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Is the unpaid voucher file periodically reconciled with inventory records by an employee who does not have access to purchase requisitions?

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The following questions concern internal controls in the acquisition and payment cycle. Choose the best response. a. An auditor traced a sample of purchase orders and the related receiving reports to the purchases journal and the cash disbursements journal. The purpose of this substantive audit procedure most likely was to (1) identify unusually large purchases […]

What can the auditor do during the physical inventory to enhance the likelihood of an accurate cutoff?

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1. Explain the relationship between tests of the acquisition and payment cycle and tests of accounts payable. Give specific examples of how these two types of tests affect each other. 2. In testing the cutoff of accounts payable at the balance sheet date, explain why it is important that auditors coordinate their tests with the […]

Which of the following questions would be best to include in an internal control questionnaire concerning the completeness assertion for purchases?

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The following questions concern internal controls in the acquisition and payment cycle. Choose the best response. a. An auditor traced a sample of purchase orders and the related receiving reports to the purchases journal and the cash disbursements journal. The purpose of this substantive audit procedure most likely was to (1) identify unusually large purchases […]

What is meant by a voucher? Explain how its use can improve an organization’s internal controls.

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AUDIT OF THE ACQUISITION AND PAYMENT CYCLE 1. What are the most significant balance sheet and income statement accounts related to the acquisition and payment cycle? 2. What is meant by a voucher? Explain how its use can improve an organization’s internal controls. 3. Explain why most auditors consider the receipt of goods and services […]

Recognize the many accounts in the acquisition and payment cycle. Design and perform audit tests of property, plant, and equipment and related accounts. Design and perform audit tests of prepaid expenses.

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COMPLETING THE TESTS IN THE ACQUISITION AND PAYMENT CYCLE: VERIFICATION OF SELECTED ACCOUNTS Recognize the many accounts in the acquisition and payment cycle.Design and perform audit tests of property, plant, and equipment and related accounts.Design and perform audit tests of prepaid expenses.Design and perform audit tests of accrued liabilities.Design and perform audit tests of income […]

Examine supporting documents for cash disbursements after year end to determine whether they should be included in the year-end list of accounts payable.

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The following are various audit procedures performed in the audit of the acquisition and payment cycle and accounts payable: 1. Foot the acquisitions journal for the month of August and trace postings to general ledger and accounts payable master file. 2. Determine that the amount of purchases from major customers is properly disclosed in the […]

Explain the relationship between tests of the acquisition and payment cycle and tests of accounts payable. Give specific examples of how these two types of tests affect each other.

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AUDIT OF THE ACQUISITION AND PAYMENT CYCLE 1. Explain the relationship between tests of the acquisition and payment cycle and tests of accounts payable. Give specific examples of how these two types of tests affect each other. 2. In testing the cutoff of accounts payable at the balance sheet date, explain why it is important […]

What are the most significant balance sheet and income statement accounts related to the acquisition and payment cycle?

Posted on by Assessments

1. What are the most significant balance sheet and income statement accounts related to the acquisition and payment cycle? 2. What is meant by a voucher? Explain how its use can improve an organization’s internal controls. 3. Explain why most auditors consider the receipt of goods and services the most important point in the acquisition […]

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