Revenue and receipt cycle - Study guides, Study notes & Summaries

MAC3702 Assignment 1 (DETAILED ANSWERS) Semester 1 2024 - DISTINCTION GUARANTEED - DISTINCTION GUARANTEED - DISTINCTION GUARANTEED Answers, guidelines, workings and references ............ Question 1 Complete Mark 1.00 out of 1.00 Papraika Limited (also known as “Papraika Stores”) is the largest non-food retailer in South Africa and is listed on theJohannesburg Stock Exchange (JSE). The company is the leading retailer of clothing, home appliances, stationery,cosmetics, accessories and ce...

AUE1501 Assignment 4 Semester 2 2023 (SOLUTIONS) Question 1 Not yet answered Marked out of 1.00 Flag question Question text In the recording of receipts function in the revenue and receipts cycle, one of the risks is that a deposit is credited to a wrong debtor. Identify the control to mitigate this risk. a. Queries from debtors should be investigated by an employee independent of debtors and banking. b. Cash receipts should be written up on a daily basis, by date and receipt numbe...

Well-structured MAC3702 Assignment 1 (ANSWERS) 2023 - DISTINCTION GUARANTEED . (DETAILED ANSWERS - DISTINCTION GUARANTEED!)...... Question 1 Complete Mark 1.00 out of 1.00 Papraika Limited (also known as “Papraika Stores”) is the largest non-food retailer in South Africa and is listed on theJohannesburg Stock Exchange (JSE). The company is the leading retailer of clothing, home appliances, stationery,cosmetics, accessories and cellular products in Southern Africa with more than 3 000 ret...

AUE1501 Assignment 4 Semester 2 2023.100% CORRECT questions, answers, workings and explanations. Question 1 Not yet answered Marked out of 1.00 Flag question Question text In the recording of receipts function in the revenue and receipts cycle, one of the risks is that a deposit is credited to a wrong debtor. Identify the control to mitigate this risk. a. Queries from debtors should be investigated by an employee independent of debtors and banking. b. Cash receipts should be written up on a dail...

University of South Africa - AUE2601 - Auditing Theory And Practice EXAM PACK 2024 OCTOBER/NOVEMBER 2024 1.5) Password controls  Passwords should be unique to each individual (group passwords should not be used).  Passwords should consist of at least six characters, be random not obvious, and a mix of letters, numbers, upper/lower case and symbols.  Passwords/user-IDs for terminated or transferred personnel should be removed/disabled at the time of termination or transfer....

AUE1501 Assignment 4 Semester 2 2023. 100% CORRECT questions, answers, workings and explanations. Question 1 Not yet answered Marked out of 1.00 Flag question Question text In the recording of receipts function in the revenue and receipts cycle, one of the risks is that a deposit is credited to a wrong debtor. Identify the control to mitigate this risk. a. Queries from debtors should be investigated by an employee independent of debtors and banking. b. Cash receipts should be written up on a da...

Contains a summary of the characteristics and activities in the cycle, as well as test of controls, and substantive procedures.

AIN2601 EXAM PACK 2022-2023. From the list below, which ONE is referred to as a semi-permanent file that contains data records in order to complete a transaction? A. Master file B. History file C. Reference file D. Referencing file 1.2 What is the main advantage of using online input? A. Data in the CIS is always accurate B. Data in the CIS is always complete C. Data in the CIS is always up to date D. Data in the CIS is always accessible 1.3 The process of condensing data by extractin...

MAY/JUNE 2014 QUESTION 1 MULTIPLE CHOICE 1-D 2-A 3-A 4-C 5-D 6-D 7-D 8-B 9-C 10-B QUESTION 2 2.1. Weaknesses Controls Overtime hours are not approved by section head of supervisors and employees work overtime as the feel. Having to work overtime should be approved by the section head or the supervisors The security personal who mans the entrance is only in place during busy periods. Security personnel should be present at all times to ensure th...

FAC1601 SUMMARY STUDY NOTES. Current liability shall be classified as such when: ⦁ It is expected to be settled in the entity’s normal operating cycle. ⦁ Held primarily for the purpose of being traded ⦁ It is due to be settled within twelve months after the balance sheet ⦁ The entity does not have an unconditional right to defer settlement of the liability for at least twelve months after the balance sheet date. Bank overdraft, current portion of non-current liabilities, dividend...