Good Credit Report Sample
2010
Auditing I?
Hi folks,
Need help for these Auditing multiple choice questions. Thx.
1.Martinez, CPA, was auditing his client, Marvelous Retail Company. He selected a sample of inventory items from the perpetual records and vouched additions to receiving reports. This procedure was intended to satisfy which PCAOB assertion?
a. Rights and obligations
b. Completeness
c. Existence or occurrence
d. Valuation or allocation
2. Auditors record the last bill of lading used at the time of the inventory count to
a. Search for unrecorded sales
b. Test cut-off
c. Verify ownership
d. All of the above
3. Mary Monitor, CPA, noted that ABC Co. received goods prior to year-end that were included in physical inventory but had not been recorded. In this case, which of the following adjustments should be made?
a. Debit Purchases/credit Cost of Goods Sold
b. No adjustment is necessary
c. Debit Inventory/credit Accounts Payable
d. Debit Cost of Goods Sold/credit Accounts Payable
Go try read an auditing book.
I know it’s quite boring to read such ‘coz it’s too long.
But if you want to continue taking accounting as a course (‘coz only accounting students has an auditing subject) be sure to work hard to know the answers…
But since you ask, I’ll try answering:
1. C. Existence and Occurence, since he went go vouching and traced from the records from his random sampling.
2. C. Perhaps because inventory count is an observation procedure to verify ownership.
3. D. Because, maybe, ABC tried to lessen it’s income by decreasing CGS. So add back CGS dr. and cr. AP.
My answers are not that accurate, but what I think about it; it is somehow correct?
^_^
Cheshire – Good Time
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