ACC 492 Final Exam

Jul 21st, 2016
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1. The cash disbursements journal also is called the a) Voucher register. b) Purchases journal. c) Check register. d) Accounts payable subsidiary ledger. 2. In assessing control risk for purchases, an auditor vouches a sample of entries in the voucher register to the supporting documents. Which assertion would this test of controls most likely support? a) Completeness. b) Existence or occurrence. c) Valuation or allocation. d) Rights and obligations. 3. An important purpose of the auditor’s review of the client’s procurement system should be to determine the effectiveness of the procedures to protect against a) Improper materials handling. b) Unauthorized persons issuing purchase orders. c) Mispostings of purchase returns. d) Excessive shrinkage or spoilage. 4. 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.

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ACC 492 Final Exam1. The cash disbursements journal also is called thea) Voucher register.b) Purchases journal.c) Check register.d) Accounts payable subsidiary ledger.2. In assessing control risk for purchases, an auditor vouches a sample of entries in the voucherregister to the supporting documents. Which assertion would this test of controls most likelysupport?a) Completeness.b) Existence or occurrence.c) Valuation or allocation.d) Rights and obligations.3. An important purpose of the auditors review of the clients procurement system should be todetermine the effectiveness of the procedures to protect againsta) Improper materials handling.b) Unauthorized persons issuing purchase orders.c) Mispostings of purchase returns.d) Excessive shrinkage or spoilage.4. A client erroneously recorded a large purchase twice. Which of the following internal controlmeasures 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 confirmation to all vendors.5. Which of the following departments most likely would approve changes in pay rates anddeductions from employee salaries?a) Personnel.b) Treasurer.c) Controller.d) Payroll.6. Possible misstatements related to the validity internal control objective for payroll transaction

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