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7 Cards in this Set
- Front
- Back
Trace transactions recorded in the purchases journal to supporting documentation, comparing the vendor's name, total dollar amounts and authorisation for purchase
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Both
Accuracy and existence |
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Account for a sequence of receiving reports and trace selected ones to related vendors invoices and acquisitions journal entries
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Both
Completeness and Accuracy |
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Review supporting documents for clerical accuracy propriety of account distribution and reasonableness of expenditure in relation to the nature of the client's operations
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Substantive test of transactions
Accuracy, Classification and existence |
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Examine documents in support of acquisition transactions to make sure that each transaction has an approved vendor's invoice, receiving report and purchase order included.
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Test of control
Existence |
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Add the cash payment journal, trace posting of the total to the general ledger and trace postings of individual cash payments to the accounts payable master file.
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Substantive test of controls
Posting and Summarisation |
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Account for numerical sequence of cheques in the cash payments journal and examine all cancelled or spoiled cheques for proper cancellations.
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Test of control
Completeness and existence |
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Compare dates on paid cheques with dates in the cash payments journal and the bank cancellation date.
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Substantive test of controls
Timing |