journal article
Examination in AuditingThe Accounting Review
Vol. 40, No. 1 (Jan., 1965)
, pp. 251-265 (15 pages)
Published By: American Accounting Association
//www.jstor.org/stable/242648
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Journal Information
The Accounting Review is the premier journal for publishing articles reporting the results of accounting research and explaining and illustrating related research methodology. The scope of acceptable articles embraces any research methodology and any accounting-related subject. The primary criterion for publication in The Accounting Review is the significance of the contribution an article makes to the literature.
Publisher Information
The American Accounting Association is the world's largest association of accounting and business educators, researchers, and interested practitioners. A worldwide organization, the AAA promotes education, research, service, and interaction between education and practice. Formed in 1916 as the American Association of University Instructors in Accounting, the association began publishing the first of its ten journals, The Accounting Review, in 1925. Ten years later, in 1935, the association changed its name to become the American Accounting Association. The AAA now extends far beyond accounting, with 14 Sections addressing such issues as Information Systems, Artificial Intelligence/Expert Systems, Public Interest, Auditing, taxation (the American Taxation Association is a Section of the AAA), International Accounting, and Teaching and Curriculum. About 30% of AAA members live and work outside the United States.
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The Accounting Review © 1965 American Accounting Association
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1. 8.45
A company employs three accounts payable clerks and one treasurer. Their responsibilities are as follows:
Clerk 1
Reviews vendor invoices for proper signature approval.
Clerk 2
Enters vendor invoices into the accounting system and verifies payment terms.
Clerk 3
Posts entered vendor invoices to the accounts payable ledger for payment and mails checks.
Treasurer
Reviews the vendor invoices and signs each check.
Which of the following would indicate a weakness in the company's internal control?
a. Clerk 1 opens all of the incoming mail.
b. Clerk 2 reconciles the accounts payable ledger with the general ledger monthly.
c. Clerk 3 mails the checks and remittances after they have been signed.
d. The treasurer uses a stamp for signing checks.
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Which of the following accounts would most likely beaudited in connection with a relatedbalance-sheet account?a. Property Tax Expense.b. Payroll Expense.c. Research and Development.d. Legal Expense....a. Correct Property tax expense is audited in conjunction with accruedproperty taxes.
When auditing account balances of liabilities, auditors aremost concerned with management'sassertion about
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In a test of controls, auditors may trace receiving reports tovouchers recorded in the voucherregister. This is a test for
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