State Each of the Six Specific Transaction-Related Audit Objectives for Cash

question 106

Essay

State each of the six specific transaction-related audit objectives for cash payments, and, for each objective, describe one common substantive test of transactions.

---

Definitions:

Accumulating

The process of gathering or building up a quantity over time.

Reporting

The process of preparing and conveying financial and operational information to relevant stakeholders to facilitate decision-making.

Subsidiary Ledger

A group of accounts that provide detail for accounts in the general ledger that summarize large numbers of transactions.

General Ledger Account

An individual account within the general ledger that records transactions related to a specific asset, liability, equity, revenue, or expense.