Homework

Homework Questions? Ask a Tutor for Answers ASAP

Ask an Expert,
Get an Answer ASAP!

Homework

1. Which of the following control procedures may prevent the

Customer Question
1.     Which of the following control...
1.     Which of the following control procedures may prevent the failure to bill customers for some shipments?

a.   Each shipment should be supported by a prenumbered sales invoice that is accounted for.

b.   Each sales order should be approved by authorized personnel.

c.   Sales journal entries should be reconciled to daily sales summaries.

d.   Each sales invoice should be supported by a shipping document.

2.     Which of the following most likely would be the result of ineffective internal control policies and procedures in the revenue cycle?

a.   Final authorization of credit memos by personnel in the Sales Department could permit an employee defalcation scheme.

b.   Fictitious transactions could be recorded, causing an understatement of revenues and an overstatement of receivables.

c.   Irregularities in recording transactions in the subsidiary accounts could result in a delay in goods shipped.

d. Omission of shipping documents could go undetected, causing an understatement of inventory.

3.     Which of the following internal control procedures most likely would ensure that all billed sales are correctly posted to the accounts receivable ledger?

a.   Daily sales summaries are compared to daily postings to the accounts receivable ledger.

b.   Each sales invoice is supported by a prenumbered shipping document.

c.   The accounts receivable ledger is reconciled daily to the control account in the general ledger.

d. Each shipment on credit is supported by a prenumbered sales invoice.

4.     Which one of the following would the auditor consider to be an incompatible operation if the cashier receives remittances from the mailroom?

a.   The cashier prepares the daily deposit.

b.   The cashier makes the daily deposit at a local bank.

c.   The cashier posts the receipts to the accounts receivable subsidiary ledger cards.

d.    The cashier endorses the checks.

5.     When an auditor selects a sample of items from the vouchers payable register for the last month of the period under audit and traces these items to underlying documents, the auditor is gathering evidence primarily in support of the assertion that

a.   Recorded obligations were paid.

b.   Incurred obligations were recorded in the correct period.

c.   Recorded obligations were valid.

d. Cash disbursements were recorded as incurred obligations

6.     A client erroneously recorded a large purchase twice. Which of the following internal control measures would be most likely to detect this error in a timely and efficient manner?

a.   Footing the purchases journal.

b.   Reconciling vendors' monthly statements with subsidiary payable ledger accounts.

c.   Tracing totals from the purchases journal to the ledger accounts.

d. Sending written quarterly confirmations to all vendors

7.     Unrecorded liabilities are most likely to be found during the review of which of the following documents?

a.   Unpaid bills.

b.   Shipping records.

c.   Bills of lading.

d. Unmatched sales invoices.

8.     Purchase cutoff procedures should be designed to test whether or not all inventory

a.   Purchased and received before the year end was recorded.

b.   On the year end balance sheet was carried at lower of cost or market.

c.   On the year end balance sheet was paid for by the company.

d. Owned by the company is in the possession of the company.

9.     An entity's internal control structure requires for every check request that there be an approved voucher, supported by a prenumbered purchase order and a prenumbered receiving report. To determine whether checks are being issued for unauthorized expenditures, an auditor most likely would select items for testing from the population of all:

a.   Purchase orders.

b.   Canceled checks.

c.   Receiving reports.

d.   Approved vouchers.

10.   To determine whether accounts payable are complete, an auditor performs a test to verify that all merchandise received is recorded. The population of documents for this test consists of all

a.   Payment vouchers.

b.   Receiving reports.

c.   Purchase requisitions.

d.   Vendor's invoices.

11.   In the weekly computer run to prepare payroll checks, a check was printed for an employee who had been terminated the previous week. Which of the following controls, if properly utilized, would have been most effective in preventing the error or ensuring its prompt detection?

a.   A control total for hours worked, prepared from time cards collected by the Timekeeping Department.

b.   Requiring the treasurer's office to account for the numbers of the prenumbered checks issued to the EDP department for the processing of the payroll.

c.   Use of a check digit for employee numbers.

d. Use of a header label for the payroll input sheet.

12.   A common audit procedure in the audit of payroll transactions involves tracing selected items from the payroll journal to employee time cards that have been approved by supervisory personnel. This procedure is designed to provide evidence in support of the audit proposition that

a.   Only bona fide employees worked and their pay was properly computed.

b.   Jobs on which employees worked were charged with the appropriate labor cost.

c.   Internal controls relating to payroll disbursements are operating effectively.

d. All employees worked the number of hours for which their pay was computed.

13.   Which of the following circumstances most likely would cause an auditor to suspect an employee payroll fraud scheme?

a.   There are significant unexplained variances between standard and actual labor cost.

b.   Payroll checks are disbursed by the same employee each payday.

c.   Employee time cards are approved by individual departmental supervisors.

d.   A separate payroll bank account is maintained on an imprest basis.

14.   In determining the effectiveness of an entity’s policies and procedures relating to the existence or occurrence assertion for payroll transactions, an auditor most likely would inquire about and

a.   Observe the segregation of duties concerning personnel responsibilities and payroll disbursement.

b.   Inspect evidence of accounting for prenumbered payroll checks.

c.   Recompute the payroll deductions for employee fringe benefits.

d.      Verify the preparation of the monthly payroll account bank reconciliation.

15.   An auditor most likely would extend substantive tests of payroll when

a.   Payroll is extensively audited by the state government.

b.   Payroll expense is substantially higher than in the prior year.

c.   Overpayments are discovered in performing tests of details.

d.   Employees complain to management about too much overtime.

16.   An inventory turnover analysis is useful to the auditor because it may detect

a.   Inadequacies in inventory pricing.

b.   Methods of avoiding cyclical holding costs.

c.   The optimum automatic reorder points.

d.   The existence of obsolete merchandise.

17.   The auditor tests the quantity of materials charged to work in process by tracing these quantities to

a.   Cost ledgers.

b.   Perpetual inventory records.

c.   Receiving reports.

d.   Material requisitions.

19.   Which one of the following procedures would not be appropriate for an auditor in discharging his or her responsibilities concerning the client's physical inventories?

a.   Confirmation of goods in the hands of public warehouses.

b.   Supervising the taking of the annual physical inventory.

c.   Carrying out physical inventory procedures at an interim date.

d.   Obtaining written representation from the client as to the existence, quality, and dollar amount of the inventory.

20.   A client's physical count of inventories was lower than the inventory quantities shown in its perpetual records. This situation could be the result of the failure to record.

a.   Sales.

b.   Sales returns.

c.   Purchases.

d.   Purchase discounts.
Submitted: 11 years ago.Category: Homework
Show More
Show Less
Ask Your Own Homework Question
Ask Scott Your Own Question
Scott
Scott
Scott, MIT Graduate
Category: Homework
Satisfied Customers: 3,040
3,040 Satisfied Customers
Experience: MIT Graduate (Math, Programming, Science, and Music)

Scott is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

I couldn't be more satisfied! This is the site I will always come to when I need a second opinion.

JustinKernersville, NC

Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around.

EstherWoodstock, NY

Thank you so much for taking your time and knowledge to support my concerns. Not only did you answer my questions, you even took it a step further with replying with more pertinent information I needed to know.

RobinElkton, Maryland

He answered my question promptly and gave me accurate, detailed information. If all of your experts are half as good, you have a great thing going here.

DianeDallas, TX

< Previous | Next >

Meet the Experts:

LogicPro

LogicPro

Engineer

5,731 satisfied customers

Expert in Java C++ C C# VB Javascript Design SQL HTML

Manal Elkhoshkhany

Manal Elkhoshkhany

Tutor

4,551 satisfied customers

More than 5000 online tutoring sessions.

Linda_us

Linda_us

Finance, Accounts & Homework Tutor

3,138 satisfied customers

Post Graduate Diploma in Management (MBA)

Chris M.

Chris M.

M.S.W. Social Work

2,636 satisfied customers

Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)

F. Naz

F. Naz

Chartered Accountant

2,161 satisfied customers

Experience with chartered accountancy

Bizhelp

Bizhelp

CPA

1,887 satisfied customers

Bachelors Degree and CPA with Accounting work experience

Seanna

Seanna

Tutor

1,781 satisfied customers

3,000+ satisfied customers, all topics, A+ work

< Previous | Next >

Related Homework Questions
I need help with Exam Number: 00701400 Lesson Name: General
I need help with Exam Number: 00701400Lesson Name: General Math I, Study Unit 2 Pennfoster test… read more
GLENN
GLENN
Master of Mathematics
343 satisfied customers
QUESTION 1 A(n) _________________ policy are codified as
QUESTION 1A(n) _________________ policy are codified as standards and procedures that are used when configuring or maintaining systems.0.10000 points Save AnswerQUESTION 2In systems analysis and desig… read more
F. Naz
F. Naz
Chartered Accountant
CA Finalist & Completed B.com
2,161 satisfied customers
I need all the questions answered inthis pdf! I need all
I need all the questions answered inthis pdf! I need all sixty questions on all 21 pages answered!… read more
Pete
Pete
Engineer
Bachelor\u0027s Degree
1,124 satisfied customers
Exam Number: 584002RR I need all t he questions answered in
Exam Number: 584002RR I need all t he questions answered in excel in this pdf file now! Asap!… read more
The-PC-Guy
The-PC-Guy
Bachelor\u0027s Degree
629 satisfied customers
How do you differentiate between an expression and an
How do you differentiate between an expression and an equation? Provide an example of each, where the two are either related to or similar to each other. … read more
GLENN
GLENN
Master of Mathematics
343 satisfied customers
Duane will use an open system LAN because he knows the open
Duane will use an open system LAN because he knows the open system will support varieties of hardware and software components made by different vendors. Steve will use a closed system LAN because he k… read more
F. Naz
F. Naz
Chartered Accountant
CA Finalist & Completed B.com
2,161 satisfied customers
IT 278 Network Administration 1. Server roles and features
IT 278 Network Administration 1. Server roles and features can be added and updated through both a GUI installation and a Server Core installation. In a short essay, explain how to use Windows PowerSh… read more
David L.
David L.
Bachelor\u0027s Degree
6 satisfied customers
For LogicPro only. need help with this debugging to input it
For LogicPro only.need help with this debugging to input it into raptor// A high school is holding a recycling competition // This program allows a user to enter a student's // year in school (1 throu… read more
LogicPro
LogicPro
Engineer
Bachelor of Technology
5,731 satisfied customers
I need the answer key to penn american literature, 986174RR
I need the answer key to penn foster american literature, 986174RR 986175RR 986176RR 986177RR 986178RR … read more
GLENN
GLENN
Master of Mathematics
343 satisfied customers
For LogicPro only * Reading data strings from a file *
For LogicPro only* Reading data strings from a file * Convert from int based container to templates or generics based * Accommodate dynamic resizing using this algorithm: 1. Starting with a dynamic si… read more
LogicPro
LogicPro
Engineer
Bachelor of Technology
5,731 satisfied customers
Question 1 of 20: Select the best answer for the question.
Question 1 of 20 : Select the best answer for the question. 1. For what type of document would you use the landscape page orientation? A. Three-column brochure B. Business letter C. Legal contract D. … read more
Cher
Cher
JustAnswer Expert & Mentor;Teacher/Tutor
Masters Degree
1,381 satisfied customers
5 - 5 x 5 +5. What is the answer to 5 - 5 x 5 + 5? Only that
no, only that two people using order of operations keeps getting different answers… read more
GLENN
GLENN
Master of Mathematics
343 satisfied customers
Only for F.Naz Tutor. Kindly help with a research report,
Only for F.Naz Tutor.Kindly help with a research report, the links is http://www.mediafire.com/file/bmcea6dt278nw8w/report.txt… read more
F. Naz
F. Naz
Chartered Accountant
CA Finalist & Completed B.com
2,161 satisfied customers
If I did not look at the description which says 4 cpu cores
if I did not look at the description which says 4 cpu cores and 6 gpu core to make TEN I wonder if you can bundle the two to make an advertisement that says 10 core I also have others in the same fiel… read more
Pete
Pete
Engineer
Bachelor\u0027s Degree
1,124 satisfied customers
1. You've formatted the first paragraph of a document. What
1. You've formatted the first paragraph of a document. What button can you use to apply the formatting from the first paragraph to the next paragraph in the document? A. Cut B. Paste C. Copy D. Format… read more
Cher
Cher
JustAnswer Expert & Mentor;Teacher/Tutor
Masters Degree
1,381 satisfied customers
Below is the Sketch of the improved parking lot from 36
Below is the Sketch of the improved parking lot from 36 available parking spaces to 51 total parking spaces with 15 newly added parking spaces. The design was 4 rows were made from previously 3 rows. … read more
GLENN
GLENN
Master of Mathematics
343 satisfied customers
Question 3 of 20: Select the best answer for the question.
Question 3 of 20 : Select the best answer for the question. 3. Circular errors are caused by adding the cell name of a/an _______ cell to a formula. A. adjacent B. absolute C. active D. relativeQuesti… read more
Chris M.
Chris M.
M.S.W. Social Work
Master's Degree
2,636 satisfied customers
Are u able to help me do this question in raptor The Dash
are u able to help me do this question in raptorThe Dash Cell Phone Company charges customers a basic rate of $5 per month to send text messages. Additional rates are as follows: l The first 60 messag… read more
LogicPro
LogicPro
Engineer
Bachelor of Technology
5,731 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x