Vouching Debits from a Sample Selection of Customers' Accounts Receivable

question 83

Multiple Choice

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:

• A)occurrence.
• B)completeness.
• C)classification.
• D)accuracy.

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Definitions:

Standard Cost System

A cost accounting system that uses predetermined costs for estimating the actual cost of production.

Actual Results

The real values or outcomes achieved after the completion of a particular period, project, or activity, typically compared against previously set targets or budgets.

Variable Overhead Efficiency Variance

This is the difference between the actual hours taken to produce something and the standard hours expected, multiplied by the variable overhead rate per hour.

Supplies Cost

The cost associated with materials and items that are consumed or used in the process of producing goods or providing services.