Below are five audit procedures, all of which are tests of transactions associated with the audit of the sales and collection cycle. Also, below are the six general transaction-related audit objectives and the five management assertions. For each audit procedure, indicate (1) its audit objective, and (2) the management assertion being tested. (They can be repeated or there may be some alternative left over).

Audit Objectives A. occurrence B. completeness C. accuracy D. posting and summarization E. classification F. timing

Assertions 1. accuracy 2. completeness 3. occurrence 4. cutoff 5. classification

1. Vouch recorded sales from the sales journal to the file of bills of lading.

(1) ________

(2) ________

2. Compare dates on the bill of lading, sales invoices, and sales journal to test for delays in recording sales transactions.

(1) ________

(2) ________

3. Account for the sequence of prenumbered bills of lading and sales invoices. (1) ________

(2) ________

4. Trace from a sample of prelisting of cash receipts to the cash receipts journal, testing for names, amounts, and dates.

(1) ________

(2) ________

5. Recompute the cash discounts and take by the client.

(1) ________

(2) ________

6. Examine customer order forms for credit approval by the credit manager. (1) ________

(2) ________