ACC311 Midterm and Final Term Quiz Combined

Which of the following should be done with the copies of cancelled invoices in sales system?

Should be discarded

Should be retained

CORRECT

Should be dispatched to the suppliers

Should be dispatched to the customers

Auditing Standards require that all cheques and postal orders should be restrictively crossed for the control purposes. According to your knowledge, this control procedure explains which one of the following statements?

Can be presented on the cash counter

Account payee only, and negotiable

CORRECT

Account payee only, not negotiable

Cheque may not be paid for a specific time period

Correct

According to the requirements of auditing standards, the record of cash receipts by post should be made immediately for which one of the following items?

Cheques, cash and postal orders received

CORRECT

Cash and cheque received

Postal orders received

Cash, cheque and goods received

Which one of the following testing objectives refers to the assertion “Completeness” in obtaining audit evidence?

All transactions and events that should be recorded have been recorded

Transactions arising during the period are reflected in

The amounts at which assets and liabilities are stated

Assets and liabilities included on the balance sheet ac

The term ‘Reconciliation’ refers to which one of the following statements in the context of auditing?

Reconciliation refers to a process that compares two sets of financial records to make sure they are in agreement

CORRECT

A special Congressional procedure often used to imp

Reconciliation refers to an audit test that compares t

Reconciliation refers to a process that of preparing f

What auditors seek in the register of non current assets for each major group of assets?

Details of each item, its cost and residual value

Details of each item, its cost and accumulated deprec

Details of each item, its cost and depreciation

CORRECT

Details of each item, its cost and capital investment e