Accounting Information Systems
10th Edition
ISBN: 9781337619202
Author: Hall, James A.
Publisher: Cengage Learning,
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Question
Chapter 5, Problem 10MCQ
To determine
Identify the documents that would most likely provide audit evidence of an unrecorded liability.
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Which documents would an auditor most likely choose to examine closely to ascertain that all expenditures incurred during the accounting period have been recorded as a liability?a. invoices b. purchase orders c. purchase requisitions d. receiving reports
Which of the following types of audit evidence can be considered the least reliable?
a.Purchase order forms with significant alterations.
b.Physical counts of inventory observed by the auditor.
c.Bank statements obtained from the client company's bank.
d.Correspondence from the client's attorney about litigation
What audit procedures are most likely to be used to verify accountsreceivable written off as uncollectible? State the purpose of each of these procedures.
Chapter 5 Solutions
Accounting Information Systems
Ch. 5 - Prob. 1RQCh. 5 - What purpose does a purchasing department serve?Ch. 5 - Prob. 3RQCh. 5 - Prob. 4RQCh. 5 - Prob. 5RQCh. 5 - Prob. 6RQCh. 5 - Prob. 7RQCh. 5 - Prob. 8RQCh. 5 - Prob. 9RQCh. 5 - Some organizations do not use an AP subsidiary...
Ch. 5 - What is the purpose of the blind copy of a PO?Ch. 5 - Prob. 12RQCh. 5 - Prob. 1DQCh. 5 - Prob. 2DQCh. 5 - Prob. 3DQCh. 5 - The level of day-to-day department activity in...Ch. 5 - Prob. 5DQCh. 5 - What is central to a successful EDI...Ch. 5 - Discuss the objective of eliminating the receiving...Ch. 5 - What purpose does multilevel security control play...Ch. 5 - Prob. 9DQCh. 5 - Prob. 10DQCh. 5 - Which of the following statements is correct? a....Ch. 5 - Which of the following represents incompatible...Ch. 5 - Prob. 3MCQCh. 5 - Prob. 4MCQCh. 5 - Prob. 5MCQCh. 5 - Prob. 6MCQCh. 5 - Prob. 7MCQCh. 5 - Which of the following tasks should the cash...Ch. 5 - Which ledger can be updated solely from the...Ch. 5 - Prob. 10MCQCh. 5 - Prob. 1PCh. 5 - INVENTORY ORDERING ALTERNATIVES The flowchart for...Ch. 5 - Prob. 3PCh. 5 - Prob. 4PCh. 5 - Prob. 5PCh. 5 - Prob. 6PCh. 5 - Prob. 7PCh. 5 - Prob. 8PCh. 5 - Prob. 9PCh. 5 - Prob. 10PCh. 5 - Prob. 11PCh. 5 - UNRECORDED LIABILITIES You are auditing the...Ch. 5 - SMITHS MARKET (SMALL BUSINESS ACCOUNTING SYSTEM)...Ch. 5 - POSAVEK REMODELING AND BUILDING SUPPLY COMPANY...Ch. 5 - GREEN POND NURSERY (STANDALONE PC-BASED ACCOUNTING...Ch. 5 - Prob. 4ICCCh. 5 - Prob. 5ICCCh. 5 - Prob. 6ICCCh. 5 - Prob. 7ICCCh. 5 - Prob. 8ICC
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- 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 assertionarrow_forwardwhen the auditor want to assure that There are no unrecorded receivables. What assertion he or she want to test : Select one: a. Rights and obligations b. Valuation and allocation c. Completeness d. Existencearrow_forwardWhy is it necessary to pre-number reports received? In what way might an auditor examine a claim made in the receiving reports?arrow_forward
- By conducting which of the following steps, the auditor can obtain sufficient and appropriate audit evidence regarding existence of inventory, when the inventory is under the custody and control of third party and the auditor considers it material to the Financial statements a) Request confirmation from the third party b) Perform inspection if possible c) Auditor can take an expert advise d) Include it in the Auditors Opinion a) , b) and c) only Only d) Both a) and b) Only a) Only b)arrow_forwardBy conducting which steps, the auditor can obtain sufficient and appropriate audit evidence regarding existence of inventory, when the inventory is under the custody and control of third party and the auditor considers it material to the Financial statements a) Request confirmation from the third party b) Perform inspection if possible c) Auditor can take an expert advise d) Include it in the Auditors Opinion Only d) Both a) and b) Only a) Only b) a) , b) and c) onlyarrow_forward
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