Ledger accounts Archives

In auditing a manufacturing entity, which of the following procedures would an auditor most likely perform to determine whether slow-moving, defective, and obsolete items included in inventory are properly identified?

Posted on February 21, 2023 by Assessments

The following questions deal with internal controls in the inventory and warehousing cycle and tests of details of balances for inventory. Choose the best response. © 2018 DeVry/Becker Educational Development Corp. Used with permission. All rights reserved. Chapter 21 / AUDIT OF THE INVENTORY AND WAREHOUSING CYCLE 721 a. Alpha Company uses its sales invoices […]

Determine whether the transaction was recorded in the correct month, based on when the goods were received and the terms of the transaction.

Posted on February 15, 2023 by Assessments

The following audit procedures are included in the audit program for the audit of the financial statements of Golden State Overnight Express: 1. Select a sample of acquisitions from the acquisitions journal and perform the following: a. Vouch the transaction to the voucher package that includes the matched receiving report, purchase order, and vendor invoice. […]

Examine whether the transaction was recorded to the correct vendor in the ac- counts payable master file.

Posted on February 15, 2023 by Assessments

The following audit procedures are included in the audit program for the audit of the financial statements of Golden State Overnight Express: 1. Select a sample of acquisitions from the acquisitions journal and perform the following: a. Vouch the transaction to the voucher package that includes the matched receiving report, purchase order, and vendor invoice. […]

Prepare closing entries to close the temporary accounts and post to the general ledger accounts.

Posted on November 3, 2021 by Ambrose

ACCT 350 Intermediate Accounting I Accounting Cycle Project Davis Uniform Corporation operates a store that sells uniforms. The following are the transactions that occurred during the first quarter of operation- Jan. 1 to Mar. 31, 2021. Jan. 1 Davis issues 20,000 shares of $1 par value common stock with an issuing price of $10 per […]

Essay Quoll

Tag: Ledger accounts

In auditing a manufacturing entity, which of the following procedures would an auditor most likely perform to determine whether slow-moving, defective, and obsolete items included in inventory are properly identified?

Determine whether the transaction was recorded in the correct month, based on when the goods were received and the terms of the transaction.

Examine whether the transaction was recorded to the correct vendor in the ac- counts payable master file.

Prepare closing entries to close the temporary accounts and post to the general ledger accounts.