A REQUIRED: IDENTIFY THE ASSERTION[S] RELATED TO EACH AUDIT PROCEDURE ASSERTION[S] E=existence C-Completeness A=Accuracy Cl=Classification Cu=Cutoff V=Valuation RO-Rights & Obligations Procedure A Compare sales invoices with customer purchase orders B Compare selected items on the inventory list with the physical inventory.

A REQUIRED: IDENTIFY THE ASSERTION[S] RELATED TO EACH AUDIT PROCEDURE ASSERTION[S] E=existence C-Completeness A=Accuracy Cl=Classification Cu=Cutoff V=Valuation RO-Rights & Obligations Procedure A Compare sales invoices with customer purchase orders B Compare selected items on the inventory list with the physical inventory.

Accounting Information Systems

10th Edition

ISBN:9781337619202

Author:Hall, James A.

Publisher:Hall, James A.

Chapter4: The Revenue Cycle

Section: Chapter Questions

Problem 4MCQ

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A D REQUIRED: IDENTIFY THE ASSERTION[S] RELATED TO EACH AUDIT PROCEDURE ASSERTION[S] E= existence C=Completeness A=Accuracy Cl=Classification Cu=Cutoff V=Valuation RO=Rights & Procedure Obligations A Compare sales invoices with customer purchase orders В Compare selected items on the inventory list with the physical inventory.
An auditor would vouch inventory on the inventory status report to the vendor’s invoice toobtain evidence concerning management’s balance assertions abouta. Existence.b. Rights and obligations.c. Completeness.d. Valuation
The tests of controls for inventory records would include the following procedures.A. Existence.B. Rights.C. Completeness.D. Valuation.E. Presentation and disclosure.For each of the procedures, choose the letter of the correct PCAOB assertion(s). Only one letter per procedure should be used._______ 1. Trace a sample of sales invoices to perpetual inventory record entry of issue._______ 2. Select a sample of inventory item from perpetual records and vouch additions to receiving reports._______ 3. Select a sample of shipping documents and review the accounting summary of the quantities and prices._______ 4. Trace posting of sample of sales invoices to amounts in general ledger._______ 5. Review the appropriateness of standard costs to price inventory issues and cost of goods sold
The tracking of inventory shrinkage due to theft, damage, or errors is completed with the help of a (n) inventory. OA. physical count B. authorization C. sale OD. delivery BI of
An audit trail allows you to trace a source document to its final effect on the financial statements or vice versa.Describes what the audit trail would be for an inventory purchase.
4. Indicate which department-accounts payable, cash disbursements, data processing, purchasing, inventory, or receiving- has ownership over the following files and registers: a. open purchase order file b. purchase requisition file C. open purchase requisition file d. closed purchase requisition file e. inventory f. closed purchase order file g. valid vendor file
Shown here is a partial entity-relationship diagram of a purchase system. Describe the business rules represented by the cardinalities in the diagram.
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Which inventory system maintains a running record of inventory on hand, purchased,and sold?a. Accruedb. Periodicc. Consignedd. Perpetual
According to the Conceptual Framework, physical count of inventory is an example of * direct verification. indirect verification. timeliness. relevance.
Q-1: What is Perpetual and Periodic Inventory System? Explain the differences between both. Record all the transactional entries for the sales and purchases of inventory.