Cash Sales – NBC Institute

AA – Mar/July 2020 – L2 – Q5 – Assurance Services and Due Diligence for Hallmark Ltd

List control objectives and activities for cash sales and bank lodgments.

Question

List TWO control objectives and THREE control activities that should be put in place for each of the following:
i. Cash sales. (5 Marks)
ii. Lodgments into bank. (5 Marks)

Answer

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Tags: Bank Lodgments, Cash Sales, Control Activities, Control Objectives, Internal Control
Level: Level 2

Topic: Internal Control Systems
Series: MAR/JULY 2020

AA – Mar/Jul 2020 – L2 – Q6 – Internal Control Weaknesses in Debtors’ Recovery

This question addresses weaknesses in internal control systems, control objectives, and activities for cash sales and bank lodgements.

Question

In a medium-sized trading organisation, the accountant was given the additional responsibility of pursuing recoveries from debtors. On one occasion, when an insurance claim of N1 million was received, the accountant credited it to the account of a debtor to cover up a previous misappropriation of N1 million he had recovered in cash from the debtor.

Required:
(a) Identify and describe the weaknesses in the internal control system which led to this situation. (10 marks)

Answer

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Tags: Bank Lodgements, Cash Sales, Control Activities, Control Objectives, Internal Control, Weaknesses
Level: Level 2

Topic: Internal Control Systems
Series: MAR/JULY 2020

FA – Mar/July 2020 – L1 – SA – Q20 -Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Determining the sales account balance based on cash and credit sales

Question

Iyabo started business on September 01, 2019. She made cash sales of N64,000 and issued invoices of N102,000 for credit sales of which N86,000 had been paid. What would be the balance in the sales account in the general ledger at the end of September?
A. N166,000
B. N102,000
C. N86,000
D. N80,000
E. N64,000

Answer

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Tags: Cash Sales, Credit Sales, sales account
Level: Level 1

AA – May 2016 – L2 – Q4c – Planning and Approach for Audit and Assurance Engagements

This question discusses the points to consider when advising on a system of control for cash sales.

Question

(c) You have been asked by your client, a garage proprietor, to advise on a system of control for cash sales. Set out the points you would take into consideration before giving your recommendations. (10 marks)

Answer

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Tags: Cash Sales, Control Systems, Internal Control, Risk Management, Sales Procedures
Level: Level 2

Topic: Planning and Approach for Audit and Assurance Engagements
Series: MAY 2016

AA – Mar/July 2020 – L2 – Q5 – Assurance Services and Due Diligence for Hallmark Ltd

List control objectives and activities for cash sales and bank lodgments.

Question

List TWO control objectives and THREE control activities that should be put in place for each of the following:
i. Cash sales. (5 Marks)
ii. Lodgments into bank. (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bank Lodgments, Cash Sales, Control Activities, Control Objectives, Internal Control
Level: Level 2

Topic: Internal Control Systems
Series: MAR/JULY 2020

AA – Mar/Jul 2020 – L2 – Q6 – Internal Control Weaknesses in Debtors’ Recovery

This question addresses weaknesses in internal control systems, control objectives, and activities for cash sales and bank lodgements.

Question

Required:
(a) Identify and describe the weaknesses in the internal control system which led to this situation. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bank Lodgements, Cash Sales, Control Activities, Control Objectives, Internal Control, Weaknesses
Level: Level 2

Topic: Internal Control Systems
Series: MAR/JULY 2020

FA – Mar/July 2020 – L1 – SA – Q20 -Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Determining the sales account balance based on cash and credit sales

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cash Sales, Credit Sales, sales account
Level: Level 1

AA – May 2016 – L2 – Q4c – Planning and Approach for Audit and Assurance Engagements

This question discusses the points to consider when advising on a system of control for cash sales.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cash Sales, Control Systems, Internal Control, Risk Management, Sales Procedures
Level: Level 2

Topic: Planning and Approach for Audit and Assurance Engagements
Series: MAY 2016

Question Tag: Cash Sales

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AA – Mar/July 2020 – L2 – Q5 – Assurance Services and Due Diligence for Hallmark Ltd

List control objectives and activities for cash sales and bank lodgments.

AA – Mar/Jul 2020 – L2 – Q6 – Internal Control Weaknesses in Debtors’ Recovery

This question addresses weaknesses in internal control systems, control objectives, and activities for cash sales and bank lodgements.

FA – Mar/July 2020 – L1 – SA – Q20 -Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Determining the sales account balance based on cash and credit sales

AA – May 2016 – L2 – Q4c – Planning and Approach for Audit and Assurance Engagements

This question discusses the points to consider when advising on a system of control for cash sales.

AA – Mar/July 2020 – L2 – Q5 – Assurance Services and Due Diligence for Hallmark Ltd

List control objectives and activities for cash sales and bank lodgments.

AA – Mar/Jul 2020 – L2 – Q6 – Internal Control Weaknesses in Debtors’ Recovery

This question addresses weaknesses in internal control systems, control objectives, and activities for cash sales and bank lodgements.

FA – Mar/July 2020 – L1 – SA – Q20 -Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Determining the sales account balance based on cash and credit sales

AA – May 2016 – L2 – Q4c – Planning and Approach for Audit and Assurance Engagements

This question discusses the points to consider when advising on a system of control for cash sales.

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AA – Mar/July 2020 – L2 – Q5 – Assurance Services and Due Diligence for Hallmark Ltd

List control objectives and activities for cash sales and bank lodgments.

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AA – Mar/Jul 2020 – L2 – Q6 – Internal Control Weaknesses in Debtors’ Recovery

This question addresses weaknesses in internal control systems, control objectives, and activities for cash sales and bank lodgements.

You're reporting an error for "AA – Mar/Jul 2020 – L2 – Q6 – Internal Control Weaknesses in Debtors’ Recovery"

FA – Mar/July 2020 – L1 – SA – Q20 -Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Determining the sales account balance based on cash and credit sales

You're reporting an error for "FA – Mar/July 2020 – L1 – SA – Q20 -Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)"

AA – May 2016 – L2 – Q4c – Planning and Approach for Audit and Assurance Engagements

This question discusses the points to consider when advising on a system of control for cash sales.

You're reporting an error for "AA – May 2016 – L2 – Q4c – Planning and Approach for Audit and Assurance Engagements"

AA – Mar/July 2020 – L2 – Q5 – Assurance Services and Due Diligence for Hallmark Ltd

List control objectives and activities for cash sales and bank lodgments.

You're reporting an error for "AA – Mar/July 2020 – L2 – Q5 – Assurance Services and Due Diligence for Hallmark Ltd"

AA – Mar/Jul 2020 – L2 – Q6 – Internal Control Weaknesses in Debtors’ Recovery

This question addresses weaknesses in internal control systems, control objectives, and activities for cash sales and bank lodgements.

You're reporting an error for "AA – Mar/Jul 2020 – L2 – Q6 – Internal Control Weaknesses in Debtors’ Recovery"

FA – Mar/July 2020 – L1 – SA – Q20 -Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Determining the sales account balance based on cash and credit sales

You're reporting an error for "FA – Mar/July 2020 – L1 – SA – Q20 -Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)"

AA – May 2016 – L2 – Q4c – Planning and Approach for Audit and Assurance Engagements

This question discusses the points to consider when advising on a system of control for cash sales.

You're reporting an error for "AA – May 2016 – L2 – Q4c – Planning and Approach for Audit and Assurance Engagements"

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