Auditor provides his opinion on the basis of the conclusion drawn from the audit evidences obtained during the process of the audit. Some audit evidences are received from the third party and some from the management. To choose: the purpose of purchase cutoff procedures.

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Answer 1

Question

Chapter 11, Problem 11.21MCQ

To determine

Concept Introduction:

Auditor provides his opinion on the basis of the conclusion drawn from the audit evidences obtained during the process of the audit. Some audit evidences are received from the third party and some from the management.

To choose: the purpose of purchase cutoff procedures.

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Inventory taken by the owner of the entity for personal use, will affect which of the following accounts and subsidiary journal, if the entity uses the periodic inventory system? Select one: a. The drawings account will decrease, while the purchases account increases, and the inventory taken by the owner for personal use will be recorded in the general journal at cost price. b. The drawings account will increase, while the inventory account will decrease, and the inventory taken by the owner for personal use will be recorded in the general journal at cost price. c. The drawings account will decrease, while the inventory account increases, and the inventory taken by the owner for personal use will be recorded in the general journal at cost price. d. The drawings account will increase, while the purchases account decreases, and the inventory taken by the owner for personal use will be recorded in the general journal at cost price.

The perpetual and periodic systems are different methods of recording the purchase and sale of inventory during the year in the accountingrecords.You are required to answer the following questions on the two methods:a. Explain TWO differences between the perpetual and the periodic systems. b. How do we record a sales return by a client under the perpetual method if the client purchased the item on credit and has not yet settled theiraccount.

Purchased inventory received is added to the inventory records after all of the following are reconciled, except the a.vendor's invoice. b.sales invoice. c.receiving report. d.purchase order.

Answer 2

Question

Chapter 11, Problem 11.21MCQ

To determine

Concept Introduction:

Auditor provides his opinion on the basis of the conclusion drawn from the audit evidences obtained during the process of the audit. Some audit evidences are received from the third party and some from the management.

To choose: the purpose of purchase cutoff procedures.

Expert Solution & Answer

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Answer 3

Question

Chapter 11, Problem 11.21MCQ

To determine

Concept Introduction:

Auditor provides his opinion on the basis of the conclusion drawn from the audit evidences obtained during the process of the audit. Some audit evidences are received from the third party and some from the management.

To choose: the purpose of purchase cutoff procedures.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 4

Question

Chapter 11, Problem 11.21MCQ

To determine

Concept Introduction:

Auditor provides his opinion on the basis of the conclusion drawn from the audit evidences obtained during the process of the audit. Some audit evidences are received from the third party and some from the management.

To choose: the purpose of purchase cutoff procedures.

Expert Solution & Answer

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See solution

Answer 5

Chapter 11, Problem 11.21MCQ

To determine

Concept Introduction:

Auditor provides his opinion on the basis of the conclusion drawn from the audit evidences obtained during the process of the audit. Some audit evidences are received from the third party and some from the management.

To choose: the purpose of purchase cutoff procedures.

Answer 6

Chapter 11, Problem 11.21MCQ

To determine

Concept Introduction:

Auditor provides his opinion on the basis of the conclusion drawn from the audit evidences obtained during the process of the audit. Some audit evidences are received from the third party and some from the management.

To choose: the purpose of purchase cutoff procedures.

Answer 7

Chapter 11, Problem 11.21MCQ

To determine

Concept Introduction:

Auditor provides his opinion on the basis of the conclusion drawn from the audit evidences obtained during the process of the audit. Some audit evidences are received from the third party and some from the management.

To choose: the purpose of purchase cutoff procedures.

Answer 8

Expert Solution & Answer

Answer 9

Expert Solution & Answer

Answer 10

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Answer 11

Ch. 11 - Prob. 11.1RQ Ch. 11 - Prob. 11.2RQ Ch. 11 - Prob. 11.3RQ Ch. 11 - Prob. 11.4RQ Ch. 11 - Prob. 11.5RQ Ch. 11 - Prob. 11.6RQ Ch. 11 - Prob. 11.7RQ Ch. 11 - Prob. 11.8RQ Ch. 11 - Prob. 11.9RQ Ch. 11 - Prob. 11.10RQ

Auditor provides his opinion on the basis of the conclusion drawn from the audit evidences obtained during the process of the audit. Some audit evidences are received from the third party and some from the management. To choose: the purpose of purchase cutoff procedures.

Solution Summary: The author explains that the auditor provides his opinion on the basis of the conclusion drawn from the audit evidences obtained during the process of audit.

Concept explainers

Videos

Concept Introduction:

Auditor provides his opinion on the basis of the conclusion drawn from the audit evidences obtained during the process of the audit. Some audit evidences are received from the third party and some from the management.

To choose: the purpose of purchase cutoff procedures.

Want to see the full answer?

Chapter 11 Solutions

Auditor provides his opinion on the basis of the conclusion drawn from the audit evidences obtained during the process of the audit. Some audit evidences are received from the third party and some from the management. To choose: the purpose of purchase cutoff procedures.

Solution Summary: The author explains that the auditor provides his opinion on the basis of the conclusion drawn from the audit evidences obtained during the process of audit.

Concept explainers

Videos

Concept Introduction: Auditor provides his opinion on the basis of the conclusion drawn from the audit evidences obtained during the process of the audit. Some audit evidences are received from the third party and some from the management. To choose: the purpose of purchase cutoff procedures.

Want to see the full answer?

Chapter 11 Solutions

Concept Introduction:

Auditor provides his opinion on the basis of the conclusion drawn from the audit evidences obtained during the process of the audit. Some audit evidences are received from the third party and some from the management.

To choose: the purpose of purchase cutoff procedures.