What is the appropriate name of the error which was made under the following circumstances: A payment of N$442 to a supplier by the business was recorded in the relevant ledger accounts for N$424? O a. Error of original entry O b. Error of complete reversal O c. Error of omission O d. Commission error

What is the appropriate name of the error which was made under the following circumstances: A payment of N$442 to a supplier by the business was recorded in the relevant ledger accounts for N$424? O a. Error of original entry O b. Error of complete reversal O c. Error of omission O d. Commission error

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 6 Which of the following substantive procedures would most likely help an auditor determine whether accounts payable have been misstated? Examining reported purchases orders that appear to be too low. Reviewing disbursements subsequent to year end to determine if liabilities have been properly recorded on the year-end balance sheet. Searching customer returned goods that were not reported as returns. None of the answers provided
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Under sales on credit, the supplier-customer relationship may be terminated under the law in the following situation except: Select one:a. Death of the customer b. Liquidation or bankruptcy of the customerc. Mental incapacity of the customer or personal guarantor d. Legal suits/litigation commenced against the customer
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Under the allowance method, if a customer makes payment on a receivable that has already been written off, the company needs to reverse the write-off to the Allowance for Bad Debts account. True False 00
What is the objective in testing for cut-off? Select one: O a. That no transactions of the current period have been delayed and recorded in a fu O b. Whether transactions are recorded in the proper period ○ c. That no transactions from the prior period are included in the current period's bala O d. Whether all of the current period's transactions are recorded
TRUE or FALSE 3. All allowances to customers for returned or defective merchandise should be supported by serially numbered credit memo signed by an officer or responsible employee having no duties relating to handling cash or the maintenance of customers' ledgers. 4. The auditors should perform alternative auditing procedures on all negative confirmation requests that are not returned. 5. When it is "impossible" to confirm accounts receivable, the auditors can never issue an unqualified oinion, on the client's financial statements. 6. Inspection of notes receivable on hand should be performed concurrently with the count of cash and securities to prevent the concealment of a shortage by substitution of cash for misappropriated negotiable instruments, or vice versa. 7. A confirmation is considered documentary evidence secured from outside the organization and sent directly to the auditors. 8. The auditor needs the client's permission to send out "confirmations" 9. A customer's response…
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