Next to each of the questions, indicate the letter of the related transaction as

Question

Next to each of the questions, indicate the letter of the related transaction assertion.
A. Occurrence; B. Completeness; C. Accuracy; D. Classification; E. Cutoff

1. Are vendors' monthly statements reconciled with individual accounts payable accounts?
2. Are all purchases made only on the basis of approved purchase requisitions?
3. Are vendors' invoices listed immediately upon receipt?
4. Are vendors' invoices matched against purchase orders and receiving reports before a liability is recorded?
5. Is the accounts payable detail ledger balanced periodically with the general ledger control account?
6. Does the accounting manual give instructions to date purchase entries on the date of receipt of
goods?
7. Are shipping documents authorized and prepared for goods returned to vendors?
8. Is the accounts payable department notified of goods returned to vendors?

Explanation / Answer

A. Occurrence; B. Completeness; C. Accuracy; D. Classification; E. Cutoff 1. Are vendors' monthly statements reconciled with individual accounts payable accounts? A 2. Are all purchases made only on the basis of approved purchase requisitions? B 3. Are vendors' invoices listed immediately upon receipt? A 4. Are vendors' invoices matched against purchase orders and receiving reports before a liability is recorded? B 5. Is the accounts payable detail ledger balanced periodically with the general ledger control account? B 6. Does the accounting manual give instructions to date purchase entries on the date of receipt of goods? A 7. Are shipping documents authorized and prepared for goods returned to vendors? B 8. Is the accounts payable department notified of goods returned to vendors? A

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