Question 2.2. (TCO 9) Below are five audit procedures, all of which are tests of...
80.2K
Verified Solution
Link Copied!
Question
Accounting
Question 2.2. (TCO 9) Below are five audit procedures, all of which are tests of transactions associated with the audit of the sales and collection cycle. Classify each of the audit procedures below by matching the audit procedure with the management assertion being tested. (Points : 25)
Potential Matches:
1 : Existence or occurrence
2 : Completeness
3 : Presentation and disclosure
4 : Valuation or allocation
5 : Rights and obligations
Answer
: Inquire as to whether there are any receivables from related parties.
: Foot the purchases journal and compare the totals with the related general ledger accounts.
: Account for a sequence of prenumbered bills of lading and sales invoices.
: Inquire as to whether any account receivables have been factored or sold during the period.
: Vouch recorded sales from the sales journal to the file of bills of lading
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
