At 15 test of controls procedure

Page 1 of 6CPA REVIEW SCHOOL OF THE PHILIPPINESManilaAUDITING THEORYTEST OF CONTROL PROCEDURESRevenue and Receipt Cycle1. After the auditor has prepared a flowchart of internal control for sales, and cash receiptstransactions and evaluated the design of the system, the auditor would perform tests ofcontrols on all control proceduresa. Documented in the flowchart.b. Considered to be deficiencies that might allow errors to enter the accounting system.c. Considered to be strengths that the auditor plans to rely on in assessing control risk.d. That would aid in preventing irregularities.2. Which of the following is not a universal rule for achieving control over cash?a. Separate the cash-handling and record-keeping functions.b. Deposit each day’s cash receipts by the end of the day.c. Have bank reconciliation’s performed by employees who do not handle cash.d. Decentralize the receiving of cash as much as possible.3. The least crucial element of control over cash isa. Separation of cash record keeping from custody of cash.b. Preparation of the monthly bank reconciliation.c. Separation of cash receipts from cash disbursements.d. Batch processing of checks.4. The use of fidelity bonds protects a company from embezzlement losses and alsoa. Minimizes the possibility of employing persons with dubious records in positions of trust.b. Protects employees who make unintentional errors form possible monetary damagesresulting from such errors.c. Allows the co … Purchase document to see full attachment

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