Following are 10 audit procedures with words missing and a list ofseveral terms commonly used in audit procedures.Audit Procedures1. the unit selling price times quantity on the duplicate sales invoice andcompare the total to the amount on the duplicate sales invoice.2. whether the accounts receivable bookkeeper is prohibited from handlingcash.3. the ratio of cost of goods sold to sales and compare the ratio to previousyears.4. the sales journal and the total to the general ledger.5. the sales journal, looking for large and unusual transactions requiringinvestigation.6. of management whether all accounting employees are required to takeannual vacations.7. all marketable securities as of the balance sheet date to determine whetherthey equal the total on the client’s list.8. the balance in the bank account directly with the East State Bank.9. a sample of duplicate sales invoices to determine if the controller’s approval isincluded and each duplicate sales invoice to the sales journal for agreementof name and amount.10. the agreement between Johnson Wholesale Company and the client todetermine whether the shipment is a sale or a consignment.Termsa. Examine e. Recompute i. Countb. Scan f. Foot j. Observec. Read g. Trace k. Inquired. Compute h. Compare l. Confirma. For each of the 12 blanks in procedures 1 through 10, identify the most appropriateterm. No term can be used more than once.b. For each of the procedures 1 through 10, identify the type of evidence that is being used
Following are 10 audit procedures with words missing and a list ofseveral terms commonly used in audit procedures.Audit Procedures1. the unit selling price times quantity on the duplicate sales invoice andcompare the total to the amount on the duplicate sales invoice.2. whether the accounts receivable bookkeeper is prohibited from handlingcash.3. the ratio of cost of goods sold to sales and compare the ratio to previousyears.4. the sales journal and the total to the general ledger.5. the sales journal, looking for large and unusual transactions requiringinvestigation.6. of management whether all accounting employees are required to takeannual vacations.7. all marketable securities as of the balance sheet date to determine whetherthey equal the total on the client’s list.8. the balance in the bank account directly with the East State Bank.9. a sample of duplicate sales invoices to determine if the controller’s approval isincluded and each duplicate sales invoice to the sales journal for agreementof name and amount.10. the agreement between Johnson Wholesale Company and the client todetermine whether the shipment is a sale or a consignment.Termsa. Examine e. Recompute i. Countb. Scan f. Foot j. Observec. Read g. Trace k. Inquired. Compute h. Compare l. Confirma. For each of the 12 blanks in procedures 1 through 10, identify the most appropriateterm. No term can be used more than once.b. For each of the procedures 1 through 10, identify the type of evidence that is being used
Following are 10 audit procedures with words missing and a list ofseveral terms commonly used in audit procedures.Audit Procedures1. the unit selling price times quantity on the duplicate sales invoice andcompare the total to the amount on the duplicate sales invoice.2. whether the accounts receivable bookkeeper is prohibited from handlingcash.3. the ratio of cost of goods sold to sales and compare the ratio to previousyears.4. the sales journal and the total to the general ledger.5. the sales journal, looking for large and unusual transactions requiringinvestigation.6. of management whether all accounting employees are required to takeannual vacations.7. all marketable securities as of the balance sheet date to determine whetherthey equal the total on the client’s list.8. the balance in the bank account directly with the East State Bank.9. a sample of duplicate sales invoices to determine if the controller’s approval isincluded and each duplicate sales invoice to the sales journal for agreementof name and amount.10. the agreement between Johnson Wholesale Company and the client todetermine whether the shipment is a sale or a consignment.Termsa. Examine e. Recompute i. Countb. Scan f. Foot j. Observec. Read g. Trace k. Inquired. Compute h. Compare l. Confirma. For each of the 12 blanks in procedures 1 through 10, identify the most appropriateterm. No term can be used more than once.b. For each of the procedures 1 through 10, identify the type of evidence that is being used
Following are 10 audit procedures with words missing and a list of several terms commonly used in audit procedures. Audit Procedures 1. the unit selling price times quantity on the duplicate sales invoice and compare the total to the amount on the duplicate sales invoice. 2. whether the accounts receivable bookkeeper is prohibited from handling cash. 3. the ratio of cost of goods sold to sales and compare the ratio to previous years. 4. the sales journal and the total to the general ledger. 5. the sales journal, looking for large and unusual transactions requiring investigation. 6. of management whether all accounting employees are required to take annual vacations. 7. all marketable securities as of the balance sheet date to determine whether they equal the total on the client’s list. 8. the balance in the bank account directly with the East State Bank. 9. a sample of duplicate sales invoices to determine if the controller’s approval is included and each duplicate sales invoice to the sales journal for agreement of name and amount. 10. the agreement between Johnson Wholesale Company and the client to determine whether the shipment is a sale or a consignment. Terms a. Examine e. Recompute i. Count b. Scan f. Foot j. Observe c. Read g. Trace k. Inquire d. Compute h. Compare l. Confirm a. For each of the 12 blanks in procedures 1 through 10, identify the most appropriate term. No term can be used more than once. b. For each of the procedures 1 through 10, identify the type of evidence that is being used
Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.
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