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Assignment 6, Continued - 14237_316
6-23. 6-24. 6-25. 6-26. 6-27. Learning  Objective: Identity  the purpose,  techniques,  and  procedure that  should  be  used  on  the  auditing of  varioue  ship’s  store  records. An audit of ship’s store records serves to  accomplish  which  of  the  following goals? 1. Reveal  errors 2. Prevent the reoccurrence of accounting problems 3. Reveal   irregularities 4. All of the above Of the following sequences, which should you use to correctly close out Ship’s Store records? 1. 2. 3. 4. Stock  Records,  Journal  of  Receipts, Journal of Expenditures, and Financial Control Record Financial  Control  Record,  Stock Records,   Journal  of  Receipts,  and Journal of Expenditures Journal  of  Receipts,  Journal  of Expenditures,   Stock  Records,  and Financial Control Record Stock  Records,   Financial  Control Record, Journal of Receipts, and Journal of Expenditures Which  of  the  following  types  of  data should  be  posted  on  stock  record cards? 1. Receipts 2. Quantity of each item shown on inventory  sheets 3. Expenditures 4. All of the above In  separate  operations,  inventory  totals in both bulk and total balance must be recorded  on  the  stock  record  cards. 1. True 2. False 6-28. You  are  spot-checking  the  stock  record cards  to  ensure  that  the  recordskeeper  is calculating  the  total  sales  correctly. What  formula  should  the  recordskeeper  be using  to  calculate  total  sales? 1. Beginning  Inventory  +  Receipts  - Expenditure  -  Returns = Total Sales 2. Closing  Inventory  +  Rsceipts  - Expenditures  -  Beginning  Inventory  = Total  Sales 3. Receipts  +  Closing  Inventory  - Expenditures  -  Returns  =  Total  Sales 4. Beginning Inventory + Receipts - Expenditures   - Closing Inventory - Total  Sales What  document  should  you  check  to  verify the  sales  figure  posted  to  the  Ship’s Store  Afloat  Financial  Control  Record? 1. Cashbook 2. Journal  of  Receipts 3. Journal  of  Expenditures 4. Memorandum  Cash  Sales  Invoice  (DD 1149) 6-29. In  the  Ship’s  Store  Afloat  Financial Control  Record,   a  large  difference between  the  Receipts  and  Expenditures columns  always  requires  investigation. which of the follwing auditing procedures  should  you  perform  to ascertain if the difference is the result of  a  bookkeeping  error? 1. Recheck  the  extension  totals  and posting  of  receipts  and  expenditures documents 2. Examine  the  preparation  of  the  Cash Sales  Invoices 3. Check  the  extensions 4. All of the above 6-30. After  a  difference  between  the  Receipts and  Expenditures  Columns  at  the  Ship’s Store  Afloat  Financial  Control  Record  has been  investigated,   a  remaining  shortage or  overage  of  that  maximum  percentage  of sales  should  still  be  considered excessive? 1. 1% 2. 2.5% 3. 3% 4. 5% 39

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