Question 1

An auditor traces an employee's name,job category,and employee number from the payroll journal to authorized personnel records.This provides evidence of

Accepted Answer

A) Ownership. 
B) Completeness. 
C) Presentation. 
D) Existence/Occurrence 
A) Ownership. 
B) Completeness. 
C) Presentation. 
D) Existence/Occurrence

Question 2

The sampling unit in a test of controls relating to the validity of payroll transactions is ordinarily a(n)________.

Accepted Answer

A) clock card or time ticket 
B) employee T-4 form 
C) employee personnel record 
D) payroll register entry 
A) clock card or time ticket 
B) employee T-4 form 
C) employee personnel record 
D) payroll register entry

Question 3

The procedure "examine paid and endorsed payroll cheques/payroll bank account debit entry details of selected employees and trace to data in the payroll journal" tests for the assertion _____.

Accepted Answer

A) existence 
B) ownership 
C) presentation 
D) completeness 
A) existence 
B) ownership 
C) presentation 
D) completeness

Question 4

The payroll cycle starts with keeping track of attendance and ends with payment to the employee.

Accepted Answer

A) True 
 B)False

Question 5

Recalculating all costs entered on a sample of open and closed job cost reports is a test of the accuracy objective.

Accepted Answer

A) True 
 B)False

Question 6

A distinguishing characteristic of the payroll process is the high risk of ownership assertion misstatements.

Accepted Answer

A) True 
 B)False

Question 7

The payroll register is the primary original record for payroll accounting.

Accepted Answer

A) True 
 B)False

Question 8

If auditors compare the gross profit margin by product and compare it with prior periods,this is an example of a(n)

Accepted Answer

A) Analytical procedure. 
B) Inspection technique. 
C) Presentation procedure. 
D) Scanning technique. 
A) Analytical procedure. 
B) Inspection technique. 
C) Presentation procedure. 
D) Scanning technique.

An auditor traces an employee's name,job category,and employee number from the payroll journal to authorized personnel records.This provides evidence of

The sampling unit in a test of controls relating to the validity of payroll transactions is ordinarily a(n)________.

The procedure "examine paid and endorsed payroll cheques/payroll bank account debit entry details of selected employees and trace to data in the payroll journal" tests for the assertion _____.

The payroll cycle starts with keeping track of attendance and ends with payment to the employee.

Recalculating all costs entered on a sample of open and closed job cost reports is a test of the accuracy objective.

A distinguishing characteristic of the payroll process is the high risk of ownership assertion misstatements.

The payroll register is the primary original record for payroll accounting.

If auditors compare the gross profit margin by product and compare it with prior periods,this is an example of a(n)

Introduction to Auditing

Auditors Professional Roles and Responsibilities

Auditors Ethical and Legal Responsibilities

Reports on Audited Financial Statements

Preliminary Audit Planning: Understanding the Auditees Business

Assessing Risks in an Audit Engagement

Internal Control Over Financial Reporting

Audit Evidence and Assurance

Control Assessment and Testing

Audit Sampling

The Revenues, receivables, and Receipts Process and Cash Account Balance

The Purchases, payables, and Payments Process

The Finance and Investment Process

Completing the Audit Work

Applying Professional Judgment to Form the Audit Opinion and Issue the Audit Report

Other Public Accounting Services and Reportsreviews and Compilations

Professional Rules of Conduct Details and Auditor Responsibilities

The Audit of Accounting Estimates: Basic Material Relating to Accounting Estimates

Legal Liability Cases

Other Professional Accounting Services and Reports, including Fraud Auditing

Filters

Exam 13: Payroll and Production Processes

An auditor traces an employee's name,job category,and employee number from the payroll journal to authorized personnel records.This provides evidence of

The sampling unit in a test of controls relating to the validity of payroll transactions is ordinarily a(n)________.

The procedure "examine paid and endorsed payroll cheques/payroll bank account debit entry details of selected employees and trace to data in the payroll journal" tests for the assertion _____.

The payroll cycle starts with keeping track of attendance and ends with payment to the employee.

Recalculating all costs entered on a sample of open and closed job cost reports is a test of the accuracy objective.

A distinguishing characteristic of the payroll process is the high risk of ownership assertion misstatements.

The payroll register is the primary original record for payroll accounting.

If auditors compare the gross profit margin by product and compare it with prior periods,this is an example of a(n)

Introduction to Auditing

Auditors Professional Roles and Responsibilities

Auditors Ethical and Legal Responsibilities

Reports on Audited Financial Statements

Preliminary Audit Planning: Understanding the Auditees Business

Assessing Risks in an Audit Engagement

Internal Control Over Financial Reporting

Audit Evidence and Assurance

Control Assessment and Testing

Audit Sampling

The Revenues, receivables, and Receipts Process and Cash Account Balance

The Purchases, payables, and Payments Process

The Finance and Investment Process

Completing the Audit Work

Applying Professional Judgment to Form the Audit Opinion and Issue the Audit Report

Other Public Accounting Services and Reportsreviews and Compilations

Professional Rules of Conduct Details and Auditor Responsibilities

The Audit of Accounting Estimates: Basic Material Relating to Accounting Estimates

Legal Liability Cases

Other Professional Accounting Services and Reports, including Fraud Auditing

Filters