked accurately. Payroll cycle
Ensure that items ordered are received on a timely basis. Financial cycle
Disburse cash only for authorized purchases. Banking/Cash
System controls are in place for appropriate approval of write-offs.Financial cycle
Record tax payments completely and accuratelyPayroll cycle
Prevent unauthorized use of purchase orders. Purchasing cycle
Process only valid customer orders.Financial cycle
Reconcile accounting records with physical assets.Financial cycle
memorize

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