Chapter 14 Audit

Lakukan tugas rumah & ujian kamu dengan baik sekarang menggunakan Quizwiz!

Subsequent period

The time extending from the balance sheet date to the date of the auditors' report.

Voucher

A document authorizing a cash disbursement. A voucher usually provides space for the initials of employees performing various approval functions. The term voucher may also be applied to the group of supporting documents used as a basis for recording liabilities or for making cash disbursements.

Voucher register

A journal used in a voucher system to record liabilities requiring cash payment in the near future. Every liability recorded in a voucher register corresponds to a voucher authorizing future payment.

Vendor's statement

A monthly statement prepared by a vendor (supplier) showing the beginning balance, charges during the month for goods or services, amounts collected, and ending balance. This externally created document should correspond (except for timing differences) with an account in the client's accounts payable subsidiary ledger.

Consignment

A transfer of goods from the owner to another person who acts as the sales agent of the owner.

Trade accounts payable

Current liabilities arising from the purchase of goods and services from trade creditors, generally evidenced by invoices or statements received from the creditors.

Confirmation

Direct communication with vendors or suppliers to determine the amount of an account payable. Represents high-quality evidence because it is a document created outside the client organization and transmitted directly to the auditors.

Accrued liabilities (accrued expenses)

Short-term obligations for services of a continuing nature that accumulate over time. Examples include interest, taxes, rent, salaries, and pensions. They generally are not evidenced by invoices or statements.


Set pelajaran terkait

Trig values of special angles 30, 45, 60 degrees

View Set

health assessment practice quizzes

View Set

accounting exam 2: multiple choice prep

View Set

Combo with "Law Chapter 10 Final Review" and 1 other

View Set

Ankle Stability and Movement Coordination Impairments: Ankle Ligament Sprains

View Set

ANATOMY LECTURE chapter 17 part 3

View Set