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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| 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. | show 🗑
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| show | valuation and allocation
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| show | Yes, tracing shipping documents to sales invoices and the sales journal IS a test of controls for the transaction assertion of completeness
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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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| show | approving vouchers for payment through authorization; indicating the asset and expense accounts to be debited; matching vendor's invoice with the related receiving report
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| show | received, counted, and checked to quantities and amounts on purchase orders and invoices
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| 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... | show 🗑
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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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| To gather evidence regarding the balance per bank in a bank reconciliation, an auditor would examine al of the following except the... | show 🗑
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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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| show | significant audit adjustments recorded by the company and management's consultation with other accountants about significant accounting matter
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| show | limited to the specific event referenced
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| show | identify possible unasserted litigation, claims, and assessments
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| 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? | show 🗑
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Created by:
TChamberlain