Exam 14: Audit of the Sales and Collection Cycle: Tests of Controls and Substantive Tests of Transactions

Which one of the following is of the least concern to the auditor when designing substantive tests of transactions for the sales/collection cycle?

(Multiple Choice)

4.8/5

(33)

Question 101

Generally, audit evidence gathered from the sales and collection cycle is combined with evidence:

(Multiple Choice)

4.9/5

(36)

Question 102

Proper separation of duties is useful to prevent various types of misstatements. Which of the following is not an essential separation of duties?

(Multiple Choice)

4.8/5

(39)

Question 103

An effective procedure to test the existence objective for sales is to vouch sales journal entries to copies of sales orders, shipping documents, and sales invoices.

(True/False)

4.8/5

(33)

Question 104

The document that requires adjustments to the customers subsidiary ledger account is the:

(Multiple Choice)

4.8/5

(42)

Question 105

Preparation of a proof of cash would not be useful in discovering differences between the actual and reported cash balances if the differences were due to:

(Multiple Choice)

4.8/5

(27)

Question 106

Separation of duties in the sales/collection cycle should mandate that the credit-granting function be separate from the sales function.

(True/False)

4.9/5

(37)

Question 107

Which of the following is not a business function within the "Sales" class of transactions?

(Multiple Choice)

4.7/5

(39)

Question 108

Showing 101 - 108 of 108

Which one of the following is of the least concern to the auditor when designing substantive tests of transactions for the sales/collection cycle?

Generally, audit evidence gathered from the sales and collection cycle is combined with evidence:

Proper separation of duties is useful to prevent various types of misstatements. Which of the following is not an essential separation of duties?

An effective procedure to test the existence objective for sales is to vouch sales journal entries to copies of sales orders, shipping documents, and sales invoices.

The document that requires adjustments to the customers subsidiary ledger account is the:

Preparation of a proof of cash would not be useful in discovering differences between the actual and reported cash balances if the differences were due to:

Separation of duties in the sales/collection cycle should mandate that the credit-granting function be separate from the sales function.

Which of the following is not a business function within the "Sales" class of transactions?

The Demand for Audit and Other Assurance Services

The CPA Profession

Audit Reports

Professional Ethics

Legal Liability

The CPA Profession

Audit Evidence

Audit Planning and Analytical Procedures

Materiality and Risk

Section 404 Audits of Internal Control and Control Risk

Fraud Auditing

The Impact of Information Technology on the Audit Process

Overall Audit Plan and Audit Program

Audit Sampling for Tests of Controls and Substantive Tests of Transactions

Completing the Tests in the Sales and Collection Cycle: Accounts Receivable

Audit Sampling for Tests of Details and Balances

Audit of the Acquisition and Payment Cycle: Tests of Controls and Substantive Tests of Transactions, and Accounts Payable

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 and Repayment Cycle

Audit of Cash Balances

Completing the Audit

Other Assurance Services

Internal and Governmental Financial Auditing and Operational Auditing

Filters