31 Aug auditing fill In the blanks questions
1. fill in the blanks (auditing & accounting)
A. _______ handles the exchange of shares, canceling the shares surrendered by sellers and issuing new certificates to buyers.
B. Selecting inventory from locations on the warehouse floor, obtaining a test count, and tracing the count to the final inventory compilation produces evidence for the _______ ASB balance assertion.
C. The physical observation procedures for inventory are principally designed to audit for the balance assertions of _______ , _______ , and _______ .
D. A sample from the source documents meets the _______ requirement to determine whether transactions were actually recorded in the inventory records.
E. _______ of securities can prevent the use of company securities as _______ for personal loans.
F. An inventory trial balance can be used to scan for _______ and as a population for sample selection for the _______ .
G. A procedure to gather evidence on both account balances and controls is called a _______ procedure.
H. Investment accounting may be on the _______ method, _______ method, or _______ method.
I. Inventory observation may need to be scheduled on the year-end date, making a large number of test counts if the test of controls _______ .
J. The _______ inspects the goods received for _______ and _______ and then puts them in the hands of other responsible persons.
K.When the _______, _______ and _______ are in hand, the accountants can record the accounts payable.
L. Materials requisitions should be compared in the _______ department with the ________ on the production order.
M. Information about the internal control system can be gathered by completing an _______.
N.The five functional responsibilities of a payroll cycle are _______, _______, _______, and _______.
O.With a sample of open and closed production cost reports, vouching labor cost to ________ is a test for ________ .
P.When circumstances call for extended procedures, information on outstanding stock may be _______ .
Q._______ consist of (1) identification of data population for audit and (2) an expression of the action to be taken to produce relevant audit evidence.
R. Auditors can compare the _______ file to the _______ to determine whether the company has material unrecorded liabilities on the financial statement date.
S.__________ of accounts receivable records implies the power to alter them directly or enter transactions to alter them.
T. Records of interest rates and bonds payable are maintained by the _______ and the _______ .
U. A _______ is a financial institution appointed to record the issuance and ownership of company securities.
