Question 1

A document identifying the description, supplier, quantity, and related information for goods and services the company intends to purchase is the

Accepted Answer

A)  purchases catalogue. 
B)  purchase requisition. 
C)  receiving report. 
D)  purchase order. 
A)  purchases catalogue. 
B)  purchase requisition. 
C)  receiving report. 
D)  purchase order.

Question 2

Since the audit of accounts payable generally takes a considerable amount of audit time, effective and properly tested internal controls can significantly reduce audit costs by reducing

Accepted Answer

A)  tests of controls. 
B)  confirmations. 
C)  tests of details of balances. 
D)  analytical procedures. 
A)  tests of controls. 
B)  confirmations. 
C)  tests of details of balances. 
D)  analytical procedures.

Question 3

A normal audit procedure is to analyze the current year's repairs and maintenance accounts to provide evidence in support of the audit proposition that

Accepted Answer

A)  expenditures for capital assets have been recorded in the proper period. 
B)  capital expenditures have been properly authorized. 
C)  non-capitalizable expenditures have been properly expensed. 
D)  expenditures for capital assets have been capitalized. 
A)  expenditures for capital assets have been recorded in the proper period. 
B)  capital expenditures have been properly authorized. 
C)  non-capitalizable expenditures have been properly expensed. 
D)  expenditures for capital assets have been capitalized.

Question 4

The purchase order, usually in writing, is a legal document that is

Accepted Answer

A)  a non-binding agreement between client and vendor. 
B)  an offer to buy. 
C)  not enforceable if it is not in writing. 
D)  an acceptance of a vendor's catalogue offer to sell. 
A)  a non-binding agreement between client and vendor. 
B)  an offer to buy. 
C)  not enforceable if it is not in writing. 
D)  an acceptance of a vendor's catalogue offer to sell.

A document identifying the description, supplier, quantity, and related information for goods and services the company intends to purchase is the

Since the audit of accounts payable generally takes a considerable amount of audit time, effective and properly tested internal controls can significantly reduce audit costs by reducing

A normal audit procedure is to analyze the current year's repairs and maintenance accounts to provide evidence in support of the audit proposition that

The purchase order, usually in writing, is a legal document that is

The Demand for Audit and Other Assurance Services

The Public Accounting Profession and Audit Quality

Legal Liability

Professional Judgment and Ethics

Audit Responsibilities and Objectives

Client Acceptance and Planning the Audit

Materiality and Risk

Internal Controls and Control Risk

Audit Evidence

Audit Strategy and Audit Program

Audit Sampling Concepts

Audit of the Revenue Cycle

Audit of the Inventory and Distribution Cycle

Audit of the Human Resources and Payroll Cycle

Audit of the Capital Acquisition and Repayment Cycle

Audit of Cash Balances

Completing the Audit

Audit Reports on Financial Statements

Other Assurance and Nonassurance Services

Filters

Exam 13: Audit of the Acquisition and Payment Cycle

A document identifying the description, supplier, quantity, and related information for goods and services the company intends to purchase is the

Since the audit of accounts payable generally takes a considerable amount of audit time, effective and properly tested internal controls can significantly reduce audit costs by reducing

A normal audit procedure is to analyze the current year's repairs and maintenance accounts to provide evidence in support of the audit proposition that

The purchase order, usually in writing, is a legal document that is

The Demand for Audit and Other Assurance Services

The Public Accounting Profession and Audit Quality

Legal Liability

Professional Judgment and Ethics

Audit Responsibilities and Objectives

Client Acceptance and Planning the Audit

Materiality and Risk

Internal Controls and Control Risk

Audit Evidence

Audit Strategy and Audit Program

Audit Sampling Concepts

Audit of the Revenue Cycle

Audit of the Inventory and Distribution Cycle

Audit of the Human Resources and Payroll Cycle

Audit of the Capital Acquisition and Repayment Cycle

Audit of Cash Balances

Completing the Audit

Audit Reports on Financial Statements

Other Assurance and Nonassurance Services

Filters