Question 1

Unrecorded liabilities are most likely to be found during the review of which of the following documents?

Accepted Answer

A) Unpaid vendor invoices and receiving reports. 
B) Shipping records. 
C) Bills of lading. 
D) Unmatched sales invoices. 
A) Unpaid vendor invoices and receiving reports. 
B) Shipping records. 
C) Bills of lading. 
D) Unmatched sales invoices.

Question 2

The mailing of disbursement checks and remittance advices should be controlled by the employee who:

Accepted Answer

A) signed the checks last. 
B) approved the vouchers for payment. 
C) matched the receiving reports, purchase orders and vendors' invoices. 
D) verified the mathematical accuracy of the vouchers and remittance advices. 
A) signed the checks last. 
B) approved the vouchers for payment. 
C) matched the receiving reports, purchase orders and vendors' invoices. 
D) verified the mathematical accuracy of the vouchers and remittance advices.

Question 3

Match the test of controls described below to the appropriate assertion it is used to test.
-Review the cash disbursements journal for reasonableness of account distribution

Accepted Answer

A) Completeness 
B) Occurrence 
C) Accuracy 
D) Cutoff 
E) Authorization
F)Classification 
A) Completeness 
B) Occurrence 
C) Accuracy 
D) Cutoff 
E) Authorization
F)Classification

Question 4

The existence assertion for accounts payable includes:

Accepted Answer

A) determining whether all accounts payable are recorded. 
B) determining whether all accounts payable actually are liabilities. 
C) determining whether all accounts payable are recorded in the proper period. 
D) determining whether all accounts payable are properly classified in the financial statements. 
A) determining whether all accounts payable are recorded. 
B) determining whether all accounts payable actually are liabilities. 
C) determining whether all accounts payable are recorded in the proper period. 
D) determining whether all accounts payable are properly classified in the financial statements.

Unrecorded liabilities are most likely to be found during the review of which of the following documents?

The mailing of disbursement checks and remittance advices should be controlled by the employee who:

Match the test of controls described below to the appropriate assertion it is used to test. -Review the cash disbursements journal for reasonableness of account distribution

The existence assertion for accounts payable includes:

An Introduction to Assurance and Financial Statement Auditing

The Financial Statement Auditing Environment

Audit Planning, Types of Audit Tests, and Materiality

Risk Assessment

Evidence and Documentation

Internal Control in a Financial Statement Audit

Auditing Internal Control Over Financial Reporting

Audit Sampling: An Overview and Application to Tests of Controls

Audit Sampling: An Application to Substantive Tests of Account Balances

Auditing the Revenue Process

Auditing the Human Resource Management Process

Auditing the Inventory Management Process

Auditing the Financinginvesting Process: Prepaid Expenses, Intangible Assets, and Property, Plant, and Equipment

Auditing the Financinginvesting Process: Long-Term Liabilities, Stockholders' Equity, and Income Statement Accounts

Auditing the Financinginvesting Process: Cash and Investments

Completing the Audit Engagement

Reports on Audited Financial Statements

Professional Conduct, Independence, and Quality Control

Legal Liability

Assurance, Attestation, and Internal Auditing Services

Filters

Exam 11: Auditing the Purchasing Process

Unrecorded liabilities are most likely to be found during the review of which of the following documents?

The mailing of disbursement checks and remittance advices should be controlled by the employee who:

Match the test of controls described below to the appropriate assertion it is used to test. -Review the cash disbursements journal for reasonableness of account distribution

The existence assertion for accounts payable includes:

An Introduction to Assurance and Financial Statement Auditing

The Financial Statement Auditing Environment

Audit Planning, Types of Audit Tests, and Materiality

Risk Assessment

Evidence and Documentation

Internal Control in a Financial Statement Audit

Auditing Internal Control Over Financial Reporting

Audit Sampling: An Overview and Application to Tests of Controls

Audit Sampling: An Application to Substantive Tests of Account Balances

Auditing the Revenue Process

Auditing the Human Resource Management Process

Auditing the Inventory Management Process

Auditing the Financinginvesting Process: Prepaid Expenses, Intangible Assets, and Property, Plant, and Equipment

Auditing the Financinginvesting Process: Long-Term Liabilities, Stockholders' Equity, and Income Statement Accounts

Auditing the Financinginvesting Process: Cash and Investments

Completing the Audit Engagement

Reports on Audited Financial Statements

Professional Conduct, Independence, and Quality Control

Legal Liability

Assurance, Attestation, and Internal Auditing Services

Filters