🔦 Illuminating the Path: A Hilarious Walk-Through Test in Accounting§
Welcome to yet another riveting episode of Accounting Adventures: your one-stop shop for laughter and learning. Today, we’re diving headfirst into the wonky world of walk-through tests. Yes, you heard it right! It’s like a joyride, but with more debits and credits.
What is a Walk-Through Test❓§
Imagine you’re Indiana Jones, but instead of ancient artifacts, you’re chasing down invoices and receipts. A walk-through test involves picking a few transactions from the company’s records and tracking them through every twist and turn in the accounting system.
💭 A walk-through test in auditing is akin to finding your keys, navigating through your purse or apartment, but for numbers in a ledger - and with far higher stakes (and less couch cushion diving).
The Journey of a Purchase 🌟🚚📦🧾💵§
Let’s break down the adventure with a purchases system as an example:
- Material Requisition 🔒: Our journey begins with the material requisition form. This is when someone decides, “Hey, we need more coffee beans!”
- Purchase Order 📑: We send out an official document, akin to shouting