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Which of the following is required while vouching Sales? (i) Examine sales book (ii) Examine sales Invoices (iii) Examine Cut off Points (iv) Examine the numerical sequence of source documents generated within the organization

Which of the following is required while vouching Sales? (i) Examine sales book (ii) Examine sales Invoices (iii) Examine Cut off Points (iv) Examine the numerical sequence of source documents generated within the organization Correct Answer (i), (ii), (iii) and (iv)

The correct answer is Option 1

Key Points

  • Vouching is a procedure followed in the process of the audit to authorize the credibility of the entries entered in the books of accounts. ​

Important Points

  • A Sales book is a record of all credit sales made by a business. It is required to be examined.
  • A sales Invoice is a written document issued by a seller to inform the detail of the transaction to their customers. It is required to be examined
  • A cut-off point means that transactions and events have been recorded in the correct accounting period.. Audit procedures are used to determine whether transactions have been recorded within the correct reporting period. It is required to be examined.
  • The numerical sequence of source documents generated within the organization is required to be examined.​

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