Provide responses to each of the following statements. Find supporting literature to make your arguments. Please provide references for any source used.

1.Describe the acquisition and expenditure cycle, including typical sourcedocuments.

2.Identify significant accounts and relevant assertions related to the acquisitionand

expenditure cycle.

3.Discuss the risk of material misstatement in the acquisition and expenditurecycle.

4.Apply your knowledge to perform audit procedures in the acquisition andexpenditure cycle

and evaluate the findings of your tests.