Learning Objective 8-01: Describe the acquisition and expenditure cycle, including typical source documents.

Learning Objective 8-02: Identify significant accounts and relevant assertions related to the acquisition and expenditure cycle.

Learning Objective 8-03: Discuss the risk of material misstatement in the acquisition and expenditure cycle.

Learning Objective 8-04: Identify important internal control activities present in a properly designed system to mitigate the risk of material misstatements for each relevant assertion in the acquisition and expenditure cycle.

Learning Objective 8-05: Give examples of tests of controls to verify the operating effectiveness of internal controls in the acquisition and expenditure cycle.

Learning Objective 8-06: Give examples of substantive procedures in the acquisition and expenditure cycle and relate them to assertions about significant account balances at the end of the period.

Learning Objective 8-07: Apply your knowledge to perform audit procedures in the acquisition and expenditure cycle and evaluate the findings of your tests.