elect for each procedure below the most likely management assertion that is bein

Question

elect for each procedure below the most likely management assertion that is being tested with the procedure.

Procedures

1. Take a block of shipping orders and account for the invoicing of all items in the block and account for the pre-numbering of the documents.

Select : Rights and obligations; Presentation and disclosure; Existence; Valuation; Completeness; Occurrence.

2. Review the general access controls to the computer application and the authorized ability to make changes to computer price files.

Select : Rights and obligations; Presentation and disclosure; Existence; Valuation; Completeness; Occurrence.

3. Recompute the invoice total and individual line items on a sample of sales invoices.

Select : Rights and obligations; Presentation and disclosure; Existence; Valuation; Completeness; Occurrence.

4. Review client documentation to determine policy for credit authorization.

Select : Rights and obligations; Presentation and disclosure; Existence; Valuation; Completeness; Occurrence.

5. Select a sample of shipping documents and trace to invoices.
Select : Rights and obligations; Presentation and disclosure; Existence; Valuation; Completeness; Occurrence.

6. Randomly sample entries into the sales journal and trace back to sales orders and shipping documents.

Select : Rights and obligations; Presentation and disclosure; Existence; Valuation; Completeness; Occurrence.

Explanation / Answer

1. Completeness

2. Valuation

3. Valuation

4. Rights and obligations

5. Completeness

6. Occurrence

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