not true about a 3-way match

Q: Why is it important to obtain shipping and receiving cutoff information during the inventory…

A: Cut-off Procedures:   The audit procedures applied to separate the transactions from one period to…

Q: 1. When collecting data, companies must remember that data collected must be relevant and Group of…

A: Note: “Since you have asked multiple questions, we will solve the first question for you. If you…

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: The following are the parties involved in a transaction that uses check as medium of exchange except…

A: >Checks are the financial instruments used to pay off entities though bank payments. >In a…

Q: 1. The vertical flow distributes information in the form of instructions, quotas, and budgets.…

A: Note: As per our policy we can answer only three parts in one go for the rest parts to answer kindly…

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: . A journal designed for entering only sales on account is called the A. General journal B. Cash…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Which one of the following is not an advantage of slip system of accounting? a. It ensures smooth…

A: Slip system of accounting:- Under slip system of accounting method, all the business transactions…

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: What is the main distinction between perpetual and periodic inventory systems? Which type of system…

A: Explain the main distinction between perpetual inventory system and periodic inventory system and to…

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: 10.Which of the following statement(s) is (are) true about the perpetual system. A. Physical count…

A: Before answering we must know the meaning of the Perpetual System. Meaning of Perpetual System: An…

Q: 3.Ledger or posting contributes to the recording process because it discloses the complete effect of…

A: Hey, since there are multiple questions posted, we will answer the first question. If you want any…

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: Which of the following is a control objective over sales? O a. None of the options O b. Compare…

A: The question is multiple choice question regarding control objective over sales.

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: When using special journals for recording and posting transactions, it does not matter if it is a…

A: The perpetual inventory system is the inventory valuation system that counts the inventory on a…

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: A REQUIRED: IDENTIFY THE ASSERTION[S] RELATED TO EACH AUDIT PROCEDURE ASSERTION[S] E=existence…

A: Auditing:- An audit is the referred as the physical examination of books of accounts. This can be…

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: Explain the connection between inventory testing and acquisition and payment cycle tests. These two…

A: Acquisition and payment cycle tests are tests or procedure that are used for acquisition or purchase…

Q: In your own words, discuss the differences between a perpetual and periodic inventory system. Your…

A: Inventory is the current asset posted on the balance sheet of the company.

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 tracking of inventory shrinkage due to theft, damage, or errors is completed with the help of a…

A: (A) physical CountThe tracking of inventory shrinkage due to theft, damage or error is completed…

Q: Which of the following statements is false? Explain Why?? a. It is the best practice to verify…

A: Intra company transfer represents the transfer of the inventory from one department to another…

Q: Which of the following is an advantage of using a perpetual inventory system A. It is effective with…

A: In this question, we have to find out that from the following options which one is the advantage of…

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: hich of the following is/are true regarding the T-account? a. the name or title of the account…

A: The following statement is/are true regarding the T-account: a. the name or title of the…

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: Describe the accounting equation, and explain the purposeof double-entry bookkeeping and the…

A: The accounting equation is the foundation of the double-entry bookkeeping system. The accounting…

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.