Question 1

In a firm with proper segregation of duties,adequate supervision is most critical in

Accepted Answer

A)  purchasing 
B)  receiving 
C)  accounts payable 
D)  general ledger 
A)  purchasing 
B)  receiving 
C)  accounts payable 
D)  general ledger

Question 2

Explain the purpose of each of the following documents used in the payroll system:
the personnel action form,the job ticket,the time card.

Accepted Answer

The personnel action form is a document

Question 3

Permitting warehouse staff to maintain the only inventory records violates separation of duties.

Accepted Answer

A) True 
 B)False

Question 4

A major risk exposure in the expenditure cycle is that accounts payable may be overstated at the end of the accounting year.

Accepted Answer

A) True 
 B)False

Question 5

Describe an internal control procedure that would detect that a vendor overcharged for goods delivered.

Accepted Answer

Accounts payable should compare the pric

Question 6

Why should the copy of a purchase order,which is sent to receiving,be a "blind" copy?

Accepted Answer

to force workers in

Question 7

Which document is least important in determining the financial value of a purchase?

Accepted Answer

A)  purchase requisition 
B)  purchase order 
C)  receiving report 
D)  supplier's invoice 
A)  purchase requisition 
B)  purchase order 
C)  receiving report 
D)  supplier's invoice

Question 8

When purchasing inventory,which document usually triggers the recording of a liability?

Accepted Answer

A)  purchase requisition 
B)  purchase order 
C)  receiving report 
D)  supplier's invoice 
A)  purchase requisition 
B)  purchase order 
C)  receiving report 
D)  supplier's invoice

Question 9

What type of error or fraud might happen if the accounts payable ledger is not periodically reconciled to the control account in the general ledger?

Accepted Answer

errors in A/P proces

Question 10

The personnel action form provides authorization control by

Accepted Answer

A)  preventing paychecks for terminated employees 
B)  verifying pay rates for employees 
C)  informing payroll of new hires 
D)  all of the above 
A)  preventing paychecks for terminated employees 
B)  verifying pay rates for employees 
C)  informing payroll of new hires 
D)  all of the above

Question 11

The blind copy of the purchase order that goes to the receiving department contains no item descriptions.

Accepted Answer

A) True 
 B)False

Question 12

Which internally generated document should be compared to the supplier's invoice to verify the price of an item?

Accepted Answer

The answer of Which internally generated document should be compared...

Question 13

Inspection of shipments in the receiving department would be improved if the documentation showed the value of the inventory.

Accepted Answer

A) True 
 B)False

Question 14

Before authorizing payment for goods purchased,accounts payable reconciles three documents related to the purchase.Name them and explain what each indicates.What control area of SAS 78 is being addressed?

Accepted Answer

The three documents are:
the purchase or

Question 15

List specific jobs that should be segregated in the cash disbursements system.

Accepted Answer

general ledger from accounts p

Question 16

Explain why a three way match may not be required for transactions covered by a trading partner agreement.

Accepted Answer

Under a trading partner agreement the pa

Question 17

The purpose of the purchase order is to

Accepted Answer

A)  order goods from vendors 
B)  record receipt of goods from vendors 
C)  authorize the purchasing department to order goods 
D)  approve payment for goods received 
A)  order goods from vendors 
B)  record receipt of goods from vendors 
C)  authorize the purchasing department to order goods 
D)  approve payment for goods received

Question 18

The documents in a voucher packet include all of the following except

Accepted Answer

A)  a check 
B)  a purchase order 
C)  a receiving report 
D)  a supplier's invoice 
A)  a check 
B)  a purchase order 
C)  a receiving report 
D)  a supplier's invoice

Question 19

The document that captures the total amount of time that individual workers spend on each production job is called a

Accepted Answer

A)  time card 
B)  job ticket 
C)  personnel action form 
D)  labor distribution form 
A)  time card 
B)  job ticket 
C)  personnel action form 
D)  labor distribution form

Question 20

The purchase order

Accepted Answer

A)  is the source document to make an entry into the accounting records 
B)  indicates item description, quantity, and price 
C)  is prepared by the inventory control department 
D)  is approved by the end-user department 
A)  is the source document to make an entry into the accounting records 
B)  indicates item description, quantity, and price 
C)  is prepared by the inventory control department 
D)  is approved by the end-user department

In a firm with proper segregation of duties,adequate supervision is most critical in

Explain the purpose of each of the following documents used in the payroll system: the personnel action form,the job ticket,the time card.

Permitting warehouse staff to maintain the only inventory records violates separation of duties.

A major risk exposure in the expenditure cycle is that accounts payable may be overstated at the end of the accounting year.

Describe an internal control procedure that would detect that a vendor overcharged for goods delivered.

Why should the copy of a purchase order,which is sent to receiving,be a "blind" copy?

Which document is least important in determining the financial value of a purchase?

When purchasing inventory,which document usually triggers the recording of a liability?

What type of error or fraud might happen if the accounts payable ledger is not periodically reconciled to the control account in the general ledger?

The personnel action form provides authorization control by

The blind copy of the purchase order that goes to the receiving department contains no item descriptions.

Which internally generated document should be compared to the supplier's invoice to verify the price of an item?

Inspection of shipments in the receiving department would be improved if the documentation showed the value of the inventory.

Before authorizing payment for goods purchased,accounts payable reconciles three documents related to the purchase.Name them and explain what each indicates.What control area of SAS 78 is being addressed?

List specific jobs that should be segregated in the cash disbursements system.

Explain why a three way match may not be required for transactions covered by a trading partner agreement.

The purpose of the purchase order is to

The documents in a voucher packet include all of the following except

The document that captures the total amount of time that individual workers spend on each production job is called a

The purchase order

Auditing and Internal Control

Auditing IT Governance Controls

Security Part I: Auditing Operating Systems and Networks

IT Security Part II: Auditing Database Systems

Systems Development and Program Change Activities

Overview of Transaction Processing and Financial Reporting Systems

Computer-Assisted Audit Tools and Techniques

Data Structures and CAATTs for Data Extraction

Auditing the Revenue Cycle

Business Ethics, Fraud, and Fraud Detection

Enterprise Resource Planning Systems

Filters

Exam 10: Auditing the Expenditure Cycle

In a firm with proper segregation of duties,adequate supervision is most critical in

Explain the purpose of each of the following documents used in the payroll system: the personnel action form,the job ticket,the time card.

Permitting warehouse staff to maintain the only inventory records violates separation of duties.

A major risk exposure in the expenditure cycle is that accounts payable may be overstated at the end of the accounting year.

Describe an internal control procedure that would detect that a vendor overcharged for goods delivered.

Why should the copy of a purchase order,which is sent to receiving,be a "blind" copy?

Which document is least important in determining the financial value of a purchase?

When purchasing inventory,which document usually triggers the recording of a liability?

What type of error or fraud might happen if the accounts payable ledger is not periodically reconciled to the control account in the general ledger?

The personnel action form provides authorization control by

The blind copy of the purchase order that goes to the receiving department contains no item descriptions.

Which internally generated document should be compared to the supplier's invoice to verify the price of an item?

Inspection of shipments in the receiving department would be improved if the documentation showed the value of the inventory.

Before authorizing payment for goods purchased,accounts payable reconciles three documents related to the purchase.Name them and explain what each indicates.What control area of SAS 78 is being addressed?

List specific jobs that should be segregated in the cash disbursements system.

Explain why a three way match may not be required for transactions covered by a trading partner agreement.

The purpose of the purchase order is to

The documents in a voucher packet include all of the following except

The document that captures the total amount of time that individual workers spend on each production job is called a

The purchase order

Auditing and Internal Control

Auditing IT Governance Controls

Security Part I: Auditing Operating Systems and Networks

IT Security Part II: Auditing Database Systems

Systems Development and Program Change Activities

Overview of Transaction Processing and Financial Reporting Systems

Computer-Assisted Audit Tools and Techniques

Data Structures and CAATTs for Data Extraction

Auditing the Revenue Cycle

Business Ethics, Fraud, and Fraud Detection

Enterprise Resource Planning Systems

Filters