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audit 8 Test

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1.
In a test of controls, auditors may trace receiving reports to vouchers recorded in the voucher register. This is a test of.
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2.
An audit team would most likely examine the detail support for changes to which of the following accounts?
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3.
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
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4.
Orderd 84 tbales, only half were received. Which of the following controls would have been least likely to have prevented this erroneous payment?
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5.
Which of the following procedures is least likely to be performed before the balance sheet date?
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6.
matching
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7.
imprest bank account
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8.
When verifying beits to the perpetual inventory records of a nomanufacturing company, auditors would hbe most interested in examining a sample of purchase
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9.
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.
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10.
Which of the following would not overstate current period net income?
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11.
ghost employees
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12.
vendor's invoice
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13.
capitalizing
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14.
W-2
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15.
search for unrecorded liabilities
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16.
substantive test of transctions
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17.
Which of the following is an internal control activity that could prevent a paid disbursement voucher from being presented for payment a second time?
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18.
Which of the following is the best audit procedure for determining the existence of unrecorded liabilities?
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19.
For which of the following accounts would the matching concept be the most appropriate?
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20.
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?
A.
A substantive procedure to test the completeness assertion for liability accounts.
B.
Receiving reports
C.
Search for unrecorded liabiilites.
D.
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
E.
Accounts payable are not materially understated.
F.
A bill sent from the vendor to the entity purchasing hte goods or services
G.
Examine a sample of cash disbursements in the period subsequent to year end
H.
The official who signs the check should compare the check with the voucher and should stamp "PAID" on the voucher documents.
I.
The annual report of gross salaries and wages and the income, Social Secirity, and Medicare taxes withheld.
J.
Invoices
K.
Completeness
L.
Refusal by the purchasing department to approve the vendor.
M.
The recording of expenidutres as assets and charging them to expense by a systematic allocation over a number of years
N.
Failing to record a liability as an expense
O.
Legal expense
P.
The recognition of expenses in the same period as associated revenues
Q.
The tests of a sample of transactions during the period for monetary errors
R.
Personnel tin the furniture company's purchasing department should compre the purchase requisition with the purchase order.
S.
Cost of Goods Sold
T.
The fictitious or separated employees fraudulently maintained on the payroll to obtain checks.
Type the Answer that corresponds to the displayed Question.
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21.
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.
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22.
Which of the following accounts would most likely be audited in connection with a related balance sheet account?
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23.
Which of the following accounts does not appear in the acquisition and expenditure cycle?
Type the Question that corresponds to the displayed Answer.
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24.
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
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25.
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
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26.
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
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27.
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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28.
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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29.
The temporary storage places for transactions awiaiting final accounting that should eventually have zero balances.
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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

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