audit 8
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| approved vendor list | show 🗑
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| bill of lading | show 🗑
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| capitalizing | show 🗑
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| clearing accounts | show 🗑
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| show | The transfer of data between /among different companies using networks such as the internet.
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| show | The fictitious or separated employees fraudulently maintained on the payroll to obtain checks.
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| imprest bank account | show 🗑
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| matching | show 🗑
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| show | A formal contractual document (may be a computer document) between a buyer and seller issued by the buyer establishing price, delivery point, delivery dates , and other information pertinent to the purchase
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| show | An internal document initialed by a department or person within the entity asking the purchasing department to buy specific goods or services.
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| show | The documentation completed by the receiving department that includes receiving date and time, purchase order umber, condition of material received ,and amount of material received; provides evidence regarding the receipt of materials by the entity
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| search for unrecorded liabilities | show 🗑
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| substantive test of transctions | show 🗑
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| vendor's invoice | show 🗑
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| voucher/voucher's package | show 🗑
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| show | The annual report of gross salaries and wages and the income, Social Secirity, and Medicare taxes withheld.
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| Which of the following accounts does not appear in the acquisition and expenditure cycle? | show 🗑
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| For which of the following accounts would the matching concept be the most appropriate? | show 🗑
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| Which of the following would not overstate current period net income? | show 🗑
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| A client's purchasing system ends with the recording of a liability and its eventual payments. Which of hte following best describes auditors' primary concern with respect to liabilities resulting from the purchasing system? | show 🗑
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| show | The official who signs the check should compare the check with the voucher and should stamp "PAID" on the voucher documents.
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| Budd, the purchasing agent of Lake Hardware whosalers. Arranged for cash ton delivery basis. Budd was probablly able to accomplish this because of Lake's poor internal control over. | show 🗑
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| show | Examine a sample of cash disbursements in the period subsequent to year end
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| show | Search for unrecorded liabiilites.
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| show | Receiving reports
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| show | Invoices
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| show | Personnel tin the furniture company's purchasing department should compre the purchase requisition with the purchase order.
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| Curtis, a maintenance supervisor, submitted maintenance invoices from a phony repair company and received the checks at a post office box. This should been prevented by. | show 🗑
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| An audit team would most likely examine the detail support for changes to which of the following accounts? | show 🗑
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| show | Property Tax Exmpense
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| When auditing account balances of liabilities, auditors are most concerned with management's assertion about | show 🗑
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| In a test of controls, auditors may trace receiving reports to vouchers recorded in the voucher register. This is a test of. | show 🗑
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