Author Question: Listed below are several accounts listed from a company's trial balance. Next to each account put ... (Read 28 times)

mimie · **on:** Aug 21, 2022

Question 1

Auditors generally use a financial statement cycle approach when performing a financial statement audit. Describe the transaction flow, using specific examples, from journals to financial statements that produce financial statements.

Question 2

Listed below are several accounts listed from a company's trial balance. Next to each account put the letter corresponding to the transaction cycle used to audit the account.

S = Sales and collection cycle

I = Inventory and warehousing cycle

A = Acquisition and payment cycle

C = Capital acquisition and repayment cycle

P = Payroll and personnel cycle

1. ________ Sales returns and allowances

5. ________ Salaries and commissions

2. ________ Capital stock

6. ________ Cost of goods sold

3. ________ Buildings

7. ________ Trade accounts receivable

4. ________ Notes payable

8. ________ Rent

char00char · **Reply #1 on:** Aug 21, 2022

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