4 Assignment Audit Objectives 1) Listed below are several accounts listed from a

Question

4 Assignment Audit Objectives 1) Listed below are several accounts listed from a company's trial balance. Next to e account put the letter corresponding to the transaction cycle used to audit the account: S Sales and collection cycle A Acquisition and payment cycle C- Capital acquisition and repayment cycle P = Payroll and personnel cycle ach IInventory and warehousing cycle Sales returns and allowances5. Salaries and commissions 2.Buil 3. receivable Capital stock Buildings 0 Cost of goods sold Trade accounts 7. 8. Rent Notes payable

Explanation / Answer

1 1 S 2 C 3 A 4 C 5 P 6 I 7 S 8 A 2 1 1 - A   ,   2- V 2 1 - F   ,   2- Z 3 1 -B   ,   2- W 4 1 -C   ,   2- X 5 1 -E   ,   2- Y

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