27.2 During the course of their interim audit of a company, the auditors established that purchases may be understated because goods received at the end of one month are often not invoiced by suppliers until the following month.Which of the following audit procedures should be used by the auditor at year end to gather evidence regarding the understatement of payables due to this problem?
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1 .26.3 When auditing a client’s year-end cash balance, an auditor uses standard bank confirmations and performs tests on the client’s year-end bank reconciliations.Which of the following assertions is tested by these procedures?
A Accuracy B Classification C Existence D Rights and obligations
2 .26.5 During the audit of a company’s year-end bank reconciliation, the auditor discovered that a material amount of cheques to pay the company’s suppliers were drawn and recorded in the books just before the year end. The cheques were sent out two weeks after the year end.What action should be taken by the auditor?
A Not seek to make any adjustment to the amount of trade payables or bank balance in the accounts B Confirm when the cheques were cleared before deciding if any adjustment is necessary C Request the company to adjust the amount of trade payables and bank balance by the total of the cheques D Request...
3 .26.2 Obtaining annual bank confirmation letters and receivable confirmation letters are standard audit procedures. The two forms of letterhead mostly used are:(1) Client’s letterhead(2) Auditor’s letterhead.On whose letterhead are bank letters and receivable confirmation letters sent?
A Both on 1 B 1 for the bank letter, 2 for the receivable confirmation C 1 for the receivable confirmation, 2 for the bank letter D Both on 2
4 .27.4 Which of the following tests of details would be most effective in determining whether accounts payable have been misstated?
A Reviewing cash payments made before year end B Examining suppliers’ statements for amounts not included in purchases C Searching for goods returned to suppliers that were not recorded as returns
5 .27.1 Which of the following procedures is UNLIKELY to provide useful evidence concerning contingent liabilities?
A Review of replies received from customers in response to a receivables confirmation B Review of board minutes C A discussion with the company’s legal representatives
7 .27.3 Which of the following documents would NOT assist the auditor in his audit of unrecorded liabilities at a year end?
A Unpaid purchase invoices B Goods receipt records C Purchase invoices received after the year end
8 .27.5 What is the appropriate population to select from when using confirmations to provide evidence about the completeness assertion for accounts payable?
A Amounts recorded in the payables ledger B Invoices filed in the entity’s open invoice file C Payees of cheques drawn in the month after the reporting date D Suppliers with whom the entity has previously done business
9 .On 1 January 2015 Tipton’s accounts receivable were USD10,000. The following relates to the year ended 31 December 2015: USD Sales 100,000 Cash receipts 90,000 Discounts allowed 1,800 Discounts received 1,700 Cash receipts include USD2,000 in respect of a debt previously written off.What is the carrying amount of trade receivables at 31 December 2015?
A USD18,200 B USD20,200 C USD20,300 D USD20,900
10 .A company has trade receivables totalling USD16,000 after writing off irrecoverable debts of USD500, and a loss allowance brought forward of USD2,000. The company wishes to carry forward a loss allowance equal to 5% of trade receivables.What will be the effect on profit of adjusting the allowance?
A USD700 decrease B USD700 increase C USD1,200 decrease D USD1,200 increase
