audit review 2.21.15

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Joens1313
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296414
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audit review 2.21.15
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2015-02-21 12:51:36
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audit review 21 15
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audit review 2.21.15
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  1. What assertion is made when you ensure that the entity's foreign currency holdings are reported in accordance with GAAP?
    Valuation and allocation
  2. What assertion is made when you obtain bank confirmation's and prepare reconciliations for each of the entity's bank accounts
    Existence
  3. Bank reconciliations that verify the agreement of the bank confirmation obtained directly from the institution and the amount of the cash reported in the financial statements are a substantive test of the ------------------------- assertion.
    Bank reconciliations that verify the agreement of the bank confirmation obtained directly from the institution and the amount of the cash reported in the financial statements are a substantive test of the existence assertion.
  4. Bank reconciliations that verify the agreement of the bank confirmation obtained directly from the institution and the amount of the cash reported in the financial statements are a -------------------------- test of the existence assertion.
    Bank reconciliations that verify the agreement of the bank confirmation obtained directly from the institution and the amount of the cash reported in the financial statements are a substantive test of the existence assertion.
  5. What assertion is made when you compare managements cash budget with the year end balance
    Completeness
  6. comparing the budgeted balance to the year end balance is done to test the ----------------------- assertion
    comparing the budgeted balance to the year end balance is done to test the completeness assertion
  7. What assertion is made when you vouch a sample of cash receipts to accounts receivable and customer orders
    Occurrence
  8. FOB shipping point means what?
    Means the sales should be recorded when the goods are shipped
  9. What is the FOB when the goods are recorded when they are shipped?

    FOB shipping point
    FOB receiving point
    FOB Shipping point
  10. When a sale is made FOB receiving point, it should be recorded when?
    When the customer actually receives the goods.
  11. What is the FOB when the goods are recorded when the customer receives them?

    FOB shipping point
    FOB receiving point
    FOB receiving point

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