Acc 492 Week 2 Individual Multiple Choice Essay

8483 Words Jun 29th, 2015 34 Pages
ACC 492 Week 2 Individual Multiple Choice

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ACC 492 Week 2 Individual Multiple Choice
Post your answers to the Multiple Choice Questions in the Assignments folder. Please post your answers to the Multiple Choice questions to the Assignments section.
1. Which of the following accounts does not appear in the acquisition and expenditure cycle?
a. Cash.
b. Purchases Returns.
c. Sales
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b. Disbursement vouchers should be approved by at least two responsible management officials. c. The date on a disbursement voucher should be within a few days of the date the voucher is presented for payment.
d. The official who signs the check should compare the check with the voucher and should stamp “PAID” on the voucher documents. 6. Budd, the purchasing agent of Lake Hardware Wholesalers, has a relative who owns a retail hardware store. Budd arranged for hardware to be delivered by manufacturers to the retail store on a COD basis, thereby enabling his relative to buy at Lake’s wholesale prices. Budd was probably able to accomplish this because of Lake’s poor internal control over:
a. Purchase requisitions.
b. Cash receipts.
c. Perpetual inventory records.
d. Purchase orders. 7. Which of the following is the best audit procedure for determining the existence of unrecorded liabilities?
a. Examine confirmation requests returned by creditors whose accounts appear on a subsidiary trial balance of accounts payable.
b. Examine a sample of cash disbursements in the period subsequent to year-end.
c. Examine a sample of invoices a few days prior to and subsequent to the year-end to ascertain whether they have been properly recorded.
d. Examine unusual relationships between monthly accounts payable and recorded purchases. 8. Which of the following procedures is least

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