Auditing Principles Questions
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22) Which control question relates to the existence and occurrence objective in purchasing and accounts payable?
A. Does the chart of accounts and accounting manual provide instructions for classifying debit entries?
B. Are the purchase order forms prenumbered and is the numerical sequence checked for missing documents?
C. Are receiving reports prepared for each item received?
D. Does the accounting department check invoices for mathematical accuracy?
23) Which is NOT a step in the search for unrecorded liabilities?
A. Examine the unmatched receiving reports.
B. Examine the open purchase order file.
C. All of these are steps in the search.
D. Examine disbursements for the period immediately before the end of the period.
24) Auditors usually focus on which assertion when auditing current liabilities?
A. Rights and obligations
B. Existence and occurrence
C. Valuation or allocation
D. Completeness
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Which control question relates to the existence and occurrence objective in purchasing and accounts payable are determined.
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