When designing tests of controls and substantive tests of ...

[nanna]

Question 1

When an employee who is authorized to make customer entries in the accounts receivable subsidiary ledger purposefully enters cash received into the wrong customer's account, that employee may be suspected of
◦ kiting.
◦ lapping.
◦ floating.
◦ shorting.

Question 2

When designing tests of controls and substantive tests of transactions for cash receipts, it is important to remember that
◦ the test of controls are designed to test for monetary misstatements.
◦ auditors use the same methodology for designing tests of controls and substantive tests of transactions for cash receipts as they use for sales.
◦ the tests of controls are not dependent on the controls the auditor identifies.
◦ the tests of controls are not dependent on whether the company being audited is publicly traded.

[MajorWaffle]

A FREE account is required to view all solutions! Click to Register

Login with Facebook Login with Google Login with Email

Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.

Answer Preview

Only 39% of students answer this correctly

[nanna]

Excellent

[skipfourms123]

Thanks for the timely response, appreciate it