Which of the following control activities is not usually performed in the vouchers payable department?
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1 .For the month of December, Crystal Clear Bottling expects to sell 12,500 cases of Cranberry Sparkling Water at USD24.80 per case and 33,100 cases of Lemon Dream Cola at USD32.00 per case. Sales personnel receive 6 percent commission on each case of Cranberry Sparkling Water and 8 percent commission on each case of Lemon Dream Cola. In order to receive a commission on a product, the sales personnel team must meet the individual product revenue quota. The sales quota for Cranberry Sparkling Water is USD500,000, and the sales quota for Lemon Dream Cola is USD1,000,000. The sales commission that should be budgeted for December is:
A USD82,152 B USD103,336 C USD4,736 D USD84,736
2 .An auditor confirmed accounts receivable as of an interim date, and all confirmations were returned and appeared reasonable. Which of the following additional procedures most likely should be performed at year-end?
A Resend confirmations for any significant customer balances remaining at year-end. B Send confirmations for all new customer balances incurred from the interim date to year-end. C Review supporting documents for new large balances occurring after the interim date, and evaluate any significant chang...
3 .Which one of the following statements regarding the difference between a flexible budget and a static budget is correct?
A A flexible budget includes only variable costs whereas a static budget includes only fixed costs. B A flexible budget provides cost allowances for different levels of activity whereas a static budget provides costs for one level of activity. C A flexible budget is established by operating manageme...
4 .In which of the following circumstances would the use of the negative form of accounts receivable confirmation most likely be justified?
A A substantial number of accounts may be in dispute and the accounts receivable balance arises from sales to many customers with small balances. B A small number of accounts may be in dispute and the accounts receivable balance arises from sales to a few major customers. C A substantial number of a...
5 .The standard direct material cost to produce a unit of Lem is 4 meters of material at USD2.50 per meter. During May of the current year, 4,200 meters of material costing USD10,080 were purchased and used to produce 1,000 units of Lem. What was the material price variance for May?
A USD80 unfavorable. B USD420 favorable. C USD400 favorable. D USD480 unfavorable.
7 .ChemKing uses a standard costing system in the manufacture of its single product. The 35,000 units of raw material in inventory were purchased for USD105,000, and two units of raw material are required to produce one unit of final product. In November, the company produced 12,000 units of product. The standard allowed for material was USD60,000, and there was an unfavorable quantity variance of USD2,500.The units of material used to produce November output totaled:
A 25,000 units. B 12,000 units. C 12,500 units. D 24,000 units.
8 .In auditing accounts payable, an auditor's procedures most likely would focus primarily on management's assertion of:
A Understandability and classification. B Completeness. C Existence. D Valuation and allocation.
9 .A favorable material price variance coupled with an unfavorable material usage variance would most likely result from:
A The purchase of lower than standard quality material. B Machine efficiency problems. C The purchase and use of higher than standard quality material. D Product mix production changes.
10 .In auditing a manufacturing entity, which of the following procedures would an auditor least likely perform to determine whether slow-moving, defective, and obsolete items included in inventory are properly identified?
A Compare inventory balances to anticipated sales volume. B Review inventory experience and trends. C Tour the manufacturing plant or production facility. D Test the computation of standard overhead rates.
