Data Analytics For Accounting
19th Edition
ISBN: 9781260375190
Author: RICHARDSON, Vernon J., Teeter, Ryan, Terrell, Katie
Publisher: Mcgraw-hill Education,
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Question
Chapter 5, Problem 2MCQ
To determine
Identify which audit data standards ledger defines product master data, location data, inventory on hand data, and inventory movement.
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INFORMATION SYSTEM CATEGORIZATIONClassify the following as tasks performed by either:TPS—transaction processing SystemFRS—financial reporting SystemMRS—management reporting Systema. Preparation of balance sheetb. Capture customer sales orderc. Preparation of variance reportsd. Preparation of budgetse. Purchase order preparationf. Summary of inventory purchases by vendorg. Preparation of comparative sales report by divisionh. Preparation of cash disbursements to vendorsi. Annual report preparationj. Customer billing processk. Cost-volume-profit analysis
A
B
D.
REQUIRED: IDENTIFY THE ASSERTION[S] RELATED TO EACH AUDIT PROCEDURE
ASSERTION[S]
E=existence C-Completeness A=Accuracy
Cl=Classification Cu=Cutoff V=Valuation RO-Rights &
Obligations
Procedure
A
Compare sales invoices with customer purchase orders
B
Compare selected items on the inventory list with the physical inventory.
When the goods are received and the receiving report has been prepared, which ledger may be updated?a. standard cost inventory ledgerb. inventory subsidiary ledgerc. general ledgerd. accounts payable subsidiary ledger
Chapter 5 Solutions
Data Analytics For Accounting
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