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1 | P a g e
Chapter 10: Auditing Revenue and Related Accounts
1. The revenue cycle considered by auditors includes the sales process but not cash collections.
True False
2. The revenue cycle involves the procedures in generating a sales order, shipping the products, recording the
transaction and collecting the receivable.
True False
3. The shipping department confirms the shipment of goods by completing the packing slip and returning it to
the purchasing department.
True False
4. Monthly statements provide a detailed list of the customer’s activity for the previous month and a listing of
all open items.
True False
5. Invoices are processed, including their mailing to customers, only subsequent to proof of valid delivery to
customers.
True False
6. The use of prenumbered sales invoices is the primary control procedure to satisfy the assertion of
completeness.
True False
7. A comprehensive chart of accounts and a review of complex or unusual transactions by supervisory
personnel are control procedures necessary for proper classification of accounts.
True False

2 | P a g e
8. Formal procedures for approving acceptance of returns that are beyond the warranty period are an appropriate
control procedure for identifying and recording returned goods.
True False
9. One of the benefits of establishing a formal credit policy for granting credit is that management does not need
to perform monitoring of accounts receivable.
True False
10. Monitoring of the revenue cycle may be accomplished partially through the use of exception reporting
True False
11. Monitoring is one of the five components of the COSO internal control framework.
True False
12. The audit team is required by auditing standards to make an ordinary presumption of the risk of fraud due to
revenue misstatements on every engagement.
True False
13. A company that ships a large quantity of its products from its manufacturing plant to a warehouse that it
leases until the customer is ready for the product should record the delivery as revenue.
True False
14. The intentional loading of sales at the end of a period to customers that do not need the goods at that time
should not be recorded as revenues.
True False
15. All companies attempting to comply with GAAP should refer to the Securities and Exchange Commission
for guidance as it supersedes all AICPA, PCAOB, FASB and EITF literature.
True False

3 | P a g e
16. A tendency for fraud exists when stock options are close to becoming exercised by executives and financial
personnel.
True False
17. A red flag that may alert the auditor to fraud in the revenue cycle is a trend of revenue growth that is
consistent with industry results.
True False
18. Financial accounting personnel who do not have the proper education, experience and backgrounds may
signal the auditor to the risk of financial statement fraud.
True False
19. The auditor of James Corporation should be alert to the risk of material misstatements when James
Corporation's cash flows from operations are negative and net income (rather than loss) is reported.
True False
20. Ratio analysis performed by the audit team may include the comparison of gross sales to industry averages
and previous periods.
True False
21. The auditor's determination that day's sales in accounts receivable increased from 44 days to 100 days
would usually be found through the use of ratio analysis.
True False
22. Edge and Gregg, LLP would most likely discover channel stuffing in the financial statements of a client
through the use of trend analysis.
True False
23. Use of reasonableness tests by Bono Mullins, PC will include relationships between financial but not
non-financial data.
True False

4 | P a g e
24. The auditor has determined that the control risk for the existence assertion is low; therefore the auditor may
reduce the number of items tested on a substantive basis.
True False
25. Confirmations of bank accounts may help the auditor to determine if material amounts of accounts
receivable have been pledged or discounted.
True False
26. When the auditor seeks evidence concerning the allowance for doubtful accounts he or she would most
likely use an aged trial balance to help identify past due balances.
True False
27. Current auditing standards do not require the confirmation of receivables if accounts receivable are not
material.
True False
28. Accounts receivable confirmations should be prepared on the auditing firm's letterhead.
True False
29. Alternative procedures to the confirmation of receivables include review of subsequent collections and
examination of supporting documents.
True False
30. Lapping of accounts receivable is least likely to occur when there is an inadequate segregation of duties.
True False
31. Positive accounts receivable confirmations should be used on all accounts which represent small immaterial
balances.
True False

5 | P a g e
32. When the client has a large number of relatively small accounts receivable and the assessed level of control
risk for receivables and related revenue transactions is high, the auditor is more likely to use negative
confirmations.
True False
33. The auditor would examine a sample of sales transactions throughout the entire period to determine if sales
were recorded in the proper period when performing a sales cutoff test.
True False
34. An example of a control over the sales cycle is the authorization of price lists by the appropriate sales and
marketing manager.
True False
35. An auditor would test controls related to the occurrence/existence of sales transactions by sampling recorded
revenues and tracing them back to invoices and shipping documents
True False
36. If control risk is assessed high, the auditor may send significantly fewer confirmations for a sample of
accounts receivable than if the control risk is assessed low.
True False
37. In planning an audit for the revenue cycle, the auditor must realize the integrated relationship of evidence
found between the accounts receivable and the notes payable accounts.
True False
38. A method of testing for the completeness of sales is to test the sequence of sales invoices used during the
period under audit.
True False
39. A review of the terms of client debt agreements assists the audit of the presentation and disclosure assertion
for accounts receivable.
True False

6 | P a g e
40. The use of audit software makes the audit of the revenue cycle more effective, but not more efficient.
True False
41. Testing cutoff involves procedures applied to sales transactions selected from those recorded several days
prior to period end and several days following period end.
True False
42. Valid evidence obtained in an audit for testing the cutoff of gross sales includes receiving reports for
returned merchandise.
True False
43. An example of a test for completeness in the revenue cycle includes the sampling of shipping documents
and tracing them to the sales journal and general ledger.
True False
44. Negative confirmations are used to confirm material balances.
True False
45. Exceptions found in the confirmations of accounts receivable balances need not be projected as errors to the
population as they are typically isolated errors.
True False
46. A timing difference type of exception in the confirmation process may include a misunderstanding by the
reader as to the date being confirmed.
True False
47. Negative confirmations are considered to be more persuasive than positive confirmations.
True False

7 | P a g e
48. The purpose of summarizing confirmation results is to list the extent of sales tested in relation to the
response rate.
True False
49. An auditor's primary concern with identifying related party sales and receivables rests with the presentation
and disclosure assertion.
True False
50. Customer complaints noted in returned accounts receivable confirmations may be an indicator of fraud.
True False
51. The audit team typically reviews journal entries in the receivables ledger for unusual entries that may be
indicators of fraudulent activity.
True False
52. Estimation of the allowance for doubtful accounts is a simple management decision as it is determined as a
percentage of sales.
True False
53. The auditor will come up with an independent estimation of the allowance for doubtful accounts based on a
thorough understanding of the client and the client's business that is compared to the recorded allowance.
True False
54. It is beneficial in the testing of notes receivable to confirm not only the balance of the notes, but also their
terms.
True False
55. The most important control to ensure completeness of sales and shipping is pre-numbered shipping and
billing documents.
True False

8 | P a g e
56. An aging of accounts receivable is useful in estimating the reasonableness of the allowance for doubtful
accounts.
True False
57. Which of the following processes are included in the revenue cycle?
A. Shipping products to customers.
B. Payments to suppliers.
C. Issuance of capital stock.
D. Preparation of a time card.
58. Which of the following is the best example of the control objective in the revenue cycle that all transactions
are recorded accurately?
A. Sales are recorded at the invoice price expected to be collected from customers.
B. Sales orders have sequential numbering.
C. Recorded sales transactions are evidenced by valid invoices and shipping documents.
D. Credits to customer accounts are classified as liabilities.
59. The relationship between the sales cycle and an inventory system can best be noted in which of the
following examples?
A. Credit is established prior to completion of a sales order.
B. Invoices are sent to customers only after shipment is evidenced.
C. Availability of products ordered are verified prior to processing a sale.
D. Billing information is added to the database for new customers.
60. Credit approval policies are implemented by organizations primarily to
A. determine revenue recognition policies.
B. ensure customer satisfaction.
C. prevent lapping by the accounts receivable department.
D. ensure the realization of receivables.
61. Sales transactions should be documented at initiation in order to do which of the following?
A. provide the customer a copy of the transaction.
B. provide evidence of authorization and recording.
C. offer credit to customers.
D. generate back orders.

9 | P a g e
62. The significance of the bill of lading is to provide which of the following?
A. the warehouse personnel with the product that must be shipped to customers.
B. invoices to customers for proper collection.
C. a credit application for customer approval.
D. evidence of title transfer of goods to customers.
63. The risk of material misstatement due to fraud relating to revenue recognition should be
A. approached in a manner that is identical to control risk assessment.
B. given lower priority to the risk of embezzlement.
C. ordinarily presumed by the auditor.
D. assumed to have been considered by the audit committee.
64. Which of the following is a method used by companies to fraudulently inflate revenues?
A. use of hidden “side letters” giving the customer an irrevocable right to return the product.
B. recording of fictitious sales.
C. shipment of product not ordered by customers.
D. all of the above.
65. Which of the following provides evidence that the delivery of a product by a company to one of its
customers is sufficient for the company to record revenue?
A. A check received from the customer.
B. An agreement to purchase product signed by the customer.
C. A pick ticket in the warehouse.
D. A bill of lading and tracking number with the shipper.
66. Which of the following must exist prior to the recognition of revenue by a company from the sale of a
product?
A. The cash is realized on the sale of the product.
B. A price is discussed based upon the customer's resale of the product.
C. The customer is given the option to return the product at any time.
D. The product is adequately delivered to the customer.

10 | P a g e
67. Fraud related to revenue recognition will most likely be identified by the auditor through which of the
following independent situations?
A. Sales have increased 5% in the current period over the previous period and is consistent with the results of
competitors.
B. Gross margin is equivalent in the current period to previous periods and is below that of the industry.
C. Sales are higher in the month preceding each quarter end.
D. The sales of a revolutionary new product are increasing beyond that of the competition in the periods
immediately following its introduction.
68. Calculating the turnover of receivables is often used in testing the sales cycle by auditors when performing
A. trend analysis.
B. ratio analysis.
C. reasonableness testing.
D. non-statistical sampling.
69. Hardman and Jennings, LLP, an audit firm, compares bad debt expense of a client in the current period to
bad debt recorded for the past three periods. Hardman and Jennings is performing which type of analysis?
A. trend
B. ratio
C. critical
D. reasonableness
70. Lithgow and Harris, CPAs are performing the audit of WildFlower Grocery Stores. Lithgow and Harris
relates annual revenue by sales per square feet and sales per customer. What type of analysis is Lithgow and
Harris most likely performing?
A. Ratio analysis.
B. Trend analysis
C. Reasonableness tests.
D. Non-statistical analysis.
71. In an audit of financial statements, the risk of the high rate of return of products sold includes that of
A. sales that are recorded improperly.
B. an estimate of accrued returns that reduces net income.
C. a reduction of net sales for an increase to the sales returns and allowance account.
D. consignment goods that are returned and forwarded to third parties.

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11 | P a g e
72. Which of the following is the major risk associated with receivables?
A. they may be sold to a bank with recourse.
B. they may be recorded as long-term when in fact they will be realized in the current period.
C. they will not be realized for the entire amount due.
D. they are pledged as collateral as disclosed in the footnotes to financial statements.
73. Which of the following is a proper control for the detection of unusual sales transactions recorded in the
general ledger?
A. Electronic authorization prior to posting.
B. Use of sequentially numbered sales documents.
C. Random statements to customers.
D. Review of transactions by upper management or the board.
74. Which of the following is a control that may be implemented to ensure all sales that occur are recorded in
the general ledger?
A. use of prenumbered shipping, invoice and sales documents.
B. use of prenumbered statements, inventory lists and credit memos.
C. reconciliation of invoices with customer statements.
D. use of pre-authorized price lists.
75. The internal audit department at Monument Company receives electronic exceptions reports for all sales
transactions entered over $10,000 in total. This process is performed for the purpose of
A. drafting financial statements.
B. monitoring revenue transactions.
C. providing management reports to the controller.
D. providing suggestions for operational improvement.
76. Auditors will examine significant sales returns immediately subsequent to the period under audit in order to
do which of the following?
A. substantiate cutoff and the occurrence of net sales transactions.
B. test the sufficiency of cash balances to cover refunds.
C. monitor customer satisfaction for disclosure.
D. assess the nature of procedures that will be performed for the next period's audit.

12 | P a g e
77. The auditor of the revenue cycle of ABC Company computes an estimate of ABC's allowance for doubtful
accounts and compares it to the estimate provided by ABC's management. The purpose for this procedure is to
substantiate which of the following assertions?
A. existence of receivables
B. completeness of receivables
C. valuation of receivables
D. rights to receivables
78. What evidence is utilized by the auditor for analytical purposes in substantiating the allowance for bad debt
estimate?
A. Accounts receivable aging schedule
B. Copies of checks received from customers.
C. Confirmations returned without exception.
D. Stock prices of customer companies.
79. Much of the understanding of revenue transactions for compliance with GAAP can be performed by which
of the following procedures?
A. examining sales contracts and inquiry of management.
B. confirming sales with customers.
C. discussing the transactions with qualified members of the Financial Accounting Standards Board.
D. comparing shipping documents with invoices.
80. The auditor traces recorded sales to invoices, sales orders and shipping documents in order to substantiate
which of the following assertions?
A. cutoff.
B. completeness.
C. legality.
D. occurrence/existence.
81. In the audit of the revenue of Hiram Manufacturing Company, the auditors obtain a number of shipping
documents shortly before year-end and immediately following the year under audit. The auditors compare the
documents to the sales journal in order to test which of the following?
A. existence of sales.
B. presentation and disclosure of receivables.
C. cutoff of sales transactions.
D. completeness of receivables.

13 | P a g e
82. Completeness of revenues may be tested by the auditor through the selection of a sample of which of the
following?
A. shipping documents and tracing them to the sales journal.
B. accounts receivable and tracing them to cash receipts.
C. recorded sales transactions and tracing them to the general ledger.
D. inventory records and tracing them to the shipping documents.
83. Homer and Moe, PC are auditing the financial statements of Lyoncraft, Inc. and decide to confirm a sample
of accounts receivable. This test is performed by Homer and Moe primarily to substantiate which of the
following?
A. existence of related party transactions.
B. existence of accounts receivable.
C. obligation of debt.
D. cutoff of the allowance for bad debt.
84. The aged accounts receivable report is utilized by the auditor to
A. encourage the client to collect on receivables that are long past due.
B. select the type of confirmations that will be sent to banks.
C. assess the adequacy of the allowance for doubtful accounts.
D. identify debits in the receivables balance that should be reclassified to payables.
85. According to auditing standards, accounts receivable confirmations are required to be used
A. on every audit engagement.
B. if the client agrees in writing to the procedure.
C. if the balance is material.
D. if environmental risk is low.
86. The primary difference between positive and negative confirmations used in the audit of accounts receivable
is
A. the mode of response.
B. the amount of information included.
C. the control of the confirmation process by the auditor.
D. the valuation of the receivable.

14 | P a g e
87. For which of the following accounts receivable customer populations would the use of negative
confirmations be most appropriate?
A. A retail truck and trailer sales company with high inherent risk and moderate control risk over the revenue
cycle.
B. A utility company with control risk over the revenue cycle assessed high.
C. A mortgage banking company with control risk over the purchasing cycle assessed low.
D. A cable company with control risk over the revenue cycle assessed low
88. Accounts receivable confirmations usually provide strong evidence about which of the following?
A. the existence of receivables.
B. the completeness of receivables.
C. the presentation and disclosure of receivables.
D. the obligations of receivables.
89. Confirmations that are sent to customers asking them to review the current balance due the client and return
the letters directly to the auditor indicating whether they agree with the indicated balance, are known as
A. direct confirmations.
B. indirect confirmations.
C. positive confirmations.
D. negative confirmations.
90. Which one of the following procedures would be considered improper for an auditor in the process of
confirming receivables?
A. The auditor allows the client's staff to prepare the confirmation letters after the auditor has chosen the items
to be confirmed.
B. The auditor allows the client to sign the confirmations after they are prepared.
C. The auditor allows the client's staff to mail the confirmation letters after he or she has proofed the typing of
the letters.
D. The auditor asks the addressee to return the confirmation to the audit firm's office.
91. An auditor's examination of the sales account using a cut-off test would most likely detect which of the
following?
A. kiting.
B. sales that should be deferred.
C. lapping of accounts receivable.
D. sales recorded in the wrong period.

15 | P a g e
92. Alternative procedures that would provide evidence of the existence of receivables would include which of
the following?
A. physical observation of customer facilities.
B. review of subsequent collections.
C. analysis of the aged trial balance.
D. a confirmation to the client management for customer accounts.
93. Auditors are concerned with the addresses provided for customers in the confirmation of accounts
receivable because
A. confirmations are selected based upon zip codes.
B. a P.O. Box is more reliable than a street address.
C. confirmations should be sent only to business addresses and not residential.
D. the address may be routed to the client for retrieval and fraudulent signing.
94. Unreturned positive confirmations for accounts receivable warrant which of the following by the auditor?
A. replacing the sample selection with a new customer.
B. sending second requests and possibly performing alternative procedures.
C. the projection of larger misstatements to the population.
D. requesting that the client send additional audit correspondence to customers.
95. An example of alternative procedures for the confirmation of accounts receivable includes which of the
following?
A. inquiry of management.
B. tracing source documents to recorded amounts.
C. review of subsequent collections on account by the client.
D. providing an estimate of the allowance for doubtful accounts to be recorded by the client.
96. A key indicator of fraud in the revenue cycle is the auditor's detection of which of the following?
A. customer collections that are over 90 days past due.
B. credit entries in customer accounts receivable for authorized write-offs.
C. recurring entries in the sales journal.
D. altered shipping documents and invoices.

Other documents randomly have
different content

factice fit illusion à Jacques. Il se persuada qu'elle avait oublié l'incident
du bal masqué, ou du moins qu'elle lui pardonnait ses frasques de la
veille. Il retrouva son aplomb et donna la réplique à son ancien maître.
Quand Lechantre prit congé des trois femmes, il dit négligemment à son
ami:
--A propos, Jacques, tu sais que le baron Herder compte sur toi ce soir,
pour prendre le thé. Nous t'attendrons entre huit et neuf heures...
Pardon, mesdames, de vous enlever ce gamin dès le premier jour de
votre arrivée, mais vous devez être fatiguées, et vous aurez sans doute
besoin de vous coucher de bonne heure.
Comme il achevait ces derniers mots, il rencontra le profond regard de
Thérèse et, trop franc pour le soutenir hardiment, il détourna la tête. Les
yeux de la jeune femme allaient alternativement de Francis à Jacques: le
premier fuyait son regard, le second affectait un air distrait; leur attitude
à tous deux lui parut suspecte.
--Ils s'entendent pour me tromper, songea-t-elle. Et de nouveau un froid
lui glaça les veines, tandis qu'elle essayait de sourire en tendant la main
à Lechantre.
Après le départ du paysagiste, l'après-midi se traîna péniblement entre
Christine, qui tricotait un châle de laine, la maman Moret, qui sommeillait
de temps à autre, et Thérèse, qui semblait replongée dans ses
réflexions.--En dépit des graves présomptions fondées sur la froideur de
Jacques et les révélations de Lechantre, il y avait encore des moments
où elle se refusait à croire à une trahison, à admettre comme possible le
navrant écroulement de son bonheur. «Non, pensait-elle, il ne peut être
devenu déloyal à ce point!» Elle attendait toujours un regard repentant
de Jacques, un de ces bons mouvements de tendresse qui mettent un
aveu aux lèvres du coupable et lui font tout pardonner. Mais l'artiste
restait distrait, nerveux et taciturne. A mesure que la nuit s'approchait, il
donnait des signes d'une impatience mal contenue. Lorsqu'on se mit à
table pour dîner, il mangea à peine, la fièvre de l'attente lui coupait
l'appétit, il trouvait que la domestique enlevait les plats avec une lenteur

agaçante; il l'accusait de pontifier en servant, et, au cours de la
conversation, il consultait sa montre à la dérobée.
Aucune de ces agitations, aucun de ces gestes, n'échappaient à Thérèse.
Ils lui perçaient le cœur, et sa souffrance était d'autant plus aigüe qu'elle
cherchait à la dissimuler.
Dès que le dessert apparut, l'impatience à peine déguisée de Jacques
redoubla. Il entendait huit heures sonner aux pendules et il calculait avec
agacement qu'il serait obligé de perdre encore quelque temps chez le
costumier... «Ce dîner n'en finira jamais!» se disait-il rageusement. Il ne
répondait plus que par monosyllabes aux questions des trois femmes, de
peur qu'une réponse plus explicite ne redonnât un nouvel essor à la
conversation qui languissait, et ne le retînt plus longtemps dans la salle à
manger.--A la fin, il se leva brusquement et alla embrasser la petite mère.
--Bonsoir, maman, murmura-t-il, il ne faut pas que je fasse attendre le
baron Herder, et d'ailleurs vous devez avoir toutes trois grand besoin de
dormir.
Thérèse s'était levée en même temps que lui et le précédait dans
l'antichambre avec une bougie.
--Rentreras-tu tard? demanda-t-elle, quand il fut près de la porte.
--Non... Je l'espère, du moins, mais je ne puis te fixer une heure
précise... quand on est chez les autres, on ne s'appartient pas... Au
revoir, Thérèse!
Il lui prit la main et la serra précipitamment.
--Ta main est glacée, dit-il, tu es fatiguée et un bon somme te fera du
bien... Couche-toi vite!
Là-dessus il s'esquiva.--Dès que la porte fut refermée, Thérèse gagna sa
chambre, dont la fenêtre restée ouverte donnait sur la rue. Elle vit
Jacques courir vers le boulevard Dubouchage, dans une direction
opposée à celle qu'il aurait dû prendre pour aller au port.

André Theuriet.
--Avec quel aplomb il ment déjà! pensa-t-elle... Non, je ne puis supporter
cet état de doute et d'angoisse... J'aime mieux tout savoir!
Son manteau de voyage et son chapeau étaient encore sur le lit; elle se
coiffa, s'encapuchonna à la hâte, puis, rouvrant avec précaution la porte
d'entrée, elle se glissa dans la rue et se précipita vers le boulevard.
(A suivre).

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