Which of the following audit procedures uses “a purchase transaction” as the sampling unit? A.Trace customer orders to the purchase journal. B.Trace purchase transactions from the purchase journal to the customer orders. C.All of the options use “a purchase transaction” as the sampling unit. D.Trace receiving reports to the purchase journal. E.Examine purchase orders for evidence of the manager’s approval.

Audit Procedures for Purchase Transaction The proper audit procedures which are needed in the…

Answered: Which of the following audit procedures…

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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Which of the following audit procedures uses “a purchase transaction” as the sampling unit?

	A.	Trace customer orders to the purchase journal.
	B.	Trace purchase transactions from the purchase journal to the customer orders.
	C.	All of the options use “a purchase transaction” as the sampling unit.
	D.	Trace receiving reports to the purchase journal.
	E.	Examine purchase orders for evidence of the manager’s approval.

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