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ACCT 444 Week 5 Homework

ACCT 444 Week 5 Homework

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ACCT 444 Week 5 Homework

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ACCT 444 Week 5 Homework

Chapter 13

13-26 (Objectives 13-1, 13-2, 13-3, 13-6) The following are audit procedures from different transaction cycles:

1.     Use audit software to foot and cross-foot the cash disbursements journal and trace the balance to the general ledger.

2.     Select a sample of entries in the acquisitions journal and trace each one to a related vendor’s invoice to determine whether one exists.

3.     Examine documentation for acquisition transactions before and after the balance sheet date to determine whether they are recorded in the proper period.

4.     Inquire of the credit manager whether each account receivable on the aged trial balance is collectible.

5.     Compute inventory turnover for each major product and compare with previous years.

6.     Confirm a sample of notes payable balances, interest rates, and collateral with lenders.

7.     Use audit software to foot the accounts receivable trial balance and compare the balance with the general ledger.

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