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14 - * ?2003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/Beasley 14 - * ?2003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/Beasley * Audit of the Acquisition andPayment Cycle: Tests of Controls,Substantive Tests of Transactions,and Accounts Payable Chapter 14 Learning Objective 1 Identify the accounts and the classes of transactions in the acquisition and payment cycle. Transactions in the Acquisitionand Payment Cycle 1. Acquisitions of goods and services 2. Cash disbursements 3. Purchase returns and allowances and purchase discounts Accounts in the Acquisitionand Payment Cycle Cash in Bank Purchase Returns and Allowances Purchase Discounts Raw Material Purchases Property, Plant, and Equipment Prepaid Expenses Accounts Payable Cash Acquisitions disbursements of goods and services Purchase returns and allowances Purchase discounts Accounts in the Acquisitionand Payment Cycle Accounts Payable Acquisitions of goods and services Manufacturing Expense Control Administrative Expense Control Subsidiary accounts Repair and maint. Taxes Supplies Freight in Utilities Selling Expense Control Subsidiary accounts Commissions Travel expense Delivery expense Repairs Advertising Subsidiary Accounts Supplies Officers’ travel Legal fees Auditing fees Taxes Learning Objective 2 Describe the business functions and the related documents and records in the acquisition and payment cycle. Classes of Transactionsand Accounts Inventory Property, plant, and equipment Prepaid expenses Leasehold improvements Accounts payable Manufacturing expenses Selling and administrative expenses Classes of Transactionsand Accounts Cash in bank (from cash disbursements) Accounts payable Purchase discounts Business Functionsin the Cycle Processing purchase orders Receiving goods and services Recognizing the liability Processing and recording cash disbursements Documents and Records Purchase requisition Purchase