Expenditure Cycle - CPA Auditing and Attestation (AUD)
Card 1 of 24
Proper segregation of duties requires that
Proper segregation of duties requires that
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Proper segregation of duties requires that bank reconciliations are prepared by those employees not associated with disbursing funds.
Proper segregation of duties requires that bank reconciliations are prepared by those employees not associated with disbursing funds.
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Physical control over those in charge of disbursement would be:
Physical control over those in charge of disbursement would be:
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Physical control is not associated with procedures. The use methods to protect assets such as physical barriers and mitigating activities such as insurance. The other examples are procedural internal control methods.
Physical control is not associated with procedures. The use methods to protect assets such as physical barriers and mitigating activities such as insurance. The other examples are procedural internal control methods.
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At the end of each month, the senior accountant compares a vendor statement to the accounts payable. This is an example of a
At the end of each month, the senior accountant compares a vendor statement to the accounts payable. This is an example of a
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Comparing independent documents with company records is a form of the review procedure. It doesn’t require authorization or physical control.
Comparing independent documents with company records is a form of the review procedure. It doesn’t require authorization or physical control.
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In auditing A/P, an auditor's procedures most likely would focus primarily on management's assertion of:
In auditing A/P, an auditor's procedures most likely would focus primarily on management's assertion of:
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When testing liabilities, an auditor generally is concerned about understatement. Therefore, in auditing A/P, an auditor's procedures most likely would focus primarily on management's assertion of completeness.
When testing liabilities, an auditor generally is concerned about understatement. Therefore, in auditing A/P, an auditor's procedures most likely would focus primarily on management's assertion of completeness.
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The authority to accept incoming goods in receiving should be based on a(n):
The authority to accept incoming goods in receiving should be based on a(n):
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The authority to accept incoming goods in receiving should be based upon an approved purchase order.
The authority to accept incoming goods in receiving should be based upon an approved purchase order.
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Of the following, which is not a purchase transaction that should be segregated in the expenditure cycle?
Of the following, which is not a purchase transaction that should be segregated in the expenditure cycle?
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Cash receipts would be involved in the revenue cycle so it could not be included in the expenditure cycle.
Cash receipts would be involved in the revenue cycle so it could not be included in the expenditure cycle.
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Proper segregation of duties requires that
Proper segregation of duties requires that
Tap to reveal answer
Proper segregation of duties requires that bank reconciliations are prepared by those employees not associated with disbursing funds.
Proper segregation of duties requires that bank reconciliations are prepared by those employees not associated with disbursing funds.
← Didn't Know|Knew It →
Physical control over those in charge of disbursement would be:
Physical control over those in charge of disbursement would be:
Tap to reveal answer
Physical control is not associated with procedures. The use methods to protect assets such as physical barriers and mitigating activities such as insurance. The other examples are procedural internal control methods.
Physical control is not associated with procedures. The use methods to protect assets such as physical barriers and mitigating activities such as insurance. The other examples are procedural internal control methods.
← Didn't Know|Knew It →
At the end of each month, the senior accountant compares a vendor statement to the accounts payable. This is an example of a
At the end of each month, the senior accountant compares a vendor statement to the accounts payable. This is an example of a
Tap to reveal answer
Comparing independent documents with company records is a form of the review procedure. It doesn’t require authorization or physical control.
Comparing independent documents with company records is a form of the review procedure. It doesn’t require authorization or physical control.
← Didn't Know|Knew It →
In auditing A/P, an auditor's procedures most likely would focus primarily on management's assertion of:
In auditing A/P, an auditor's procedures most likely would focus primarily on management's assertion of:
Tap to reveal answer
When testing liabilities, an auditor generally is concerned about understatement. Therefore, in auditing A/P, an auditor's procedures most likely would focus primarily on management's assertion of completeness.
When testing liabilities, an auditor generally is concerned about understatement. Therefore, in auditing A/P, an auditor's procedures most likely would focus primarily on management's assertion of completeness.
← Didn't Know|Knew It →
The authority to accept incoming goods in receiving should be based on a(n):
The authority to accept incoming goods in receiving should be based on a(n):
Tap to reveal answer
The authority to accept incoming goods in receiving should be based upon an approved purchase order.
The authority to accept incoming goods in receiving should be based upon an approved purchase order.
← Didn't Know|Knew It →
Of the following, which is not a purchase transaction that should be segregated in the expenditure cycle?
Of the following, which is not a purchase transaction that should be segregated in the expenditure cycle?
Tap to reveal answer
Cash receipts would be involved in the revenue cycle so it could not be included in the expenditure cycle.
Cash receipts would be involved in the revenue cycle so it could not be included in the expenditure cycle.
← Didn't Know|Knew It →
Proper segregation of duties requires that
Proper segregation of duties requires that
Tap to reveal answer
Proper segregation of duties requires that bank reconciliations are prepared by those employees not associated with disbursing funds.
Proper segregation of duties requires that bank reconciliations are prepared by those employees not associated with disbursing funds.
← Didn't Know|Knew It →
Physical control over those in charge of disbursement would be:
Physical control over those in charge of disbursement would be:
Tap to reveal answer
Physical control is not associated with procedures. The use methods to protect assets such as physical barriers and mitigating activities such as insurance. The other examples are procedural internal control methods.
Physical control is not associated with procedures. The use methods to protect assets such as physical barriers and mitigating activities such as insurance. The other examples are procedural internal control methods.
← Didn't Know|Knew It →
At the end of each month, the senior accountant compares a vendor statement to the accounts payable. This is an example of a
At the end of each month, the senior accountant compares a vendor statement to the accounts payable. This is an example of a
Tap to reveal answer
Comparing independent documents with company records is a form of the review procedure. It doesn’t require authorization or physical control.
Comparing independent documents with company records is a form of the review procedure. It doesn’t require authorization or physical control.
← Didn't Know|Knew It →
In auditing A/P, an auditor's procedures most likely would focus primarily on management's assertion of:
In auditing A/P, an auditor's procedures most likely would focus primarily on management's assertion of:
Tap to reveal answer
When testing liabilities, an auditor generally is concerned about understatement. Therefore, in auditing A/P, an auditor's procedures most likely would focus primarily on management's assertion of completeness.
When testing liabilities, an auditor generally is concerned about understatement. Therefore, in auditing A/P, an auditor's procedures most likely would focus primarily on management's assertion of completeness.
← Didn't Know|Knew It →
The authority to accept incoming goods in receiving should be based on a(n):
The authority to accept incoming goods in receiving should be based on a(n):
Tap to reveal answer
The authority to accept incoming goods in receiving should be based upon an approved purchase order.
The authority to accept incoming goods in receiving should be based upon an approved purchase order.
← Didn't Know|Knew It →
Of the following, which is not a purchase transaction that should be segregated in the expenditure cycle?
Of the following, which is not a purchase transaction that should be segregated in the expenditure cycle?
Tap to reveal answer
Cash receipts would be involved in the revenue cycle so it could not be included in the expenditure cycle.
Cash receipts would be involved in the revenue cycle so it could not be included in the expenditure cycle.
← Didn't Know|Knew It →
Proper segregation of duties requires that
Proper segregation of duties requires that
Tap to reveal answer
Proper segregation of duties requires that bank reconciliations are prepared by those employees not associated with disbursing funds.
Proper segregation of duties requires that bank reconciliations are prepared by those employees not associated with disbursing funds.
← Didn't Know|Knew It →
Physical control over those in charge of disbursement would be:
Physical control over those in charge of disbursement would be:
Tap to reveal answer
Physical control is not associated with procedures. The use methods to protect assets such as physical barriers and mitigating activities such as insurance. The other examples are procedural internal control methods.
Physical control is not associated with procedures. The use methods to protect assets such as physical barriers and mitigating activities such as insurance. The other examples are procedural internal control methods.
← Didn't Know|Knew It →