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CHAPTER 11 - CHAPTER 11 11-3 A purchase requisition is a...

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CHAPTER 11 11-3 A purchase requisition is a request for goods and services by an authorized individual or department within the entity. A purchase order contains the description, quality, quantity, and other information on the goods and services being purchased. A receiving report is used to record the receipt of goods. A vendor invoice is the bill from the vendor that includes the description and quantity of the goods shipped or services provided, the price including freight, the terms of trade including cash discounts, and the date billed. A voucher is a document that is frequently used by entities to control the payment of acquired goods and services. An entity would combine all these documents into a "voucher packet" because such a packet would contain all the information on a particular purchase transaction. If there are questions about the transaction at a later time, the entity can obtain access to all the documents and information more easily. 11-26 The substantive audit procedures Coltrane should apply to Jang's trade accounts payable balances include the following: Foot the schedule of the trade accounts payable.
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