Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

11. An auditor wants to verify that for a given inventory acquisition, (1) the merchandise was ordered by the company, (2) the merchandise was delivered

image text in transcribed
11. An auditor wants to verify that for a given inventory acquisition, (1) the merchandise was ordered by the company, (2) the merchandise was delivered to the company, and 3) a bill for the merchandise was received. The auditor should look at which documents? a. purchase requisition, bill of lading, account payable b. sales order, receiving report, sales invoice purchase requisition, receiving report, cancelled check purchase order, receiving report, vendor invoice purchase order, delivery notice, sales invoice 12. A document used to report to the federal govermment income taxes (federal income taxes and F.I.C.A.) withheld from wages of employees is called a: a. W-2 form d. earnings record e. Form 1040 Form 941 c. deduction authorization formm When a customer of a company inquires about the amount which the customer owes the company, the clerk handling the question would go to the: 13. a. accounts receivable general ledger d. accounts receivable subsidiary ledger b. original copy of the monthly statement e. customer service department c. sales journal If a manager wanted to know how many units of product "Q" had been sold during the current year, the information would be obtained from: 14. a. sales journal b. perpetual inventory records c. sales invoices d. e. physical inventory records sales orders Your company purchased merchandise from the "X" Corporation. As the "gopher" person in your company, you picked up the merchandise as you delivered the order to buy. You paid for the merchandise instantly with one of your company's checks. Where would this transaction be recorded first by your company? 15. a purchase journal b. accounts payable subsidiary ledger d. general journal e. general ledger cash disbursementsjournal Adjusting journal entries are prepared for which of the following? a. record depreciation expense b. adjust payroll expense for wages earned but not yet paid c. record an inventory purchase d. a and b only e. all of the above 16

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting IFRS

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

3rd edition

1119372933, 978-1119372936

More Books

Students also viewed these Accounting questions