Ee 108. View PoliciesShow Attempt HistoryCurrent Attempt in Progress* Your answer is incorrect.Min Li is auditing RRR Services Inc. and has designed the following tests:1. Select 150 cancelled cheques (8 percent of the total number of cheques) at random from the cash disbursement journal for the year.2. Ignore any cheques with a recorded value of less than $1,000.3. Examine the cancelled cheques to verify if they have been approved by the accounting supervisor (indicated by her initials on thecheque).4. Compare the percentage of cheques (of the sample) that lacks the accounting supervisor's initials to a predetermined percentage of5 percent.Which of the following statements accurately describe this test? (Several choices may be correct.)Min has designed a substantive test of details✔ Min has designed a test of controlThe results of the test can be used to project a value for the entire population✔The attribute being tested is proper approvalIf the percentage of cheques lacking approval is greater than 5 percent, the auditor will conclude the control is operatingeffectivelyThe results of the test cannot be used to project a value for the entire population

An audit is actually an independent examination or scrutiny of financial information of a company,…

Answered: auditing RRR Services Inc

Business

Accounting

auditing RRR Services Inc

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Ee 108.

View Policies
Show Attempt History
Current Attempt in Progress
* Your answer is incorrect.
Min Li is auditing RRR Services Inc. and has designed the following tests:
1. Select 150 cancelled cheques (8 percent of the total number of cheques) at random from the cash disbursement journal for the year.
2. Ignore any cheques with a recorded value of less than $1,000.
3. Examine the cancelled cheques to verify if they have been approved by the accounting supervisor (indicated by her initials on the
cheque).
4. Compare the percentage of cheques (of the sample) that lacks the accounting supervisor's initials to a predetermined percentage of
5 percent.
Which of the following statements accurately describe this test? (Several choices may be correct.)
Min has designed a substantive test of details
✔ Min has designed a test of control
The results of the test can be used to project a value for the entire population
✔The attribute being tested is proper approval
If the percentage of cheques lacking approval is greater than 5 percent, the auditor will conclude the control is operating
effectively
The results of the test cannot be used to project a value for the entire population

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