Auditing And Assurance Services
17th Edition
ISBN: 9780134897431
Author: ARENS, Alvin A.
Publisher: PEARSON
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Chapter 6, Problem 23.2MCQ
To determine
Identify the option which is correct.
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An auditor will most likely review an entity’s periodic accounting for the numerical sequence of shipping documents to ensure all documents are included to support management’s assertion about classes of transactions of:
Select one:
a. occurrence.
b. completeness
c. classification.
d. accuracy
An audit trail is a step-by-step record by which accounting data can be traced to its source. Therefore, Vouching is used primarily to test which of the following assertions about classes of transaction?Â
Select one:
a.Accuracy.Â
b.Completeness.
c. Cut-off
d. Occurrence
A system that traces the detailed transactions relating to any item in an accounting record could be define as an audit trail. Therefore, Tracing is used primarily to test which of the following assertions about classes of transactions?Â
Select one:
a. Valuation and Allocation.Â
b. Accuracy.Â
c. Existence.Â
d. Completeness
Chapter 6 Solutions
Auditing And Assurance Services
Ch. 6 - Prob. 1RQCh. 6 - Prob. 2RQCh. 6 - Prob. 3RQCh. 6 - Prob. 4RQCh. 6 - Prob. 5RQCh. 6 - Prob. 6RQCh. 6 - Prob. 7RQCh. 6 - What are the six elements of professional...Ch. 6 - What are the five elements of an effective...Ch. 6 - Describe two of the more common judgment traps and...
Ch. 6 - Identify the cycle to which each of the following...Ch. 6 - Why are sales, sales returns and allowances, bad...Ch. 6 - Prob. 13RQCh. 6 - Prob. 14RQCh. 6 - Prob. 15RQCh. 6 - Prob. 16RQCh. 6 - Prob. 17RQCh. 6 - Prob. 18RQCh. 6 - Prob. 19RQCh. 6 - Prob. 20RQCh. 6 - Prob. 21.1MCQCh. 6 - Prob. 21.2MCQCh. 6 - Prob. 21.3MCQCh. 6 - Prob. 22.1MCQCh. 6 - Prob. 22.2MCQCh. 6 - Prob. 22.3MCQCh. 6 - Prob. 23.1MCQCh. 6 - Prob. 23.2MCQCh. 6 - Prob. 23.3MCQCh. 6 - Prob. 24.1MCQCh. 6 - Prob. 24.2MCQCh. 6 - Prob. 24.3MCQCh. 6 - Prob. 25DQPCh. 6 - Prob. 26DQPCh. 6 - Prob. 27DQPCh. 6 - Prob. 28DQPCh. 6 - Prob. 29DQPCh. 6 - Prob. 30DQPCh. 6 - Prob. 31DQPCh. 6 - Prob. 32DQPCh. 6 - Prob. 33DQPCh. 6 - Prob. 34DQP
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Similar questions
- An auditor will most likely review an entity’s periodic accounting for the numericalsequence of shipping documents to ensure all documents are included to supportmanagement’s assertion about classes of transactions of(1) occurrence. (3) accuracy.(2) completeness. (4) classificationarrow_forward1. An auditor most likely would review an entity’s periodic accounting for the numerical sequence of shipping documents and invoices to support management’s financial statement assertion of a. Valuation b. Completeness c. Existence and occurrence d. Rights and obligationsarrow_forwardWhat tools do auditors use to verify the ending balances in the various accounts in the acquisition and payments cycle? Please provide reference(s).arrow_forward
- The auditor's assessment of the reliability and sufficiency of the information contained in the underlying accounting records is a part of ______________ a. Audit Test b. Comparison c. Evaluation d. Judgementarrow_forwardThe auditor reviewed the shipping documents to ensure that all products included in the sales revenue to XYZ have been shipped. This is an example of: * O Classification Completeness Rights and obligations O Occurrencearrow_forwardAnalytical procedures are generally used to produce evidence froma. Confirmations mailed directly to the auditors by client customers.b. Physical observation of inventories.c. Relationships among current financial balances and prior balances, forecasts, and nonfinancial data.d. Detailed examination of external, external-internal, and internal documents.arrow_forward
- Indicate a specific audit procedure under each of the following categories, as applied particularly in the sales and collection cycle.a. test of controlb. substantive test of transactionsc. substantive test of account balancesarrow_forwardWhen auditing the accounts receivable account on the balance sheet, an auditor’s procedures most likely would focus primarily on management’s assertion of Select one: a. Presentation and disclosure b. Existence c. Rights and obligations d. Completeness.arrow_forwardWhen auditing the accounts receivable account on the balance sheet, an auditor’s procedures most likely would focus primarily on management’s assertion ofa. Existence.b. Completeness.c. Presentation and disclosure.d. Rights and obligations.arrow_forward
- When auditing accounts receivables, auditors are usually especially concerned about the:  a. Completeness and cut-off objectives. b. Existence and completeness objectives. c. Existence, realisable-value and accuracy objectives. d. Posting and summarisation objective.arrow_forwardAn auditor reviews aged accounts receivable to assess likelihood of collection to support management’s assertion about account balances of: Select one: a. rights and obligations b. existence. c. valuation and allocation d. completenessarrow_forwardIn the audit of accounts payable, an auditor’s procedures will most likely focusprimarily on management’s assertion about account balances of(1) existence. (3) valuation and allocation.(2) completeness. (4) classification and understandability.arrow_forward
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