A)
To match: The assertion “Existence or occurrence” with the control goals.
Introduction:
B)
To match: The assertion “Completeness” with the control goals.
Introduction:
Accounting Information System (AIS) is said to be the specialized subsystem of the Information System (IS). AIS can be used in the business events for the purpose of collecting, processing, and reporting the financial information.
C)
To match: The assertion “Rights and obligations” with the control goals.
Introduction:
Accounting Information System (AIS) is said to be the specialized subsystem of the Information System (IS). AIS can be used in the business events for the purpose of collecting, processing, and reporting the financial information.
D)
To match: The assertion “Valuation and allocation” with the control goals.
Introduction:
Accounting Information System (AIS) is said to be the specialized subsystem of the Information System (IS). AIS can be used in the business events for the purpose of collecting, processing, and reporting the financial information.
E)
To match: The assertion “Presentation and disclosure” with the control goals.
Introduction:
Accounting Information System (AIS) is said to be the specialized subsystem of the Information System (IS). AIS can be used in the business events for the purpose of collecting, processing, and reporting the financial information.
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Pkg Acc Infor Systems MS VISIO CD
- Professional guidance indicates that the auditor should consider revenue recognition to be high risk in planning an audit of a company’s financial statements. a. Identify the activities that affect the revenue cycle. b. Identify the financial statement accounts typically associated with the revenue cycle.arrow_forward1. For each of the following audit procedures, identify A- the type of audit evidence and B- the related audit objective. a. Ask the accounts payable clerk about procedures for verifying prices, quantities, and extensions on vendors’ invoices – b. Vouch entries in sales journal to sales invoices and related shipping documents. – c. Examine the footnotes about the company’s policies for recording revenue transactions to determine whether the disclosures are reasonable d. Examine expense voucher packages and related vendors’ invoices for approval of expense account classification. e. Add the sales journal for the month of July and trace amounts to the general ledger f. Compare the quantities on hand and unit prices on this year’s inventory count sheets with those in the preceding year as a test for large differences. g. Test the extension of unit prices times quantity on the inventory list for a sample of items, test foot the list, and compare the total to the general ledger. h. Trace…arrow_forward(a) Audit tests include tests of controls and substantive procedures. Substantive procedures can be divided into substantive analytical procedures, tests of balances, tests of transactions and tests of disclosures. Required: For each test in the table below, select the type of audit test it represents. T 1 Examine the financial report to determine whether all related party loans are properly presented 2 Recalculate depreciation figure 3 Trace sales recorded in the sales journal to shipping documents 4 Examine sales invoices for initials to indicate that prices and extensions have been checked 5 Check cost of closing inventory to subsequent sales prices 6 Confirm loan balances with financial institutionsarrow_forward
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- When auditing the revenue and collection cycle, auditors normally select balances to confirm from thea. Sales journal.b. Accounts receivable listing.c. General ledger.d. Cash receipts listingarrow_forwardThe Framework issued by the IASB suggests that to show a true and fair view the information in financial statements should: A. Not be so drawn that it could mislead users B. Be an accurate and full record of transactions within each accounting period C. Be prepared on a consistent basis from year to year. D. Comply with Accounting Standards and possess suggested qualitative characteristicsarrow_forwardWhich documents would an auditor most likely choose to examine closely to ascertain that all expenditures incurred during the accounting period have been recorded as a liability?a. invoices b. purchase orders c. purchase requisitions d. receiving reportsarrow_forward
- Which of the following accounting concepts do accountantsand auditors assess by using financial analyses?a. Time period. c. Full disclosure.b. Separate entity. d. Going-concern assumption.arrow_forwardWhich of the following is NOT a financial transaction? a. purchase of products b. cash receipts c. update valid vendor file d. sale of inventoryarrow_forwardDue to this accounting principle I have to store the accounting documents for example invoices, cash receipts etc. for the predetermined time periods as I need to be able to prove the data used in the accounting. Select one: a. consistency principle b. prudence principle c. full disclosure principle d. reliability principlearrow_forward
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