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Provided below is a list of questions (Questions 8-16). Match up the correct audit objective/assertion provided in the table with the corresponding question. Answers may
Provided below is a list of questions (Questions 8-16). Match up the correct audit objective/assertion provided in the table with the corresponding question. Answers may be used once, more than once, or not at all. Please write out the full answer. Each question should only have one objective/assertion. Existence/Occurrence Completeness Accuracy Classification Cutoff Realizable value/valuation Rights and Obligations Posting and summarization 8. Auditor verifies that inventory recorded is located in the warehouse. - 9. If a short-term note payable is included in the accounts payable balance on the financial statement, there is a violation of what assertion? Classification 10. Assess the reasonableness of the balance in the allowance for doubtful accounts. = Realizable value/valuation 11. The auditor determines that transactions are properly recorded in the correct accounting period. 12. Inquire as to whether any accounts receivable have been factored or sold during the period. 13. Inquire as to whether there are any receivables from related parties. 14. All transactions that should be included in the financial statements are in fact included. 15. The auditor is determining that the correct selling price was used for billing and that the quantity of the goods shipped was the same as the quantity billed. She is gathering evidence about which transaction related audit objective? 16. The auditor examines transaction paid in January for service performed in December
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