Renaldo Compared Shipping Reports to Sales Documents,checking to See That

question 53

Multiple Choice

Renaldo compared shipping reports to sales documents,checking to see that the sales invoice dates matched the shipping dates,and that quantities invoiced matched quantities shipped.On his working paper,he said that he vouched invoices.What else should his working paper include with respect to the audit procedure conducted?

• A)details of tests conducted,with results
• B)results of analytical review procedures on the aging of accounts receivable
• C)employee numbers and wage rates of the employees he spoke to
• D)a statement that the information will be held confidential

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Definitions:

Demonstrative Legacy

A specific bequest in a will, directing a particular sum of money to be paid out of a specified asset or fund.

Probate

The legal process through which a deceased person's will is validated, and their assets are distributed under the supervision of a court.

Resided

Generally means to live in a particular place, but in a financing context, it is NO.

Trustor

An individual or entity that creates a trust by transferring assets to a trustee, who manages the assets for the benefit of a third party, the beneficiary.