ch.7-11
Quiz
•
Specialty
•
University
•
Easy

Yeonjae Seo
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101 questions
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1.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
"Bill and hold" refers to an arrangement where
sales are billed but not collected.
inventory is held but not billed.
sales are recorded but are not shipped.
sales are shipped but are not recorded.
2.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
The file that contains sales transactions that were initiated in the system but are not yet completed is the
pending order master.
inventory master.
credit check file.
sales detail.
3.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
The assertion that auditors will probably emphasize in the revenue and collection cycle is
accuracy.
classification.
completeness.
occurrence.
4.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Vouching debits from a sample selection of customers' accounts receivable records to supporting sales invoices is an audit procedure designed to obtain evidence about the assertion of
occurrence.
accuracy.
completeness.
classification.
5.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Confirmations of accounts receivable provide the most evidence for which of the following assertions?
rights and obligations
completeness
existence
valuation or allocation
6.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
To determine whether sales transactions have been recorded in the proper accounting period, the auditor performs cutoff tests. Which of the following best describes the overall approach used when performing cutoff tests?
Confirm year-end transactions with regular customers.
Examine cash receipts in the subsequent period.
Analyze transactions occurring within a few days before and after year-end.
Ascertain that management has included in the representation letter a statement that transactions have been accounted for in the proper accounting period.
7.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
In determining the adequacy of the allowance for uncollectible accounts, the least valuable evidence would be obtained from
no reply to negative confirmations.
an aging schedule of past due accounts that the auditor has tested.
financial statements of individual customers.
correspondence with the client's collection agency.
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