Uploaded by carondilla

Assesment 5

1. Assets are more prone to risk of overstatement while liabilities are more prone to
understatement. TRUE
2. Sales invoice document shows the quantity and price as agreed with the customer. FALSE
(Sales order)
3. Finding data from from sales journal to daily sales summary is called tracing. FALSE
4. Transposition error happens when number is erroneously moved one or more spaces to
the right or to the left. FALSE
5. Imprest system requires the company to deposit collections on a daily basis. TRUE
6. Delivery receipt is a transaction trail document used to trace the quantity of goods
delivered. TRUE
7. Sales order document shows the total amount billed to the customer. FALSE (Sales
8. Slide error occurs when the order of the digits is changed mistakenly. FALSE
9. Finding data from daily sales summary to sales journal is called vouching. FALSE
10. Sales order document is used by the A/R function to update the customer's AR subsidiary
ledger. TRUE