Learning Objective 18-1 1) The overall objective in the audit of the acquisition and payment cycle is: A) to ensure the reliability of the affected accounts. B) to…

Learning Objective 181

1) In the overall audit of the acquisition/payment cycle, the objective is to:

B) To ensure reliability of affected accounts.

B) To ensure accuracy in the accounts.

C) is to determine whether affected accounts have been accurately reported in compliance with accounting standards.

D) To determine if fraudulent payments have been made.

2) In your audit of Williams Company, you will be trying to find out if the accounts payable were properly recorded. What assertion do you need to prove?

A. Occurrence

B) Completion

C) Cuttingoff

D) Rights and obligations

(3) The acquisition and payments cycle includes one category of transactions.


B) False

4. The acquisitions and payments cycle does not include the cash account.


B) False

5) Acquisition and payment cycles are tightly controlled.Structured in the majority of companies

A) It’s True

B) False

Learning Objective 182

1) What usually initiates an acquisition and payment cycle?

A) Issue of a Purchase Requisition/Request for the Purchase of Goods/Services

B) Authorization of Payment to Vendor

A) Approval of a New Vendor

D) Purchase Requisition

2) How do you end the payment and acquisition cycle?

A) Issue of a Purchase Requisition/Request for the Purchase of Goods/Services

B) Authorization of payment for a vendor

A) Approval of a New Vendor

D) Purchase Requisition

(3) Which account is it? It is not What transactions are included under the acquisitions category?

A) Inventory

B) Prepaid expenses

C) Purchase discounts

D) Accounts payable

The following document is used to indicate a reduced amount of vendor due to the return of goods:

A) a debit memo.

A) Credit memo.

A) A receiving report.

D) a contractual adjustment form.

5. A document that is used to set up a formal method of recording and controlling acquisitions. It typically contains several documents regarding the acquisition.

A) voucher.

B) purchase order.

C) Receiving report.

D) Buy Requisition.


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