Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In the following table, you are provided eight common audit objectives for accounts payable or purchases. For each given objective, identify the management assertion and

In the following table, you are provided eight common audit objectives for accounts payable or purchases. For each given objective, identify the management assertion and indicate Y for yes or N for no to indicate if the audit objective is transaction-related or balance-related. (Auditing question)

Accounts payable or purchases objectives

Management assertion

Transaction-related? (Y/N)

Balance-related? (Y/N)

1. Accounts payable in the accounts payable trial balance are for valid purchases.

2. Recorded acquisitions are for goods and services received, consistent with the best interests of the client.

3. All acquisition transactions are recorded.

4. Recorded acquisition transactions are recorded at the correct amount.

5. Acquisition transactions are correctly allocated between current and long-term.

6. Acquisition transactions are recorded on the correct dates.

7. Purchase transactions are properly included in the vendor and inventory master files, and are correctly posted to the general ledger.

8. The accounts payable recorded in liabilities are obligations of the company.

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

Research On Professional Responsibility And Ethics In Accounting Volume 24

Authors: Charles Richard Baker

1st Edition

180071758X, 9781800717589

More Books

Students also viewed these Accounting questions

Question

plan at least one desired personal change

Answered: 1 week ago

Question

What is an (a) overfit model? (b) underfit model?

Answered: 1 week ago

Question

How can you create a supportive context for your personal growth?

Answered: 1 week ago

Question

How do romantic relationships typically escalate and deteriorate?

Answered: 1 week ago