audit procedures identifying recorded trade accounts payable

Which of the following audit procedures is best for identifying and recorded trade accounts payable?

29)Which of the following audit procedures is best for identifying unrecorded trade accounts payable?A)Examining unusual relationships between monthly accounts payable balances and recordedcash payments.B)Investigating payables recorded just prior to and just subsequent to the balance sheet date todetermine whether receiving reports support them.C)Reconciling vendors' statements to the file of receiving reports to identify items received justprior to the balance sheet date.D)Reviewing cash disbursements recorded subsequent to the balance sheet date to determinewhether the related payables apply to the prior period.Answer: D

30)When confirming accounts payable, emphasis should be put on what kind of accounts?

Get answer to your question and much more

31)The auditor decided to test accounts payable by sending confirmations to selected vendors. Theauditor's best approach in selecting the vendor accounts to confirm is to __________.

Get answer to your question and much more

32)When using confirmations to provide evidence about the completeness assertion for accountspayable, the appropriate population most likely would be ________.

Get answer to your question and much more

TRUE/FALSE.Write 'T' if the statement is true and 'F' if the statement is false.33)Employees in the receiving department should inspect materials received as to quality and quantityand prepare a receiving report.Answer:TrueFalse

34)Limiting access to blank documents, such as purchase orders, is part of the custody duty in theacquisition and expenditure cycle.Answer:

Get answer to your question and much more

35)A credit balance in a client's inventory records would suggest failure to record purchases.Answer:

Get answer to your question and much more

  • School Wesleyan University-Philippines in Cabanatuan City
  • Course Title CBA Accounting
  • Pages 18
  • Ratings 100% (4) 4 out of 4 people found this document helpful

This preview shows page 7 - 9 out of 18 pages.

19.Which of the following audit procedures is best for identifying unrecordedtrade accounts payable?oA. Examining unusual relationships between monthly accounts payable balances and recorded cash paymentsoB. Reconciling vendors' statements to the file of receiving reports to identify items received just prior to the balance sheet dateoC. Reviewing cash disbursements recorded subsequent to the balance sheet date to determine whether the related payables apply to the prior periodoD. Investigating payables recorded just prior to and just subsequent to the balance sheet date to determine whether they are supported by receiving reports

20.When using confirmations to provide evidence about the completenessassertion for accounts payable, the appropriate population most likely iso

Get answer to your question and much more

21.Which of the following controls most likely will justify a reduced assessed levelof control risk concerning plant and equipment acquisitionso

Get answer to your question and much more

We have textbook solutions for you!

The document you are viewing contains questions related to this textbook.

Accounting Information Systems

Dull/Gelinas

Expert Verified

22.Which of the following is not an internal control deficiency related to factoryequipment?o

Get answer to your question and much more

23.With respect to an internal control measure that wil ensure accountability forfixed asset retirements, management should implement controls that includeoA. Continuous analysis of miscellaneous revenue to locate any cash proceeds from sale of plant assetsoB. Periodic inquiry of plant executives by internal auditors as to whether any plant assets have been retiredoC. Continuous use of serially numbered retirement work ordersoD. Periodic observation of plant assets by the inernal auditors

Upload your study docs or become a

Course Hero member to access this document

Upload your study docs or become a

Course Hero member to access this document

End of preview. Want to read all 18 pages?

Upload your study docs or become a

Course Hero member to access this document

We have textbook solutions for you!

The document you are viewing contains questions related to this textbook.

The document you are viewing contains questions related to this textbook.

Accounting Information Systems

Dull/Gelinas

Expert Verified

What are the audit procedures for accounts payable?

There are four stages in a typical accounts payable auditing process: planning, fieldwork, audit reporting, and follow-up review.

Which of the following is a control procedure that is usually applied to accounts payable?

Which of the following is a control procedure that is usually applied to accounts payable? Reconciliation of vendor statements with accounts payable.

How can auditors test trade payables?

Cut-off tests, reconciliation and audit trails are the primary ways auditors can indicate whether documents have been properly recorded and calculated. A company must show in their year-end financial statements cut-off tests for purchases and cash payments for goods and services received by the end of that year.

Which of the following audit procedures is best for identifying unrecorded liabilities?

Which of the following is the most efficient audit procedure for the detection of unrecorded liabilities? Compare cash disbursements in the subsequent period with the accounts payable trial balance at year-end.

zusammenhängende Posts

When obtaining an understanding of internal control relevant to planning of a financial statement audit the auditor should obtain adequate knowledge about the?
Which of the following control procedures does an auditor expect to find during an engagement to evaluate risk?
Which of the following audit procedure is best for identifying unrecorded trade accounts payable?
Which of the following procedures is least likely to help auditors to assess the adequacy of managements accounting estimate of the allowance for doubtful accounts?
Which of the following procedures most likely would not be an internal control designed to reduce
Which of the following control procedures will likely prevent the concealment of a cash shortage?
In which of the following situations would an auditor ordinarily issue an unqualified unmodified financial statement audit opinion with no explanatory paragraph?
When an online real time computer system is in use the computer control procedures can be strengthened by?
Which one of the following is the best and most reliable example of evidence when auditing assets or liabilities?
Why inventory stock valuation and the year end inventory count are important to the audit of financial statements?

Toplist

Neuester Beitrag

Stichworte