ACC551 Ch 11

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.

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.

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.

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

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