Ch12+14 2

25 cards


 
  
Created Nov 19, 2012
by
marclc4

 

 
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1
The form typically used to confirm accounts payable:
A) Does not require a response from...
 
Requires the vendor to indicate the amount of the payable.
2
To assure that all purchases are authorized before payment is made, accounting department personnel...
 
The purchase order.
3
A "bill and hold" scheme is most likely to include:
A) Shipment of items to...
 
Recording as sales items that the company retains as of year-end.
4
Which of the following is least likely to be accurate statement concerning characteristics...
 
An analysis of inventory turnover addresses whether the proper method of determining inventory...
5
Which of the following is not true relating to the auditors' observation of the client's...
 
The auditors should make certain that consigned items from suppliers are included in physical...
6
When the auditors select a sample of items from the vouchers payable register for the last...
 
Recorded obligations occurred prior to year-end.
7
When the auditors discover an understatement of liabilities, they would most likely also expect...
 
Understatement of assets.
8
Tracing copies of computer-prepared sales invoices to copies of the corresponding computer-prepared...
 
Sales billed to customers were actually shipped.
9
Which statement is correct relating to the count of inventory when a company that specializes...
 
The auditor should not consider the counts by the company, by themselves, sufficient appropriate...
10
After accounting for a sequence of inventory tags, an auditor traces a sample of tags to the...
 
Represented by inventory tags are included in the listing.
11
Which of the following is an internal control weakness for a company whose inventory of supplies...
 
The storekeeper is responsible for maintenance of perpetual inventory records.
12
A client's physical count of inventories was higher than the inventory quantities per the...
 
Purchases.
13
Auditors may choose not to confirm accounts payable because:
A) Confirmation obtains...
 
Other reliable external evidence to support the balances is likely to be available.
14
The accuracy of perpetual inventory records may be established, in part, by comparing perpetual...
 
Receiving reports.
15
Which of the following is an auditor least likely to consider a departure from U.S. generally...
 
Including in inventory items that are consigned out to vendors, but not yet sold.
16
To best ascertain that a company has properly included merchandise that it owns in its ending...
 
Purchase cutoff procedures.
17
Which of the following audit procedures is best for identifying unrecorded trade accounts payable?
 
Reviewing cash disbursements recorded subsequent to the balance sheet date to determine whether...
18
Which of the following is an effective control that encourages receiving department personnel...
 
Quantities ordered are excluded from the receiving department copy of the purchase order.
19
The auditor will most likely perform extensive tests for possible understatement of:
A)...
 
Liabilities.
20
A client recorded a payable for a large purchase twice. Which of the following controls would...
 
Reconciling vendors' monthly statements with subsidiary payable ledger accounts.
21
Which of the following best describes the reason that the auditors record their inventory test...
 
For subsequent comparison with the completed inventory listing.
22
Which of the following procedures is least likely to be completed before the balance sheet...
 
 Search for unrecorded liabilities.
23
Unrecorded liabilities are most likely to be found during the review of which of the following...
 
Unpaid bills.
24
Which of the following best describes a voucher prepared under good internal control?
A)...
 
A document prepared by Accounts Payable authorizing a cash disbursement.
25
A receiving department compares inventory items received with copies of purchase orders. The...
 
Deliveries for which no purchase order was issued.

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