tif_ch16 - CHAPTER 16 Multiple-Choice Questions 1 easy a...

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CHAPTER 16 Multiple-Choice Questions 1. easy Which of the following is not a balance-related audit objective evaluated in the audit of accounts receivable? a a. Timing. b. Realizable value. c. Completeness. d. Accuracy. 2. The two primary classes of transactions in the sales and collection cycle are easy b 3. easy For most audits, inherent risk for accounts receivable is moderate or low except for which balance-related audit objectives? d a. Timing and realizable value. b. Completeness and existence. c. Existence and accuracy. d. Realizable value and cutoff. 4. easy Which of the following types of receivables would not deserve the special attention of the auditor? d 5. easy A listing of the balances in the accounts receivable master file at the balance sheet date, by total balance outstanding and by the time the component parts have been outstanding, is the b 6. easy Testing the information on the aged trial balance for detail tie-in is a necessary audit procedure, which would normally include d a. test footing the total column and the columns depicting the aging. b. comparing the total of the trial balance with the general ledger accounts receivable account. c. tracing a sample of individual balances to supporting documents. d. all of the above. 7. easy Auditors are often concerned with three aspects of internal controls related to the sales and collection cycle. Which of the following is not one of those controls? c 16-1
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8. Cutoff misstatements occur when easy d
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