Tests designed to detect purchases made before the end of the year that have been recorded in the subsequent year most likely would provide assurance about management's assertion regarding:
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1 .If the objective of an auditor's test of details is to detect a possible understatement of sales, the auditor most likely would trace transactions from the:
A Sales journal to the cash receipts journal. B Shipping documents to the sales invoices. C Cash receipts journal to the sales journal. D Sales invoices to the shipping documents.
2 .When an auditor does not receive replies to positive requests for year-end accounts receivable confirmations, the auditor most likely would:
A Increase the assessed level of inherent risk for the revenue cycle. B Increase the assessed level of detection risk for the valuation and completeness assertions. C Inspect the allowance account to verify whether the accounts were subsequently written off. D Ask the client to contact the customers...
3 .In testing controls over cash disbursements, an auditor most likely would determine that the person who signs checks also:
A Is denied access to the supporting documents. B Returns the checks to accounts payable. C Is responsible for mailing the checks. D Reviews the monthly bank reconciliation.
4 .Which of the following describes a weakness in accounts payable procedures?
A The accounts payable manager issues purchase orders. B The accounts payable clerk files invoices and supporting documentation after payment. C The accounts payable clerk manually verifies arithmetic on the vendor invoice. D The accounts payable system compares the receiving report to the vendor in...
5 .Which of the following procedures would an auditor most likely perform in searching for unrecorded liabilities?
A Scan the cash disbursements entries recorded just before year-end for indications of unusual transactions. B Vouch a sample of cash disbursements recorded just after year-end to receiving reports and vendor invoices. C Compare a sample of purchase orders issued just after year-end with the year-en...
7 .Bank AccountsCheck No.FromTo101NationalFederal202CountyState303FederalAmerican404StateRepublicDisbursement DateReceipt DateCheckNo.PerBooksPerBankPerBooksPerBank101Dec. 30Jan. 4Dec. 30Jan. 3202Jan. 3Jan. 2Dec. 30Dec. 31303Dec. 31Jan. 3Jan. 2Jan. 2404Jan. 2Jan. 2Jan. 2Dec. 31Which of the following checks might indicate kiting?
A #101 and #303. B #202 and #303. C #202 and #404. D #101 and #404.
8 .An entity with a large volume of customer remittances by mail could most likely reduce the risk of employee misappropriation of cash by using:
A A bank lockbox system. B Employee fidelity bonds. C Daily check summaries. D Independently prepared mailroom prelists.
9 .Which of the following internal control procedures most likely addresses the completeness assertion for inventory?
A Receiving reports are prenumbered and periodically reconciled. B There is a separation of duties between payroll department and inventory accounting personnel. C Work in process account is periodically reconciled with subsidiary records. D Employees responsible for custody of finished goods do not...
10 .A client maintains perpetual inventory records in both quantities and dollars. If the assessed level of control risk is high, an auditor would probably:
A Apply gross profit tests to ascertain the reasonableness of the physical counts. B Increase the extent of tests of controls of the inventory cycle. C Insist that the client perform physical counts of inventory items several times during the year. D Request the client to schedule the physical inven...
