not true about a 3-way match

Q: Which of the following are characteristics of a perpetual inventory system? (a). Management knows…

A: There were two types of inventory systems to record and maintain inventory.   1. Periodic…

Q: What type of substantive testing (not test of controls) should be used for each of the following…

A: Substantive  testing is also known as substantive procedures, which are the procedures an auditor…

Q: Make a comparison between periodic and perpetual inventory systems and explain under which…

A: Answer: As per Q/A guidelines first question has been answered. Please repost remaining question.…

Q: Suppose I have two items in my inventory and I use FIFO to value it. I start to buy a new item and…

A: FIFO is also written as first in first out and LIFO is also written as last in first out. These are…

Q: Which of the following statements is true about the periodic inventory system? Question 2Select one:…

A: Inventory valuation is referred to as that method which helps in assigning a monetary value to the…

Q: Which of the following statements best explains the relationship between the acquisition/payment…

A: Solution Explanation - Sales collection process is a series of operating events that collectively…

Q: 1, how can assets and liabilities be classified for a more informative balance sheet?

A: Introduction :- A classified balance sheet is a financial statement with classifications like…

Q: what are the objectives of eliminating the receiving function. What accounting/audit problems need…

A: Receiving Department:   The receiving department is in obligation of inspection and the receiving…

Q: Proving the equality of the totals in the columns of multiple-column special journals is called

A: A multiple-column special journal is an accounting journal that is used to record specific types of…

Q: After analyzing transactions, the next step would be to post the transactions in the ledger. True…

A: Posting of transactions in the ledger can be done after their recording the journal.

Q: The General Ledger Question: Can the General Ledger be represented in different formats? I have seen…

A: An organization employs a general ledger (GL)—a group of numbered accounts—to record its financial…

Q: Help Dose an investment has cash inflows of R dollars at the end of each year for two years. The…

A: If you have any questions let me know in comment box thankyou for your question.

Q: Which of the following expenditure cycle tasksshould not be separated?a. Purchasing inventory items…

A: Human intervention is required for certain tasks.

Q: s) Which of the following is NOT a benefit of the Specific Identification method of tracking…

A: The specific identification method represents that the inventory is valued and tracked on an…

Q: A two bin system for inventory control eliminates the need for the perpetual inventory tracking. Is…

A: Two bin system:Two bin inventory control system is a very useful system for material control. With…

Q: The internal control questionnaire for purchases and accounts payable includes the following…

A: Internal control is very important for every business organisation. It helps in achievement of…

Q: Which of the following is not considered an important element of segregation of duties in the…

A: The assignment of distinct steps in a process to different personnel is known as the segregation of…

Q: A receiving report is filled out when we receive: An inventory shipment from a vendor. Items that a…

A: Receiving Report is an internal document usually prepared by the Stores manager/Inventory…

Q: What are the two accounting systems are used to record transactions involving inventory?

A: Inventory:   Inventory refers to the raw materials, work-in process, and the finished goods…

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.