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The correct answer for each question is indicated by a .

1 INCORRECT

A "voucher" is a A) B) C) Document received from the vendor to request payment An authorization to prepare a purchase order. A check that has been prepared and forwarded for signing.

None of the above. D) Feedback: Incorrect. This describes an invoice.

2 CORRECT

A "blind purchase order" is a Purchase order with the quantity deleted to be used in the receiving A) department. B) An automatic purchase performed using electronic data interchange.

A blanket purchase order for goods to be received throughout the C) year. None of the above. D) Feedback: Correct. It is used to require the receiving department to make a count of the goods received.

3 INCORRECT

Which of the following accounts is not included in the acquisition and expenditure cycle? A) B) C) Cash. Inventory. Sales returns and allowances.

Freight-in. D) Feedback: Incorrect. Cash is included in the cycle.

4 CORRECT

Canceling invoices with a "PAID" stamp after payment is a control that relates to which assertion? A) B) C) Existence or occurrence. Completeness. Rights and obligations.

Valuation or allocations. D) Feedback: Correct. The stamp ensures the invoice will not be recorded twice.

5 INCORRECT

Which of the following is not a step in the search for unrecorded liabilities? A) Examine the open purchase order file.

Examine disbursements for the period immediately before the end B) of the period. C) Examine the unmatched receiving reports.

All of the above are steps in the search. D) Feedback: Incorrect. This is a step.

6 INCORRECT

Which of the following fraud signs could be detected by a CAAT? A) B) C) Look for vendor's invoices submitted in numerical order. Look for invoices always slightly lower than a review threshold. Look for vendors with only post office box addresses.

All of the above. D) Feedback: Incorrect. A CAAT could be used for all these.

7 INCORRECT

Which of the following control questions relates to the existence and occurrence objective in purchasing and accounts payable? Are the purchase order forms prenumbered and the numerical A) sequence checked for missing documents? Does the accounting department check invoices for mathematical B) accuracy? Does the chart of accounts and accounting manual give instructions C) for classifying debit entries? Are receiving reports prepared for each item received? D) Feedback: Incorrect. This step insures recording of purchases is complete.

8 INCORRECT

Auditors usually focus on which assertion when auditing current liabilities? A) B) C) Occurrence. Completeness. Accuracy.

Classification. D) Feedback: Incorrect. Frauds are more likely to involve unrecorded liabilities.

If goods ordered under a binding purchase commitment permanently

INCORRECT

decline in value below the agreed on purchase prices, a company should. A) B) C) Disclose the terms of the commitment in the financial statements. Record a loss for items received. Record a loss for items not yet received.

None of the above. D) Feedback: Incorrect. Conservatism requires recording the loss.

10 CORRECT

The purchasing department. A) Should obtain competitive bids from vendors.

Should inspect incoming goods and forward them to the receiving B) department. Should inspect vendor invoices and forward them to the accounting C) department. All of the above. D) Feedback: Correct. The purchasing department should obtain competitive bids from ven