
ACC551 Ch 11
Quiz
•
Social Studies
•
University
•
Practice Problem
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Hard
John T
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5 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
A check by the auditor on the numeric sequence of prenumbered receiving reports to determine that a supplier’s invoice was recorded for each relates to the
existence or occurrence assertion.
completeness assertion.
presentation assertion.
rights and obligations assertion.
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Payroll functions include all of the following except
hiring employees.
deciding on the number of workers required to work on a particular day.
preparing the payroll.
protecting unclaimed wages.
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
The quantity ordered may not be displayed on the copy of the purchase order sent directly to the
requesting department.
vouchers payable department.
receiving department.
accounts receivable department.
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Each major class of creditors and borrowings must be disclosed in the balance sheet. Which of these would not be shown as a class of creditors and borrowings?
taxation liabilities
revenue owing
employee benefits
lease liabilities
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Purchase orders become part of the transaction trail of documentary evidence that directly supports which assertion for purchase transactions?
existence or occurrence
rights and obligations
accuracy and valuation
presentation
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