Question

Distinguish between vouching or tracing for the following audit objectives:

Determine whether credits in the accounts receivable subsidiary ledger represent actual payment transactions.

Determine whether debits in the accounts payable subsidiary ledger represent an actual payment for open invoices.

Determine whether all transactions in the sales journal have been processed through the shipping department.

Determine whether all invoices have been recorded in the correct vendor account in the accounts payable subsidiary ledger.

Determine whether the sale of goods have been recorded as credits in the inventory records.

Determine the existence of the recorded amount of newly acquired machinery.

Determine whether all cash receipt transactions have been recorded in the cash receipts journal.

Determine whether all recorded cash disbursement transactions are supported by an authorized purchase order, receiving document, and invoice.

Place New Order
It's Free, Fast & Safe

"Looking for a Similar Assignment? Order now and Get a Discount!