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- Title
EXAMINATION IN AUDITING.
- Authors
Meigs, Walter B.
- Abstract
This article presents an account of the examination of the auditing section of the November, 1962 Uniform C.P.A. examination that was given on November 8, 1962 from 8:30 to 12:00 noon, and included seven questions, all of which were to be attempted. One of the question stated that If a person is auditing the Alaska Branch of Far Distributing Co. This branch has substantial annual sales which are billed and collected locally. As a part of the audit it is found that the procedures for handling cash receipts are as follows: Cash collections on over-the-counter sales and C.O.D. sales are received from the customer or delivery service by the cashier. Upon receipt of cash the cashier stamps the sales ticket "paid" and files a copy for future reference. The only record of C.O.D. sales is a copy of the sales ticket which is given to the cashier to hold until the cash is received from the delivery service. Mail is opened by the secretary to the credit manager and remittances are given to the credit manager for his review. The credit manager then places the remittances in a tray on the cashier's desk. Finally the examinee had to describe the irregularities in the cash handling system.
- Subjects
ACCOUNTING exams; STUDY &; teaching of auditing; AUDITORS; EXAMINATIONS; INTERNAL auditing; CERTIFICATION; ACCOUNTING
- Publication
Accounting Review, 1963, Vol 38, Issue 1, p184
- ISSN
0001-4826
- Publication type
Article