Question

Which one of the following is a specific transaction related audit objective? A. Existing cash disbursement...

Which one of the following is a specific transaction related audit objective?

  • A. Existing cash disbursement transactions are recorded.
  • B. completeness
  • C. accuracy
  • D. cutoff

Which one of the following is a specific transaction related audit objective?

  • A. Existing cash disbursement transactions are recorded.
  • B. completeness
  • C. accuracy
  • D. cutoff
0 0
Add a comment Improve this question Transcribed image text
Answer #1

Correct Answer : A. Existing cash disbursement transactions are recorded.

Reason : Specific Transaction related audit objectives are specifically made for some specific transactions . Cash disbursement specific transaction.

Other options (Completeness, Accuracy, Cutoff) are General Audit objectives.

Hope it helps. In case of any doubts or issues, please do comment below..

Add a comment
Know the answer?
Add Answer to:
Which one of the following is a specific transaction related audit objective? A. Existing cash disbursement...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • 6-33 (OBJECTIVES 6-8, 6-9) The following are specific transaction-related audit objectives applied to the audit of...

    6-33 (OBJECTIVES 6-8, 6-9) The following are specific transaction-related audit objectives applied to the audit of cash disbursement transactions (a. through f.), management assertions about classes of transactions and events and related disclosures (1 through 6), and general transaction-related audit objectives (7 through 13). Specific Transaction-Related Audit Objective a. Existing cash disbursement transactions are recorded. b. Recorded cash disbursement transactions are for the amount of goods or services received and are correctly recorded. c. Cash disbursement transactions are properly included...

  • Hi can you assist me with answering to this Audit work. Thank you A- ASSERTIONS AND...

    Hi can you assist me with answering to this Audit work. Thank you A- ASSERTIONS AND AUDIT OBJECTIVES: The following are specific transaction related audit objectives applied to the audit of cash disbursement transactions (a thru f), management assertions about classes of transactions ( 1 through 5) and general transaction related audit objectives ( 6 through 11) a) For each specific transaction related audit objective, identify the appropriate management assertion b) For each specific transaction related audit objective, identify the...

  • equired for each specific balance-ruut assertion. (Hint: See Table 6-5 on p. 165.) 6-32 (OBJECTIVES 6-8,...

    equired for each specific balance-ruut assertion. (Hint: See Table 6-5 on p. 165.) 6-32 (OBJECTIVES 6-8, 6-9) The following are specific transaction-related audit objectives applied to the audit of cash disbursement transactions (a through f.), management asser- tions about classes of transactions (1 through 5), and general transaction-related audit objectives (6 through 11). Specific Tran a. Existing cas b. Recorded cas c. Cash disbursement Gic Transaction-Related Audit Objective sisting cash disbursement transactions are recorded ded cash disbursement transactions are for...

  • Auditing The following are various audit procedures performed to satisfy specific transaction-related audit objectives as discussed...

    Auditing The following are various audit procedures performed to satisfy specific transaction-related audit objectives as discussed in Chapter 6. The general transaction-related audit objectives from Chapter 6 are also included. (Objective 7-4) The following are various audit procedures performed to satisfy specific transaction-related audit objectives as discussed in Chapter 6. The general transaction-related audit objectives from Chapter 6 are also included. Audit Procedures 1. Trace from receiving reports to vendors' invoices and entries in the acquisitions journal. 2. Add the...

  • 7-30 (OBJECTIVE 7-4) The following are various audit procedures performed to satisfy specific transaction-related audit objectives...

    7-30 (OBJECTIVE 7-4) The following are various audit procedures performed to satisfy specific transaction-related audit objectives as discussed in Chapter 6. The general transaction-related audit objectives from Chapter 6 are also included. Audit Procedures 1. Trace from receiving reports to vendors' invoices and entries in the acquisitions journal. 2. Add the sales journal for the month of July and trace amounts to the general ledger. 3. Examine expense voucher packages and related vendors' invoices for approval of expense account classification....

  • 18 The following (1 through 16) are the balance-related and transaction-related audit objectives. 1 2 3...

    18 The following (1 through 16) are the balance-related and transaction-related audit objectives. 1 2 3 Balance-related objectives Existence Completeness Accuracy Cutoff Detail tie-in Realizable value Classification Rights & obligations Presentation 4 5 6 7 8 9 Transaction-related objectives Occurrence Completeness Accuracy Classification Timing Posting & summarization Presentation 10 11 12 13 14 15 16 Identify and write the number of the specific audit objective (1 through 16) that each of the following specific audit procedures satisfies in the audit...

  • For each audit procedure, select the appropriate audit objective. Objective Procedure 1. Trace receiving reports to...

    For each audit procedure, select the appropriate audit objective. Objective Procedure 1. Trace receiving reports to related invoice and entry in purchases journal to determine that existing purchases are recorded. 2. Examine sales invoices selected from the sales journal to determine if recorded on the correct dates. 3. Verify recorded fixed asset additions by physically examining the equipment. 4. Examine the last five sales invoices recorded in the sales journal to determine they are recorded in the proper period. 5....

  • Audit and Investigation work. Can you please assist me.Thank you B- ASSERTIONS AND AUDIT OBJECTIVES: The...

    Audit and Investigation work. Can you please assist me.Thank you B- ASSERTIONS AND AUDIT OBJECTIVES: The following are specific balance related audit objective applied to the audit of accounts receivable (a thu h) and management assertions about account balances (1 thu 4) The list referred to in the specific balance related audit objectives is the list of the accounts receivable from each customer at the balance sheet date. Specific Balance Related Audit Objective a) There are no unrecorded receivables b)...

  • Requirement b. For each control, state which transaction-related audit objective(s) is (are) applicable. Transaction-related Audit Internal...

    Requirement b. For each control, state which transaction-related audit objective(s) is (are) applicable. Transaction-related Audit Internal Controls Objective(s) 1. Approved purchase orders are required for all acquisitions of goods. Prenumbered receiving reports are prepared as support for acquisitions and 2. numerically accounted for. Accuracy Dates on receiving reports are compared with vendors' invoices before entry into the 3. acquisitions journal. Classification Completeness 4. Account classifications are reviewed by someone other than the preparer. Occurrence 5. Vendors' invoices are recalculated before...

  • 14-26 (Objective 14-3) The following are selected transaction-related audit objectives and audit procedures for sales transactions:...

    14-26 (Objective 14-3) The following are selected transaction-related audit objectives and audit procedures for sales transactions: Transaction-Related Audit Objectives 1. Recorded sales exist. 2. Existing sales are recorded. 3. Sales transactions are correctly included in the accounts receivable master file and are correctly summarized. Procedures 1. Trace a sample of shipping documents to related duplicate sales invoices and the sales journal to make sure that the shipment was billed. 2. Examine a sample of duplicate sales invoices to determine whether...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT