27.1 Which of the following procedures is UNLIKELY to provide useful evidence concerning contingent liabilities?
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1 .26.1 Which of the following procedures would be the most appropriate for verifying the interest accrued on borrowings?
A Confirming the interest rate with the lender B Vouching the payment of interest on the borrowings C Recalculating the interest accrued on the basis of outstanding amount, interest rate and period to which it relates
2 .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
3 .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...
4 .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
5 .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
7 .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?
A A payables confirmation at the end of the financial year with following up of unsatisfactory replies B A detailed year-end inventory count in those areas where cut-off inadequacies are suspected C Comparing goods received notes for the last few days of the financial year with the purchase ledger r...
8 .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
9 .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
10 .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
