Last Updated 26 Jan 2021

Accounts Receivable and Acquisitions Journal

Category Journal, Payment
Essay type Research
Words 349 (1 page)
Views 174

Part E Acquisitions Substantive Tests of Transactions| | | | TRANSACTION-RELATED AUDIT OBJECTIVES| SUBSTANTIVE AUDIT PROCEDURES| Occurrence| * Compare prices on vendor invoices with approved price limits established by management. * Review the acquisitions journal, general ledger, and accounts payable master file for large or unusual amounts. | Completeness| * Trace a sample of receiving reports to the acquisitions journal. * Trace from a file of vendors' invoices to the acquisitions journal. Trace from additions in perpetual inventory records to recorded acquisitions. | Accuracy| * Compare amounts for entries in acquisitions journal to related vendors' invoices, purchase orders and receiving reports.

* Recompute information on vendor invoices. * Compare prices on vendor invoices with approved price limits established by management. | Posting and Summarization| * Trace individual entries in accounts payable master file to acquisitions journal. | Classification| * Examine vendors' invoices for proper classification. Compare classification with chart of accounts by reference to vendors' invoices. | Timing| * Compare dates of receiving reports and vendors' invoices with dates in the acquisitions journal. | Part F.

Cash Disbursements Substantive Tests of Transactions| TRANSACTION-RELATED AUDIT OBJECTIVES| SUBSTANTIVE AUDIT PROCEDURES| Occurrence| * Trace cancelled check numbers in the cash disbursements journal to related cancelled checks and examine for payee, name, and amount. Examine cancelled check for authorized signature, proper endorsement, and cancellation by the bank. * Review the cash disbursements journal, general ledger, and accounts payable master file for large or unusual amounts. * Trace cancelled check to the related acquisitions journal entry and examine for payee name and amount. | Completeness| * Trace entries in acquisitions journal to subsequent payment in cash disbursements journal. Accuracy| * Compare cancelled checks with the related acquisitions journal and cash disbursements journal entries. * Recompute cash discounts.

Haven’t found the relevant content? Hire a subject expert to help you with Accounts Receivable and Acquisitions Journal

Hire writer

| Posting and Summarization| * Trace individual entries in accounts payable master file to cash disbursements journal. | Classification| * Compare classification with chart of accounts by reference to vendors' invoices and acquisitions journal. | Timing| * Compare dates on cancelled checks with cash disbursements journal. * Compare dates on cancelled checks with the bank cancellation date. |

Haven’t found the relevant content? Hire a subject expert to help you with Accounts Receivable and Acquisitions Journal

Hire writer

Cite this page

Accounts Receivable and Acquisitions Journal. (2018, Jan 05). Retrieved from https://phdessay.com/accounts-receivable-and-acquisitions-journal/

Not Finding What You Need?

Search for essay samples now

We use cookies to give you the best experience possible. By continuing we’ll assume you’re on board with our cookie policy

Save time and let our verified experts help you.

Hire writer