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Tracing bills of lading to sales invoices provides evidence that...
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T/F: a combination of the two confirmation types can be used, with the positive form used for large balances and the negative form used for small batches.
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ACCT 4150

Quiz Questions 5-9

QuestionAnswer
Tracing bills of lading to sales invoices provides evidence that... shipments to customers were billed
T/F: a combination of the two confirmation types can be used, with the positive form used for large balances and the negative form used for small batches. True
An auditor's purpose in reviewing credit ratings of customers with delinquent accounts receivable most likely is to obtain evidence concerning management's assertions about.... valuation and allocation
Is tracing shipping documents to sales invoices and the sales journal a test of controls for the transaction assertion of completeness (for revenue)? Yes, tracing shipping documents to sales invoices and the sales journal IS a test of controls for the transaction assertion of completeness
What is the best audit procedure for identifying unrecorded trade accounts payable? reviewing cash disbursements recorded subsequent to the balance sheet date to determine whether the related payables apply to the prior period
What are three control activities often performed by the accounts payable department? approving vouchers for payment through authorization; indicating the asset and expense accounts to be debited; matching vendor's invoice with the related receiving report
With respect to a small company's system of purchasing supplies, an auditor's primary concern should be to obtain satisfaction that supplies ordered and paid for have been.... received, counted, and checked to quantities and amounts on purchase orders and invoices
An auditor has accounted for a sequence of inventory tags and is now going to trace information on a representative number of tags to the physical inventory sheets. The purpose of this is to obtain assurance that... to obtain assurance that all inventory represented by an inventory tag is listed on the inventory sheets
The objectives of internal control for an inventory management process are to provide assurance that transactions are properly authorized and recorded and that..... custody of work in process and finished goods is properly maintained
An auditor ordinarily should send a standard confirmation request to all banks with which the entity has done business during the year under audit, regardless of the year-end balance, because this procedure... seeks information about indebtedness to the bank
To gather evidence regarding the balance per bank in a bank reconciliation, an auditor would examine al of the following except the... general ledger
An unrecorded check issued during the last week of the year would most likely be discovered by the auditor when the.... cutoff bank statement is reconciled
A major customer of an entity suffers a fire after year-end but prior to completion of audit framework. The entity believes that this event have a significant direct effect on the financial statements. The auditor should.... advise management to disclose the event in the notes to the financial statements
What should an auditor communicate to those charged with governance in a publicly traded company? significant audit adjustments recorded by the company and management's consultation with other accountants about significant accounting matter
An auditor issued an audit report that was dual dated for a subsequent event that occurred after completion of fieldwork but before issuance of the audit report. The auditor's responsibility for events occurring subsequent to the completion of fieldwork. limited to the specific event referenced
An auditor will ordinarily examine invoices from lawyers primarily in order to... identify possible unasserted litigation, claims, and assessments
Would settlement of litigation, in excess of the previously recorded liability, occurring subsequent to the balance sheet date require an adjustment to the financial statements before they could be used? Yes, it would require an adjustment to the financial statements
Created by: TChamberlain
 

 



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