For each procedure, indicate the primary audit objective being satisfied: Trace entries from cash receipts journal to entry in accounts receivable master file. O Occurrence O Completeness- transactions O Timing O Posting and summarization O Existence O Completeness - balances O Cutoff O Detail tie-in O Realizable value

For each procedure, indicate the primary audit objective being satisfied: Trace entries from cash receipts journal to entry in accounts receivable master file. O Occurrence O Completeness- transactions O Timing O Posting and summarization O Existence O Completeness - balances O Cutoff O Detail tie-in O Realizable value

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter10: Auditing Cash And Marketable Securities

Section: Chapter Questions

Problem 26MCQ

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Similar questions

When auditing the revenue and collection cycle, auditors normally select balances to confirm from thea. Sales journal.b. Accounts receivable listing.c. General ledger.d. Cash receipts listing
Discuss the meaning of the following terms and how they apply to auditing accounts receivable: a. tie-in b. completeness c. existence d. accuracy e. rights f. realizable value g. cutoff h. classification Please provide references.
What tools do auditors use to verify the ending balances in the various accounts in the acquisition and payments cycle? Please provide reference(s).
of stion For a sample of sales transactions selected from the sales journal, verify that the amount of the transaction has been recorded in the correct customer account in the accounts receivable subledger. Choose the Audit Objective: Choose the specific audit objective →
In the audit of accounts receivable, the most important emphasis should be on thea. Completeness assertion.b. Existence assertion.c. Rights and obligations assertion.d. Presentation and disclosure assertion
FOR THE FOR THE FOLLOWING SPECIFIC TRANSACTION RELATED AUDIT OBJECTIVE IDENTIY THE APPROPRIATE MANAGEMENT ASSERTION FROM THE BELOW: SOME MAY BE USED MORE THAN ONCE OR NOT AT ALL(For reference see Power Point Table 6-3, 17 ed) 5 x 6 points =30 points MANGEMENT ASSERTION:1. OCCURENCE2. COJMPLETNESS3. ACCURACY4. CLASSIFICATION5. CUT OFF SPECIFIC TRANSACTION RELATED AUDIT OBJECTIVE 1. Recorded cash disbursements transactions are for the amount of goods and services received and are correctly recorded 2. Recorded cash disbursement transactions are for goods and services actually received. 3. Cash disbursement transactions are recorded on the correct dates 4. Existing cash disbursement transactions are recorded. 5. Cash disbursement transactions have been recorded in the proper accounts
The following are specific balance-related audit objectives applied to the audit of accounts receivable (a. through i.) and management assertions about account balances (1 through 6). The list referred to in the specific balance-related audit objectives is the list of the accounts receivable from each customer at the balance sheet date. i (Click the icon to view the audit objectives.) i (Click the icon to view the management assertions.) Requirement For each specific balance-related audit objective, identify the appropriate management assertion. (Hint: See table.) Specific balance-related audit objective There are no unrecorded receivables. b. Uncollectible accounts have been provided for. C. Receivables that have become uncollectible have been written off. d. All accounts on the list are expected to be collected within 1 year. The total of the amounts on the accounts receivable listing agrees with the general ledger balance for accounts receivable. a. e. Management assertion
An audit trail is a step-by-step record by which accounting data can be traced to its source. Therefore, Vouching is used primarily to test which of the following assertions about classes of transaction? Select one: a.Accuracy. b.Completeness. c. Cut-off d. Occurrence
6) Examine the cash receipts journal in the accounting system and compare the amounts received to the corresponding amounts invoiced in the revenue accounting system and to the bank statement evidencing the deposit. This is an example of which of the following? A) audit objective B) audit assertion C) audit procedure D) audit program
What are the goals of dual-direction testing regarding an audit of the accounts receivable andcash collection system?
Explain how management assertions, general balance-relatedaudit objectives, and specific balance-related audit objectives are developed for anaccount balance such as accounts receivable.
Which type of evidence is considered more reliable and relevant by the auditor? accounts receivable confirmation O minutes from management meetings O internally generated evidence O copy of cash receipt