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VALLEY PUBLISHING COMPANY
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| Term Paper Title | VALLEY PUBLISHING COMPANY |
| # of Words | 1099 |
| # of Pages (250 words per page double spaced) | 4.4 |
VALLEY PUBLISHING COMPANY
Test of Purchases - Items Noted from Schedule T/1
12/31/X1
Voucher Number Vendor Audit Test Amount Description of Item Evaluation of Item [1]
3-17 National Newsprint Corporation B#1 28,080. No purchase requisition, no explanation.
Item appears to be a genuine purchase.
Duncan approved item at time of payment approval. No explanation. Exception
No validity problem. B
3-22 Gilford Bostrow H#2 2,500 No invoice or approval. Expense approved by Board, services provided, and genuine expense.
No explanation. No exception
No validity problem
6-26 Midwestern Safe Insurance Co. C#3 24,000 No invoice approval. Genuine expense as per letter agreement and Board approval. No explanation.
No exception
No validity problem
* 6-30 Chamber of Commerce C#4 4,500 No invoice approval, nor Board approval. Genuine expense but improper acct. Exception
Validity problem. A
* 9-32 K-Mart K#5 66. Voucher Acct. #835 (Supplies) assigned to Acct. #832 (Newspaper Services) on Voucher Register.
Exception
No validity Problem
10-04 Illinois Eastern Transport I#6 11,760. Freight for print equipment should be charged to Acct. #330 (Printing Equip) not to Acct. #131 (Newsprint Inventory) Exception
Validity Problem B,C
[1]
12-33 National Newsprint Corporation cut-off
problem 9,520 FOB Center City, 1/2/x2 invoice, 19x2 inventory item. cut-off problem N/A
Validity Problem [4]
TB 1
Audit Tests
Test of Controls:
B Purchase Requisition for purchases over $200 approved by Mr. Duncan.
C Invoice approved by appropiate operating personal.
Substantive Tests:
H Examine the voucher, determine that the documents exists and are in agreement.
I Review the voucher for charge to the proper account.
K Trace the voucher to the Voucher Register.
N/A Not applicable to 19x1 audit test
TB Trial Balance
X# Items noted from T/1
AJE #1 330 Printing Equipment 11,760
[1] 131 Newsprint Inventory 11,760
VALLEY PUBLISHING COMPANY
Test of Purchases
Summary of Exceptions from T/2
12/31/X1
Totals [2] Errors Percent [3]
Approvals 30 2 6.7% A
Accumulations 30 1 3.3% B C
Classification 30 1 3.3% B
totals 30 4 13.3% [3]
[1] All items are classified as exception or no exception for e
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