The control objective associated with selecting a sample of cash receipts remittance lists or daily cash reports and tracing them through to the cash receipts journal is
A)validity.
B)completeness.
C)existence.
D)ownership.

Question

Quizplus · Accepted Answer

The control objective associated with selecting a sample of cash receipts remittance lists or daily cash reports and tracing them through to the cash receipts journal is completeness, which ensures that all cash receipts have been properly recorded in the cash receipts journal. Validity relates to whether a transaction is authorized and properly classified, existence refers to whether an asset or liability exists, and ownership pertains to whether an entity owns or has rights to an asset or liability.

The Control Objective Associated with Selecting a Sample of Cash