te de enstation tosen Exercihes Esercise I The following mamers were noted in the audit of Pat Express. I. No collection was ever made for a sale to Sister Company because the invoice was never billed. 2 A cash collection for the account of Rain Company was misappropriated by the cashier. 3. The accounts receivable clerk posted to the Kiko's account a sale made to Josie. 4. A shipment included four pairs of JC-I clamps rather than four individual clamps. 5. A properly executed invoice for a valid sale was not recorded. 6. An order was never billed because the shipping document w misplaced. 7. In an attempt to meet profit goals, more goods were shipped than customers had ordered. 8 A sale that occured on December 31, the last day of the accounting period, was recorded in the next accounting period. Required Answer the following questions about each of the eight situations. a What control would have prevented or detected the misstatement? b. What test should an auditor perform to test the control? e. To which financial statement assertion does the misstatement relate?

te de enstation tosen Exercihes Esercise I The following mamers were noted in the audit of Pat Express. I. No collection was ever made for a sale to Sister Company because the invoice was never billed. 2 A cash collection for the account of Rain Company was misappropriated by the cashier. 3. The accounts receivable clerk posted to the Kiko's account a sale made to Josie. 4. A shipment included four pairs of JC-I clamps rather than four individual clamps. 5. A properly executed invoice for a valid sale was not recorded. 6. An order was never billed because the shipping document w misplaced. 7. In an attempt to meet profit goals, more goods were shipped than customers had ordered. 8 A sale that occured on December 31, the last day of the accounting period, was recorded in the next accounting period. Required Answer the following questions about each of the eight situations. a What control would have prevented or detected the misstatement? b. What test should an auditor perform to test the control? e. To which financial statement assertion does the misstatement relate?

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter4: Posting To A General Ledger

Section4.2: Posting From A General Journal To A General Ledger And Proving Cash

Problem 1OYO

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