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Acc 544 final exam
 

Acc 544 final exam

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    Acc 544 final exam Acc 544 final exam Document Transcript

    • ACC 544 FINAL EXAMCLICK HERE TO GET TRUSTED ANSWERS 1) Which is NOT one of the AICPAs Code of Professional Conduct principles? A. The public interest B. Integrity C. Quality control D. Scope and nature of services 2) The ethical philosophy that considers the consequences of similar persons acting under similar circumstances is called A. utilitarian principle. B. imperative principle. C. categorical imperative. D. generalization argument. 3) The fundamental issues in independence require that the auditor avoid A. financial connections with the client and financial connections with the clients competitors. B. acting as management and representing the shareholder’s interests. C. responsibility for the clients internal control and subordinating judgment concerning audit issues. D. financial connections with the firm and acting as management. 4) Auditors have greater liability under the Securities Act of 1933. Which is the reason that this greater liability exists? A. The auditor is liable for treble damages under the Securities Act of 1933. B. The plaintiff does not have to prove that the financial statements were misstated. C. The plaintiff does not have to prove that they relied on the financial statements. D. The plaintiff does not have to prove that there were damages. 5) The legal doctrine that states that a successful plaintiff may recover the full amount of damages from any defendant that has the ability to pay is called A. joint and several liabilities. 7) Inspection of tangible assets provides evidence for which assertion? A. Existence and occurrence B. Completeness C. Rights and obligations GO! GET A GRADE IN YOUR FINALS
    • D. Presentation and disclosure8) The risk that the auditor may provide an inappropriate opinion based on their reviewof materially misstatedto as A. audit risk. B. detection risk. C. information risk. D. business risk.9) Auditors perform the steps in which order? A. Determine audit risk; assess control risk; determine detection risk; and setmateriality. B. Set materiality; determine audit risk; assess control risk; and determine detectionrisk. C. Set materiality; assess control risk; determine detection risk; and determine auditrisk. B. proportionate liability. C. complete liability. D. total liability.6) The SEC regulation that governs disclosures in annual reports other than financialstatements is the A. Securities Act of 1933. B. Securities Exchange Act of 1934. C. Regulation S-X. D. Regulation S-K. D. Determine audit risk; set materiality; assess control risk; and determine detectionrisk.10) An internal control questionnaire (ICQ) contains the question: "Does a singleindividual receive and list cato sales and general ledgers?" What action must an auditor take if the manager ofaccounting responds yes to the A. No action is required because yes responses on an ICQ indicate the presence ofgood control. B. Statistically sample the response along with all other yes responses to verify theiraccuracy. C. Treat it as a potential control weakness and perform appropriate testing. D. Include it with other reportable findings in the next audit report. GO! GET A GRADE IN YOUR FINALS
    • 11) In addition to gaining an understanding of the internal controls, an external auditor,at minimum, is expect A. evaluate the internal auditors work as an important part of the accounting systemelement of the inter B. observe client employees to determine the extent of their compliance with qualitycontrol standards. C. trace a few transactions through the control process to obtain evidence that thecontrols have been pla D. study organization charts to obtain an understanding of the informal lines ofcommunication.12) Which method provides the auditor with the best visual grasp of a system and ameans for analyzing complex o A. A flowcharting approach B. A matrix approach C. A questionnaire approach D. A detailed narrative approach13) Which of the accounts is NOT included in the revenue and collection cycle? A. Cash in bank B. Raw materials C. Accounts receivable D. Bad debt expense14) The most reliable evidence comes from A. a positive confirmation. B. a blank confirmation. C. a negative confirmation. D. examining a sales invoice.15) Custody is transferred from the warehouse to the shipping department uponauthorization of the A. shipping order. B. purchase order. C. customer order. D. invoice.16) An enlightened management may decrease the probability of fraud in the companybest byA. restricting authority for profit objective determination to top management.B. stressing negative observations on their work to increase performance. GO! GET A GRADE IN YOUR FINALS
    • C. measuring performance and awarding bonuses on the basis of short-term operatingresults. D. establishing work teams that share responsibilities, performance, and bonusesbased on collective effor17) A proof of cash is normally used A. for all engagements. B. when control risk for cash is low. C. to test the transactions process when controls over cash are weak. D. when lapping is suspected.18) Which is an appropriate audit program step for the review of canceled checks forauthorized signatures? A. Compare the check date with the first cancellation date. B. Examine a representative sample of signed checks, and determine that thesignatures are authorized in t C. Determine that all checks are to be signed by an individual authorized by the board. D. Confirm the signatures from a sample of checks directly with the bank.19) The production authorization starts with a A. purchase order. B. sales forecast. C. production plan. D. bill of materials.20) Which is NOT recognized by GAAP as appropriate for determining inventory cost? A. FIFO B. Weighted average C. LIFO D. Standard costs21) Inventory must be recorded when A. the company has title to it. B. the related revenue is recognized. C. it is received. D. it is shipped from the vendor.22) Canceling invoices with a paid stamp after payment is a control that relates to whichassertion? A. Existence or occurrence B. Rights and obligations GO! GET A GRADE IN YOUR FINALS
    • C. Completeness D. Valuation or allocations23) Which is NOT a step in the search for unrecorded liabilities? A. Examine the open purchase order file. B. Examine the unmatched receiving reports. C. Examine disbursements for the period immediately before the end of the period. D. All of these are steps in the search.24) Which control question relates to the existence and occurrence objective inpurchasing and accounts payable? A. Are the purchase order forms prenumbered and is the numerical sequence checkedfor missing documents? B. Does the chart of accounts and accounting manual provide instructions forclassifying debit entries? C. Does the accounting department check invoices for mathematical accuracy? D. Are receiving reports prepared for each item received?25) Which audit objective is related to the assertion that all transactions and accountsmust be included in the A. Existence or occurrence B. Presentation and disclosure C. Rights and obligations D. Completeness26) Which best describes the main reason independent auditors report onmanagements financial statements? A. A management fraud may exist, and it is likely to be detected by independentauditors. B. The management that prepares the statements may have a poorly designed systemof internal control. C. The management that prepares the statements and the persons who use thestatements may have conflicting D. Misstated account balances may be corrected as the result of the independentaudit work.27) The audit objective that all footnotes have been included in the financial statementsis related most closel A. Existence or occurrence B. Presentation and disclosure C. Rights and obligations GO! GET A GRADE IN YOUR FINALS
    • D. Completeness GO! GET A GRADE IN YOUR FINALS