Exam 6: Completing the Tests in the Sales and Collection Cycle: Accounts Receivable, Audit Sampling for Tests of Details of Balances, and Audit of the Acquisition and Payment Cycle

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Most companies recognize a liability when the goods are received by the company.

(True/False)

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Question 41

Tests for rates of occurrence are appropriately used in all but which of the following situations?

(Short Answer)

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Question 42

Tolerable misstatement is used to:

(Short Answer)

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Question 43

Monetary unit sampling is also referred to as all of the following except:

(Multiple Choice)

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Question 44

A customer mails and records a check to a client for payment of an unpaid account on December 30. The client receives and records the amount on January 2. The records of the two organizations will be different on December 31. This represents:

(Short Answer)

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Question 45

Explain why the confirmation of accounts payable is less common than confirmation of accounts receivable.

(Essay)

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Question 46

Sampling used for tests of details provides results in terms of:

(Multiple Choice)

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Question 47

A bill of lading is normally prepared at the time tangible goods are received and indicates the description of goods, the quantity received, the date received, and other relevant data.

(True/False)

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Question 48

Once the auditor has decided on the specific procedures, the acquisitions tests and the cash disbursements tests are typically performed:

(Multiple Choice)

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Question 49

Which of the following is not a likely item on which to apply stratification techniques?

(Multiple Choice)

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Question 50

The accounts payable account includes obligations for the acquisition of:

(Multiple Choice)

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Question 51

Showing 41 - 51 of 51

Most companies recognize a liability when the goods are received by the company.

Tests for rates of occurrence are appropriately used in all but which of the following situations?

Tolerable misstatement is used to:

Monetary unit sampling is also referred to as all of the following except:

A customer mails and records a check to a client for payment of an unpaid account on December 30. The client receives and records the amount on January 2. The records of the two organizations will be different on December 31. This represents:

Explain why the confirmation of accounts payable is less common than confirmation of accounts receivable.

Sampling used for tests of details provides results in terms of:

A bill of lading is normally prepared at the time tangible goods are received and indicates the description of goods, the quantity received, the date received, and other relevant data.

Once the auditor has decided on the specific procedures, the acquisitions tests and the cash disbursements tests are typically performed:

Which of the following is not a likely item on which to apply stratification techniques?

The accounts payable account includes obligations for the acquisition of:

The Demand for Audit, Cpa Profession, Audit Reports and Other Assurance Services

Professional Ethics, Legal Liability, Audit Responsibilities and Objectives

Audit Evidence, Audit Planning, Analytical Procedures, Materiality and Risk

Internal Control, Control Risk, Section 404 Audits, Fraud Auditing, and the Impact of Information Technology on the Audit Process

Overall Audit Strategy, Audit Program, Audit of the Sales and Collection Cycle, Audit Sampling for Tests of Controls and Substantive Tests of Transactions

Completing the Tests in the Acquisition and Payment Cycle: Verification of Selected Accounts, Audit of the Payroll and Personnel Cycle, Audit of the Inventory and Warehousing Cycle

Audit of the Capital Acquisition, Repayment, Audit of Cash and Financial Instruments, and Completing the Audit

Other Assurance Services, Internal and Governmental Financial Auditing and Operations Auditing

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