control procedure applied accounts payable quizlet

Which of the following is a control procedure that is usually applied to accounts payable quizlet?

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28. Which of the following statements is correct regarding accounts payable and the auditor's procedures?

A. Because it is generally more difficult to discover a transaction that has not been recorded than to discover one that has been recorded incorrectly the audit objective of completeness drives many of the substantive procedures applied to these balances.

B. A judgment whether an unrecorded payable should be recorded before the financial statements are prepared depends entirely upon the source of the payable.

C. The confirmation of accounts payable selected from the year-end trial balance of such accounts is most effective in discovering unrecorded liabilities.

D. Unrecorded payables are often discovered through examining vouchers payable entered into the voucher register prior to the balance sheet date.

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Which of the following is a control procedure that is usually applied to account payable?

Which of the following is a control procedure that is usually applied to accounts payable? Reconciliation of vendor statements with accounts payable.

Which of the following is the best control procedure to prevent the payment of an invoice twice?

Which of the following is the best control procedure to prevent the payment of an invoice twice? A. Review of supporting documentation by the person signing the check.

Which of the following are included in accounts payables quizlet?

Typical transactions creating accounts payable include the acquisition on credit of merchandise, raw materials, plant assets, and office supplies. Other sources of accounts payable include the receipt of services, such as legal and accounting services, advertising, repairs, and utilities.

Which of the following procedures is best for identifying unrecorded accounts payable?

Which of the following audit procedures is best for identifying unrecorded trade accounts payable? Reviewing cash disbursements recorded subsequent to the balance sheet date to determine whether the related payable applies to the prior period.

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