d. and count correctly using Excel b. Auditor check the certificate in order to check whether land in the statement of financia position do indeed belong to the company c. Restricted cash that are used for pay upcoming loan due must be disclosed in the notes to financial statement d. Auditor go to far island and found that client plantation in there is real. e. The inventory purchases transaction really occur and the purchase order is cross checked f. The company depreciated machinery using the double declining balance method and auditor has calculate the depreciation expense, no material different found. g. Auditor examine the inventory purchase agreement between client and supplier in order to distinguuich Invontorios that bouaht concianment from cupplier are not included

d. and count correctly using Excel b. Auditor check the certificate in order to check whether land in the statement of financia position do indeed belong to the company c. Restricted cash that are used for pay upcoming loan due must be disclosed in the notes to financial statement d. Auditor go to far island and found that client plantation in there is real. e. The inventory purchases transaction really occur and the purchase order is cross checked f. The company depreciated machinery using the double declining balance method and auditor has calculate the depreciation expense, no material different found. g. Auditor examine the inventory purchase agreement between client and supplier in order to distinguuich Invontorios that bouaht concianment from cupplier are not included

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter12: Auditing Long-lived Assets And Merger And Acquisition Activity

Section: Chapter Questions

Problem 16RQSC

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Analytical procedures involve: Watching physical inventory counts and distribution of Getting the confirmation from debtors and creditors. Comparison of salaries expenses with number of employees Checking mathematical accuracy of the calculation. wages.
(a) Audit tests include tests of controls and substantive procedures. Substantive procedures can be divided into substantive analytical procedures, tests of balances, tests of transactions and tests of disclosures. Required: For each test in the table below, select the type of audit test it represents. T 1 Examine the financial report to determine whether all related party loans are properly presented 2 Recalculate depreciation figure 3 Trace sales recorded in the sales journal to shipping documents 4 Examine sales invoices for initials to indicate that prices and extensions have been checked 5 Check cost of closing inventory to subsequent sales prices 6 Confirm loan balances with financial institutions
Identify the document or record used in the expenditure cycle based on the description set out below. a. establishes formal means of recording and controlling acquisitions; includes a cover sheet and a package of relevant documentsb. indicates a reduction in the amount owed to a vendor because of returned goods or an allowance grantedc. a listing of the amount owed to each vendor at a point in timed. specifies details of an acquisition transaction and amount of money owed to the vendor for an acquisitionSelect your answer from the following list of documents and records:accounts payable master fileaccounts payable trial balanceacquisitions journalcash disbursements journalcheckdebit memopurchase orderpurchase requisitionreceiving reportvendor's invoicevendor's statementvoucher
When auditing the revenue and collection cycle, auditors normally select balances to confirm from thea. Sales journal.b. Accounts receivable listing.c. General ledger.d. Cash receipts listing
PLEASE ANSWER THESE QUESTIONS ASAP HUHU THANK YOU SO MUCH. I WILL RATE THIS POST. THANK YOUUU In applying audit procedures, what is the best possible evidence an auditor can obtain or be satisfied with follows: Contingent Liabilities Heavy Machinery Finished goods inventory Retained Earnings Petty cash fund Miscellaneous Expense Cash in depository bank Land Inventory with consignee Notes receivable
A. Occurrence B. Completeness C. Rights and obligationsD. Allocation or valuationE. ClassificationF. ExistenceG. CutoffH. AccuracyI. UnderstandabilityFor each of the following control activities, identify the management assertion that best applies by placing the correct letter in the blank space below.___ 1. Match shipping documents with sales invoices before a sale is recorded.___ 2. Balance total of individual customers' receivables with the control account.___ 3. Sales manager approves taking discounts.___ 4. Computer check for billing the quantity shipped, list price, and total.___ 5. Account for numerical sequence of pre-numbered shipping documents.
What is the name of the book of original entry (prime entry) used to record the purchase of non-current assets (machinery) on credit? Required to answer. Single choice. A. General Journal B. General Journal C. Sales Daybook D. Purchase Ledger
Which of the following tests is directed towards the management assertion of completeness of sales? Question 19 options: 1) Checking mathematical accuracy of invoices. 2) Vouching sales recorded to invoices held. 3) Tracing delivery documents to invoices and sales recorded. 4) Vouching invoices to delivery documents. Next Page
Which of the following transaction is not recorded in the general journal? Select one: A. All of the above B. Sales and purchase of inventory on credit C. Purchase of non-current assets by cash D. Sales of non-current assets by cash
Which of the following is a substantive test in relation to completeness? a.Inspect physical inventory, checking from physical stock to inventory records. b.Enquire of management and scan inventory records to identify any obsolete, excess or slow-moving inventory. c.Inspect physical inventory, checking from inventory records to physical stock. d.Recalculate depreciation or depletion calculations.
Below are several of the ASB management assertions. A. Occurrence B. Completeness C. Rights and obligationsD. Allocation or valuationE. ClassificationF. ExistenceG. CutoffH. AccuracyI. UnderstandabilityFor each of the following control activities, identify the management assertion that best applies by placing the correct letter in the blank space below.___ 1. Match shipping documents with sales invoices before a sale is recorded.___ 2. Balance total of individual customers' receivables with the control account.___ 3. Sales manager approves taking discounts.___ 4. Computer check for billing the quantity shipped, list price, and total.___ 5. Account for numerical sequence of pre-numbered shipping documents.
Devise a coding scheme using block and sequential codes for the following chart of accounts for Jensen Camera Distributors.CashAccounts ReceivableOffice Supplies InventoryPrepaid InsuranceInventoryInvestments in Marketable SecuritiesDelivery TruckAccumulated Depreciation—Delivery TruckEquipmentAccumulated Depreciation—EquipmentFurniture and FixturesAccumulated Depreciation—Furniture and FixturesBuildingAccumulated Depreciation—BuildingLandAccounts PayableWages PayableTaxes PayableNotes PayableBonds PayableCommon StockPaid-In Capital in Excess of ParTreasury StockRetained EarningsSalesSales Returns and AllowancesDividend IncomeCost of Goods SoldWages ExpenseUtility ExpenseOffice Supplies ExpenseInsurance ExpenseDepreciation ExpenseAdvertising ExpenseFuel ExpenseInterest Expense