Which of the following describes a weakness in accounts payable procedures?
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1 .Which of the following tests of controls most likely would help assure an auditor that goods shipped are properly billed?
A Examine shipping documents for matching sales invoices. B Scan the sales journal for sequential and unusual entries. C Compare the accounts receivable ledger to daily sales summaries. D Inspect unused sales invoices for consecutive prenumbering.
2 .An auditor most likely would limit substantive audit tests of sales transactions when control risk is assessed as low for the occurrence assertion concerning sales transactions and the auditor has already gathered evidence supporting:
A Opening and closing inventory balances. B Cash receipts and accounts receivable. C Shipping and receiving activities. D Cutoffs of sales and purchases.
3 .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.
4 .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...
5 .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.
7 .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...
8 .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:
A Cutoff. B Classification. C Obligations. D Accuracy.
9 .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.
10 .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.
