Below Are Five Audit Procedures,all of Which Are Tests of Transactions

question 67

Essay

Below are five audit procedures,all of which are tests of transactions associated with the audit of the acquisition and payment cycle.Also below are the six general transaction-related audit objectives and the five management assertions.For each audit procedure,indicate (1)its audit objective,and (2)the management assertion being tested. 1.Foot the purchases journal and trace the totals to the related general ledger accounts.
(1)________.
(2)________.
2.Recompute the cash discounts taken by the client.
(1)________.
(2)________.
3.Compare dates on cancelled checks with the bank cancellation date.
(1)________.
(2)________.
4.Trace from a sample of cancelled checks to the cash disbursements journal.
(1)________.
(2)________.
5.Examine supporting documentation for a sample of transactions for authorized payee and amount and to determine services or goods were received.
(1)________.
(2)________.

Comprehend the principles of good scientific writing, including clarity, replicability, and ethical considerations.

Identify the characteristics of effective titles and abstracts in scientific reports.

Grasp the significance of the discussion section in interpreting and explaining findings.

Understand the role of prepublication and peer review in scientific communication.

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Definitions:

Substantial Performance

Refers to the completion of nearly all the requirements of a contract or agreement, leaving only minor details uncompleted, which do not significantly alter the outcome or utility received by the other party.

Doctrine

An established principle or policy taught or advocated, for example, in politics, law, or religion.

Bush Pilot

A pilot who operates aircraft in remote, undeveloped regions, often landing on makeshift or unprepared airstrips.

Breach Of Warranty

The failure to fulfill the terms of a promise or guarantee, which is part of a contract, regarding the quality, condition, or performance of a product or service.