Practice Problems Ch. 7 (ACCT-422)

Practice Problems Ch. 7 (ACCT-422) - Chapter 7 Practice...

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Chapter 7 Practice Problems 7-27 a. (2) b. (1) c. (4) d. (4) 7-28 a. (3) b. (3) c. (4) d. (4) 7-29 a. 1. External 7. Internal 13. Internal 2. Internal 8. Internal 14. External 3. External 9. External 15. Internal 4. External 10. Internal* 16. External 5. Internal* 11. External 17. External 6. Internal 12. External** 18. External * Even though these may be signed or initialed by employees, they are still internal documents. ** Bills of lading are ordinarily signed by the freight company. That signature will be included on the top of the bill of lading, therefore, it is an external document. b. External evidence is considered more reliable than internal evidence because external evidence has been in the hands of both the client and another party, implying agreement about the information and the conditions stated on the document. 7-30 1. (5) inquiry of client 2. (8) observation 3. (1) physical examination 4. (2) confirmation 5. (6) recalculation 6. (2) confirmation 7. (3) documentation 8. (4) analytical procedures
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Practice Problems Ch. 7 (ACCT-422) - Chapter 7 Practice...

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