Ac 555 Assignment Week- 7

Topics: Balance sheet, Liability, Accounts payable Pages: 4 (980 words) Published: February 25, 2013
AC 555
Assignment Week- 7

Problem 18-18

a. (2) b. (2) c. (2)

Problem 18-21

1. Both (test of authorization is a test of control)
2. Test of control
3. Substantive test of control
4. Test of control
5. Substantive test of transactions
6. Both (accounting for sequence is a test of control)
7. Substantive test of transactions

a) To determine that the amount recorded in the acquisitions journal is correct (accuracy). b) To determine that recorded purchases are for goods and services actually received (occurrence) 2. To determine that the vendors’ invoices are approved for payment, and that receiving reports and purchase orders are all attached (occurrence). 3. To determine that postings to the cash disbursements journal are properly summarized and posted to the general ledger and are posted to the accounts payable master file (posting and summarization) 4. To determine that all check numbers are included to the cash disbursements journal, no check number is included more than once and voided checks are accounted for (completeness and occurrence). 5. To determine that the proper amount of cash disbursements are recorded during the test month. Checks are not recorded more than once and checks are not omitted (accuracy, occurrence and completeness). 6. To determine that all receiving reports were eventually entered into the system a liabilities (completeness). To determine that acquisitions were recorded at the proper amounts, considering the goods received (accuracy). 7. To determine that the amount recorded is accurate, that the classification is proper, and that the acquisition is for goods and services received, consistent with the best interests of the company (accuracy, classification and occurrence). 8. To determine that checks are recorded on the correct dates (timing).

Problem 21-17

a. (4) b.(2)...
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