Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password

Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.

audit 8 Test

Enter the letter for the matching Answer
incorrect
1.
For which of the following accounts would the matching concept be the most appropriate?
incorrect
2.
ghost employees
incorrect
3.
search for unrecorded liabilities
incorrect
4.
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.
incorrect
5.
voucher/voucher's package
incorrect
6.
Which of the following is the best audit procedure for determining the existence of unrecorded liabilities?
incorrect
7.
electronic data interchange
incorrect
8.
When auditing account balances of liabilities, auditors are most concerned with management's assertion about
incorrect
9.
bill of lading
incorrect
10.
Which of the following accounts would most likely be audited in connection with a related balance sheet account?
incorrect
11.
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?
incorrect
12.
capitalizing
incorrect
13.
When verifying beits to the perpetual inventory records of a nomanufacturing company, auditors would hbe most interested in examining a sample of purchase
incorrect
14.
Which of the following would not overstate current period net income?
incorrect
15.
matching
incorrect
16.
vendor's invoice
incorrect
17.
An audit team would most likely examine the detail support for changes to which of the following accounts?
incorrect
18.
Orderd 84 tbales, only half were received. Which of the following controls would have been least likely to have prevented this erroneous payment?
incorrect
19.
Which of the following procedures is least likely to be performed before the balance sheet date?
incorrect
20.
W-2
A.
The recognition of expenses in the same period as associated revenues
B.
A document used as a source for recording payables. It shows approvals, accounts, and amounts to be recorded ussually attached tohe supporting purchase order, receiving report, and vendor invoice
C.
A contract between the shipper and the carrier; includes shipping information such as ship dates and origination, purchase order number, and signatures for receipt of merchandise
D.
Accounts payable are not materially understated.
E.
Cost of Goods Sold
F.
The recording of expenidutres as assets and charging them to expense by a systematic allocation over a number of years
G.
Examine a sample of cash disbursements in the period subsequent to year end
H.
Failing to record a liability as an expense
I.
A bill sent from the vendor to the entity purchasing hte goods or services
J.
Property Tax Exmpense
K.
Legal expense
L.
Invoices
M.
Refusal by the purchasing department to approve the vendor.
N.
The fictitious or separated employees fraudulently maintained on the payroll to obtain checks.
O.
The annual report of gross salaries and wages and the income, Social Secirity, and Medicare taxes withheld.
P.
The transfer of data between /among different companies using networks such as the internet.
Q.
Search for unrecorded liabiilites.
R.
Personnel tin the furniture company's purchasing department should compre the purchase requisition with the purchase order.
S.
A substantive procedure to test the completeness assertion for liability accounts.
T.
Completeness
Type the Answer that corresponds to the displayed Question.
incorrect
21.
Which of the following accounts does not appear in the acquisition and expenditure cycle?
incorrect
22.
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.
incorrect
23.
To determine whether accounts payable are complete. auditors perform a test to verify that all merchandise received has been recorded. The population for this test consists of all
incorrect
24.
In a test of controls, auditors may trace receiving reports to vouchers recorded in the voucher register. This is a test of.
Type the Question that corresponds to the displayed Answer.
incorrect
25.
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
incorrect
26.
A record of vendors that have been vetted to ensure that vendors meet company policy and procedure in terms of price, quality, delivery, etc. This control activity provides evidence to auditors of vendors existence
incorrect
27.
An internal document initialed by a department or person within the entity asking the purchasing department to buy specific goods or services.
incorrect
28.
An account used for special purposes such as payroll or branch banking that is maintained at a zero or fixed balance in the general ledger. Checks witten on the account are offset by deposits of the same amount
incorrect
29.
The temporary storage places for transactions awiaiting final accounting that should eventually have zero balances.
incorrect
30.
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

edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how
Created by: 607483217