Reviewing the general ledger for unusual large entries is an example of: * O Recalculation O Analytical procedures O Inspection of tangible assets O Scanning

Q: Bronson Co.`s accounting department is implementing a new general ledger software package. The…

A: Operating cycle is the time taken to buy raw material, complete the production process, sell the…

Q: The need to physically check bills of lading and other documents can be eliminated by using RFID.…

A: We first need to understand RFID technology and how it works. Radio frequency identification (RFID)…

Q: 10. The inspection of a vendor's invoice by the auditors is:  Select one: a.  Direct evidence…

A: Solution:- Introduction:- An auditor is a person elected by the organizations performing audit of…

Q: Which of the following assets require the strongest of internal controls?A. inventoryB. credit…

A: Internal control procedures are those techniques and procedures which are established for the…

Q: The principles of internal control include: Multiple Choice Separate recordkeeping from custody of…

A: Internal control is a reliable process for assurance of efficiency and effectiveness of the…

Q: Which of the following is an analytical procedure? a. Analysis of significant ratios and trends b.…

A: Analytical  procedures are performed to evaluate the financial information.

Q: Identify potential fraud schemes related to long-lived assets.

A: The financial statements are sometimes misstated using some techniques. Such misstatement of…

Q: Which of the following types of audit evidence can be considered the least reliable? a. Purchase…

A: Audit evidence is the data and information which is collected by an auditor by examining the…

Q: Audit tests include tests of controls and substantive procedures. Substantive procedures can be…

A: Step1   Sufficiency depicts the quantity of audit evidence and Appropriateness is depicts the…

Q: hich of the following assets require the strongest of internal controls…

A: Internal control is an internal mechanism to control internal working and make them efficient.

Q: Testing the information on the aged trial balance for detail tie-in is a necessary audit procedure,…

A: Trial balance is the summary of all general ledger accounts being used in business. Audit is the…

Q: then, discuss the statement content, stating examples of substantive analytical procedures which…

A:

Q: The auditor can evaluate the materiality of a transaction or a balance with the "nature of the item"…

A: Materiality of a transaction or a balance is determined by the extent of its effect on decisions…

Q: a) Audit tests include tests of controls and substantive procedures. Substantive procedures can be…

A: Substantive Audit tests are performed to test the materiality of the elements. These tests are…

Q: A system that traces the detailed transactions relating to any item in an accounting record could be…

A: Audit trails is a process which has the recording of all the trade related, accounting and all othe…

Q: (i) Identify the steps the auditor should perform in undertaking a positive receivables…

A: Positive Receivable Circularization The main duties and responsibilities of auditor in an entity to…

Q: 3.Ledger or posting contributes to the recording process because it discloses the complete effect of…

A: Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: Indicate which statements are true and which are false. Internal control procedures should be…

A: Internal Control system is used by managers for monitoring and controlling business activities. It…

Q: Indicate which statements are true and which are false. Separation of recordkeeping for assets from…

A: One of internal control policy to safeguard assets is segregation of duties which is separation of…

Q: Which of the following is an example of an input control? a.making sure report that are distributed…

A: Input controls are used to obtain responses from the interview user. each input control has…

Q: independent parties and sent to the client. ___ 2. Proceeding forward through the accounting and…

A: Audit is an independent examination of records wether profit  oriented or not , with a view  to…

Q: The following internal controls for the acquisition and payment cycle were selected from a standard…

A: Internal controls are those measures which are designed by company's management to provide assurance…

Q: The following internal controls for the acquisition and payment cycle were selected from a standard…

A: Internal control are placed by management to ensure efficiency and effectiveness in recording each…

Q: Which task must still require human intervention in an automated purchases/cash disbursements…

A: Cash disbursement: Cash disbursement refers to the outflow of cash paid in exchange for provision of…

Q: An auditor verify entries in the An example of acquisitions journal by examining supporting vendors…

A: Vouching is nothing but verification of journal entries in the books of account by examining the…

Q: Indicate which of the following claims is true and which is untrue. Separating asset recordkeeping…

A: It tells about weather the given statement is true or false.

Q: each of the following, give two examples of physical control that the client can use to protect the…

A: In a company physical controls are made to protect the integrity of it's assets and financial and…

Q: An auditor will most likely review an entity’s periodic accounting for the numericalsequence of…

A: The assertion that an event took place and transactions were recorded chronologically is the…

Q: which is true about vendor files? A. They must be cleaned on a daily basis B. They can be in…

A: A vendor file contain all information about the supplier and vendor from every department. It…

Q: Which of the following audit procedures represent a substantive test of transaction that would…

A: Substantive test of transaction is the checking of the transaction with the supporting documents at…

Q: b. Existence and completeness objectives. c. Existence, realisable-value and accuracy o

A: The right answer is c. Existence, realizable-value and accuracy objectives.

Q: Listed in the table below are some common audit procedures. For each procedure below: Identify…

A: An audit of financial statements is an examination conducted by an independent auditor on the…

Q: The following internal controls for the acquisition and payment cycle were selected from a standard…

A: Auditing: It is the process of examining books of accounts and reporting on the financial…

Q: An auditor reviews aged accounts receivable to assess likelihood of collection to support…

A: The aged account receivable is reviewed by the auditor that assess the posibility in order to…

Q: What procedures can auditors perform to detect fraudulent entries made during the consolidation…

A: Auditor: Auditor is an accounting professional hired, to review the financial statements prepared…

Q: the auditor picks an item of inventory from the warehouse and determines whether it is included in…

A: Management assertions are the claims made by executives regarding certain aspects of a business. The…

Q: Which task should the general ledger perform?a. update the general ledgerb. prepare journal…

A: General Ledger: General ledger records the summary of individual events from special journal and…

Q: Classify each type of evidence as to its reliability/persuasiveness (high, moderate, low). Justify…

A: The reliability of evidence discuss about the level to which the evidence can be relied for…

Q: How to ensure that overstatement as well as misstatements of account balances due to redundancy and…

A: Overstatement of account balances means reporting the account balances at an amount above the actual…

Q: In comparing the current rate and temporal methods of translation, which of the following is true?…

A: The reported balance of Inventory, equipment and depreciation will differ under both methods.

Q: Which of the following is the best reason for prenumbering in numerical sequence documents such as…

A: Prenumbering of documents like shipping documents, sales invoices, and sales order means providing a…

Q: List two examples of audit evidence the auditor can use in supportof each of the following:a.…

A: Auditing: It is an independent process of inspection, verification, examination of financial…

Q: Which of the following is not an example of safeguarding inventory? a. physical devices such as…

A: From the given options, option (b) is the correct answer:   Explanation:   Returning inventory…

Q: Which of the following assets require the strongest of internal controls? Group of answer choices…

A: The balance sheet represents the financial position of the business with assets and liabilities on a…

Q: Requesting a statement from a major customer as to its agreement or disagreement with a year-end…

A: Auditing means the independent checking of company operation by outsider. Auditor is a qualified and…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.