LSU ACCT 3222 Chpt 12 & 13 - Final Exam with complete solutions |Latest 2024/2025
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LSU ACCT 3222
LSU ACCT 3222 Chpt 12 & 13 - Final
Exam with complete solutions.
What assertion is most important in auditing payables and liabilities? ️
completeness
What assertion is tested when performing initial procedures for A/P
balances? ️ valuation
4 initial procedures for A/P ️ 1. agree BB to ...
LSU ACCT 3222 Chp t 12 & 13 - Final Exam with complete solutions. What assertion is most important in auditing payables and liabilities? ✔️ completeness What assertion is tested when performing initial procedures for A/P balances? ✔️ valuation 4 initial procedures for A/P ✔️ 1. agree BB to PY 2. obtain A/P TB 3. scan for unusual transactions 4. agree sub ledger to GL In auditing which accounts are substantive procedures optional? ✔️ payables/ liabilities CASH (not meaningful bc of high fluctuation) 3 test of details of transactions of transactions for A/P ✔️ 1. Vouch 2. Perform cutoff tests 3. Perform search for unrecorded liabilities Which of the test of details of transactions for A/P is more powerful in testing completeness? ✔️ Perform search for unrecorded liabilities During cutoff testing for A/P, which transactions regarding shipment should the client record if they are the purchaser? What if they are the seller? ✔️ Purchaser: if FOB shipping point, anything shipped before or on YE if FOB destination, client should record anything received before or on YE Seller: if FOB shipping point, ownership transfers if shipped before/on YE if FOB destination, client still owns anything still in transit on YE 3 procedures done when performing the search for unrecorded liabilites during the test of details of transactions? ✔️ 1. inspect subsequent cash disbursements 2. inspect recently recorded liabilities after YE 3. inspect outstanding/unmatched receiving reports/PO at YE or early Jan What assertion does the test of details of balances test? ✔️ existence - not commonly done (completeness is most important) When should the test of details of balances to confirm A/P be performed? (2) ✔️ - if concerned abt overstatement of liabilities - if client has weak IC over A/P and purchasing During test of details of balances of A/P , what type of confirmations should be used? ✔️ positive confirmations & leave amount blank During test of details of balances of A/P, which clients should confirm? ✔️ send to small or zero acct balances to check for understatement 3 ways of auditing other accrued liabilities (warranties, payroll, etc) ✔️ - recalc mngmt's estimates to check if reasonable - inspect supporting documentation - confirmation (if applicable) 5 initial procedures when auditing CASH: ✔️ 1. agree BB to PY 2. obtain cash TB / schedules 3. scan for unusual items 4. check mathematical accuracy 5. agree sub ledger to GL 2 procedures in test of details of transcations when auditing CASH ✔️ - cutoff testing -bank transfer schedules (kiting)
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