Quiz Questions 5-9
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | shipments to customers were billed
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| show | True
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| 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.... | show 🗑
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| Is tracing shipping documents to sales invoices and the sales journal a test of controls for the transaction assertion of completeness (for revenue)? | show 🗑
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| show | reviewing cash disbursements recorded subsequent to the balance sheet date to determine whether the related payables apply to the prior period
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| What are three control activities often performed by the accounts payable department? | show 🗑
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| 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.... | show 🗑
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| show | to obtain assurance that all inventory represented by an inventory tag is listed on the inventory sheets
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| The objectives of internal control for an inventory management process are to provide assurance that transactions are properly authorized and recorded and that..... | show 🗑
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| 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... | show 🗑
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| show | general ledger
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| An unrecorded check issued during the last week of the year would most likely be discovered by the auditor when the.... | show 🗑
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| show | advise management to disclose the event in the notes to the financial statements
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| What should an auditor communicate to those charged with governance in a publicly traded company? | show 🗑
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| 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. | show 🗑
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| show | identify possible unasserted litigation, claims, and assessments
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| show | Yes, it would require an adjustment to the financial statements
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Created by:
TChamberlain