Drag each label to the correct location on the image. Match the activities with the relevant accounting principles. a document backs a transaction a practice eliminates the bias of the accountant an auditor approves the authenticity of a transaction a company maintains the same accounting practices across accounting periods Objectivity Consistency Reset Next

1. Please answer ASAP!!

Urgent

An audit trail enables a person to trace a source document to its ultimate effect on the financial statements or work back from amounts in the financial statements to source documents. Describe in detail the audit trail for the following: a. Purchases of inventoryb. Sales of inventoryc. Employee payroll

2.Once the auditor has gained a preliminary understanding of an entity’s accounting subsystem, they need to document that understanding, or obtain relevant documents from the client and check their understanding against those documents. The two primary forms of documentation used are: (i) narrative descriptions, and (ii) pie charts (True or False?).A. TrueB. False

Which of the following is an example of "other information" that could be used by an auditor as evidential matter supporting the financial statements?     Worksheets supporting cost allocations. Accounting manuals. Special journals. Confirmation of accounts receivable.

A system that traces the detailed transactions relating to any item in an accounting record could be define as an audit trail. Therefore, Tracing is used primarily to test which of the following assertions about classes of transactions?  Select one: a. Valuation and Allocation.  b. Accuracy.  c. Existence.  d. Completeness

CHARACTERISTICS OF USEFUL INFORMATION All records in a file must be uniquely identifiable in at least one attribute, which is its primary key.Drawing on your general knowledge of accounting,identify the primary key for the following types ofaccounting records. To illustrate, the first record isdone for you.

Professional guidance indicates that the auditor should consider revenue recognition to be high risk in planning an audit of a company’s financial statements. a. Identify the activities that affect the revenue cycle. b. Identify the financial statement accounts typically associated with the revenue cycle.

Which area of accounting needs a computerized accounting information system the most—payroll, tax, or preparing financial statements?