This document contains 30 multiple choice questions that appear to be from a final exam for an accounting course. The questions cover a range of topics including generally accepted accounting principles, assertions, materiality, internal controls, auditing standards, and auditor responsibilities.
This document provides the questions and answers to the ACC 460 Final Exam. It includes 42 multiple choice questions testing knowledge of generally accepted accounting principles, auditing standards, internal controls, audit procedures, sampling methods, and other topics relevant to auditing courses. The questions cover a wide range of essential auditing concepts and provide a high-level overview of the key information tested on the final exam.
This document provides 30 multiple choice questions that appear to be from an accounting final exam. The questions cover a range of topics related to auditing and accounting including determining conformity with GAAP, management assertions, materiality, auditing standards, internal controls, audit objectives and procedures.
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This document provides the questions and multiple choice answers to an ACC/460 Final Exam. There are 30 questions testing concepts related to accounting principles, auditing standards, internal controls, audit procedures, and auditor responsibilities. The questions assess understanding of topics like materiality, assertions, risks, evidence, and communications.
The document is a practice exam for ACC 460 that contains 42 multiple choice questions testing concepts related to auditing and accounting. It covers topics such as generally accepted accounting principles, assertions, materiality, internal controls, audit risk, sampling, and PCAOB standards.
This document contains 49 multiple choice questions about risk assessment and internal control evaluation. It covers topics such as the auditor's responsibility regarding internal controls, separation of duties, control activities, obtaining an understanding of internal controls, control risk assessment, tests of controls, and internal control deficiencies.
The document discusses audit evidence and documentation. It covers topics such as the auditor's responsibility to obtain sufficient appropriate audit evidence, management's assertions regarding financial statements, audit risk, analytical procedures, audit documentation, and working papers. Some key points include:
- Auditors must obtain sufficient evidence to provide a reasonable basis for their opinion on the financial statements.
- Management implicitly asserts that financial statement accounts and disclosures exist/occurred, are complete, accurate, and in accordance with GAAP.
- Audit risk is the risk that auditors issue an unqualified opinion when statements are materially misstated. It consists of the risks of material misstatement and detection risk.
- Analytical procedures involve evaluating financial information
This document contains a chapter summary and test bank for an IT auditing textbook. It includes 36 multiple choice and true/false questions that test understanding of key concepts around auditing and internal controls. Some of the main topics covered include the COSO and COBIT frameworks, components of internal controls like preventative and detective controls, the roles of internal and external auditors, and concepts like audit risk and tests of controls.
1. Auditors are expected to provide an opinion on whether a company's financial statements are presented fairly in accordance with the applicable financial reporting framework.
2. Auditors obtain an understanding of a company's internal controls to plan the nature, timing, and extent of audit procedures. Weak internal controls require more audit testing.
3. Auditors must maintain independence, be competent and exercise due care. They follow standards for responsibilities, performance, reporting and obtaining evidence.
This document provides the questions and answers to the ACC 460 Final Exam. It includes 42 multiple choice questions testing knowledge of generally accepted accounting principles, auditing standards, internal controls, audit procedures, sampling methods, and other topics relevant to auditing courses. The questions cover a wide range of essential auditing concepts and provide a high-level overview of the key information tested on the final exam.
This document provides 30 multiple choice questions that appear to be from an accounting final exam. The questions cover a range of topics related to auditing and accounting including determining conformity with GAAP, management assertions, materiality, auditing standards, internal controls, audit objectives and procedures.
Acc 460 final exam mcq`s correct answers 100%Austing_3
This document provides the questions and multiple choice answers to an ACC/460 Final Exam. There are 30 questions testing concepts related to accounting principles, auditing standards, internal controls, audit procedures, and auditor responsibilities. The questions assess understanding of topics like materiality, assertions, risks, evidence, and communications.
The document is a practice exam for ACC 460 that contains 42 multiple choice questions testing concepts related to auditing and accounting. It covers topics such as generally accepted accounting principles, assertions, materiality, internal controls, audit risk, sampling, and PCAOB standards.
This document contains 49 multiple choice questions about risk assessment and internal control evaluation. It covers topics such as the auditor's responsibility regarding internal controls, separation of duties, control activities, obtaining an understanding of internal controls, control risk assessment, tests of controls, and internal control deficiencies.
The document discusses audit evidence and documentation. It covers topics such as the auditor's responsibility to obtain sufficient appropriate audit evidence, management's assertions regarding financial statements, audit risk, analytical procedures, audit documentation, and working papers. Some key points include:
- Auditors must obtain sufficient evidence to provide a reasonable basis for their opinion on the financial statements.
- Management implicitly asserts that financial statement accounts and disclosures exist/occurred, are complete, accurate, and in accordance with GAAP.
- Audit risk is the risk that auditors issue an unqualified opinion when statements are materially misstated. It consists of the risks of material misstatement and detection risk.
- Analytical procedures involve evaluating financial information
This document contains a chapter summary and test bank for an IT auditing textbook. It includes 36 multiple choice and true/false questions that test understanding of key concepts around auditing and internal controls. Some of the main topics covered include the COSO and COBIT frameworks, components of internal controls like preventative and detective controls, the roles of internal and external auditors, and concepts like audit risk and tests of controls.
1. Auditors are expected to provide an opinion on whether a company's financial statements are presented fairly in accordance with the applicable financial reporting framework.
2. Auditors obtain an understanding of a company's internal controls to plan the nature, timing, and extent of audit procedures. Weak internal controls require more audit testing.
3. Auditors must maintain independence, be competent and exercise due care. They follow standards for responsibilities, performance, reporting and obtaining evidence.
The document contains 30 multiple choice questions that appear to be from a final exam for a finance course. The questions cover various topics in finance including the goals of firms, primary and secondary markets, agency theory, financial ratios, time value of money, capital budgeting techniques, cost of capital, capital structure, and international finance.
This document provides answers to 30 multiple choice questions about business concepts and strategies. The questions cover topics such as communication, source credibility, logical reasoning, leadership, entrepreneurship, stakeholders, SWOT analysis, accounting, technology, global trade, job specialization, economics, human resource management, business analysis, strategic planning, and tactical planning.
The document provides answers to multiple choice questions about consulting best practices. It covers key phases of the consulting process like discovery, data collection, feedback, and implementation. Some important points covered are:
1) The discovery phase aims to define the problem, not distract or initiate control.
2) The first step of data collection is to identify what data to collect.
3) Feedback meetings should get the client's reaction to data and recommendations, not just present findings.
4) The goal of consulting is to teach clients how to solve their own problems in the future.
This document provides the questions and answers for the MGT/230 Final Exam. It covers topics in management including planning, decision making, organizational structure, leadership, ethics, and control systems. There are 30 multiple choice questions testing comprehension of key concepts in management functions and processes.
This document contains 30 multiple choice questions that appear to be from a final exam for an ACC/423 course. The questions cover topics related to stockholders' equity, treasury stock, earnings per share calculations, accounting for investments, accounting for derivatives, and other accounting topics.
This document provides the questions and multiple choice answers to the ACC/291 Final Exam. There are 30 multiple choice questions covering topics like the Sarbanes-Oxley Act, internal controls, analyzing financial statements, accounting for assets and liabilities, accounting for stockholders' equity, and accounting for investments.
This document provides the questions and answers to a communication exam. It contains 25 multiple choice questions testing concepts like:
- The definition of key communication terms like "channel" and types of audience analysis
- Fallacies like false dilemma, genetic fallacy, and ad hominem
- Components of the communication model
- Appropriate channels for different types of messages
- Language styles and their uses
- Steps of the Monroe Motivated Sequence model
- Principles of persuasion and ethics around expert testimonials
The questions cover a wide range of foundational topics in communication and persuasive strategies.
This document provides the questions and answers to the ACC/421 Final Exam. It contains 29 multiple choice questions testing concepts related to accounting, financial statements, ratios, and cash flow statements. The questions cover topics such as accruals, deferrals, revenue and expense recognition, GAAP, FASB, financial reporting objectives, income statements, balance sheets, liquidity, and calculating financial ratios.
The document provides 30 multiple choice questions that appear to be from a law exam related to various legal topics including contracts, torts, intellectual property, business organizations, and ethics. It tests understanding of concepts like mediation, jurisdiction, preemption, assumption of risk, trademarks, patents, contracts formation and discharge, UCC sales, warranties, Ponzi schemes, and the Sarbanes-Oxley Act.
This document appears to be a list of 30 multiple choice questions related to business information systems. The questions cover topics like characteristics of the modern business environment, definitions of key IS/IT terms, data management processes, ERP systems, supply chain management, and more. The document claims to have answers to the questions but only includes the questions.
This document provides answers to 30 multiple choice questions about organizational behavior, leadership, and management. The questions cover topics such as the definition of teams, skills needed by managers, types of responses to job dissatisfaction, stages of group development, and theories related to leadership, change management, power, and organizational control.
This document provides 30 multiple choice questions from an ACC/561 Final Exam. The questions cover topics such as performance reports, budgets, the role of the treasurer, factors affecting management accounting, accounting ethics, financial accounting vs managerial accounting, the four basic financial statements, accounting transactions, accounting conventions like materiality and conservatism, nonoperating items on an income statement, value chain functions, cost drivers, break-even analysis, cost estimation techniques, activity based costing, and the purposes of cost management systems.
This document provides answers to 30 multiple choice questions from a final exam for an MKT/571 course. The questions cover topics such as operations management, supply chain management, project management, quality management, demand forecasting, and capacity management.
This document contains 30 multiple choice questions that appear to be from a final exam for an MGT/498 management course. The questions cover topics such as the benefits of strategic management, the phases of strategic management evolution, elements of the strategic management process, corporate governance, social responsibility, environmental scanning, competitive strategy, international strategy, functional strategy, strategy implementation, evaluation and control of performance, and measures of corporate performance.
(New) final exam for acc 460 acc 460 all correct answers 100%ri0908O0o
This document provides the questions and multiple choice answers to an ACC/460 Final Exam. There are 30 questions testing concepts related to accounting principles, auditing standards, internal controls, audit procedures, and auditor responsibilities. The questions assess understanding of topics like materiality, assertions, risks, evidence, and communications.
Acc 460 final exam mcq`s correct answers 100%liamSali
This document provides the questions and multiple choice answers to an ACC/460 Final Exam. There are 30 questions testing concepts related to accounting principles, auditing standards, internal controls, audit procedures, and auditor responsibilities. The questions assess understanding of topics like materiality, assertions, risks, evidence, and communications.
(New) final exam for acc 460 all correct answers 100%liamSali
This document provides the questions and multiple choice answers to an ACC/460 Final Exam. There are 30 questions testing concepts related to accounting principles, auditing standards, internal controls, audit procedures, and auditor responsibilities. The questions assess understanding of topics like materiality, assertions, risks, evidence, and communications.
(New) final exam for acc 460 all correct answers 100%quikly11
This document provides the questions and multiple choice answers to an ACC/460 Final Exam. There are 30 questions testing concepts related to accounting principles, auditing standards, internal controls, audit procedures, and auditor responsibilities. The questions assess understanding of topics like materiality, assertions, risks, evidence, and communications.
ACC 460 ACC460 Final EXAM MCQ`s Correct Answers 100%johnMilit
This document provides the questions and answers to the ACC 460 Final Exam. It includes 42 multiple choice questions testing knowledge of generally accepted accounting principles, auditing standards, internal controls, audit procedures, sampling methods, and other topics relevant to auditing courses. The questions cover a wide range of essential auditing concepts and provide a comprehensive assessment of auditing knowledge.
ACC 460 ACC/460 Final EXAM MCQ\s Correct Answers 100%johnMilit
This document provides the questions and answers to the ACC 460 Final Exam. It includes 42 multiple choice questions testing knowledge of generally accepted accounting principles, auditing standards, internal controls, sampling methods, and other topics often covered in an auditing course. The questions assess understanding of concepts like the assertions used to develop audit objectives, components of internal control, tests of controls, factors considered in assessing audit risk, and responsibilities of various parties in the financial reporting process.
This document provides the questions and answers to the ACC 460 Final Exam. It includes 42 multiple choice questions testing knowledge of generally accepted accounting principles, auditing standards, internal controls, sampling methods, and other topics often covered in an auditing course. The questions assess understanding of concepts like the assertions used to develop audit objectives, components of internal control, tests of controls, factors considered in assessing audit risk, and responsibilities related to internal controls reporting.
ACC 460 ACC460 Final EXAM MCQ`s Correct Answers 100%johnMilit
This document appears to be a practice exam for an ACC 460 final exam. It contains 32 multiple choice questions testing concepts related to auditing, internal controls, assertions, materiality, audit risk, and other accounting and auditing standards topics. The questions cover a range of difficulty levels and touch on definitions, standards, procedures, and other foundational knowledge required to pass the exam.
The document contains 30 multiple choice questions that appear to be from a final exam for a finance course. The questions cover various topics in finance including the goals of firms, primary and secondary markets, agency theory, financial ratios, time value of money, capital budgeting techniques, cost of capital, capital structure, and international finance.
This document provides answers to 30 multiple choice questions about business concepts and strategies. The questions cover topics such as communication, source credibility, logical reasoning, leadership, entrepreneurship, stakeholders, SWOT analysis, accounting, technology, global trade, job specialization, economics, human resource management, business analysis, strategic planning, and tactical planning.
The document provides answers to multiple choice questions about consulting best practices. It covers key phases of the consulting process like discovery, data collection, feedback, and implementation. Some important points covered are:
1) The discovery phase aims to define the problem, not distract or initiate control.
2) The first step of data collection is to identify what data to collect.
3) Feedback meetings should get the client's reaction to data and recommendations, not just present findings.
4) The goal of consulting is to teach clients how to solve their own problems in the future.
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This document contains 30 multiple choice questions that appear to be from a final exam for an ACC/423 course. The questions cover topics related to stockholders' equity, treasury stock, earnings per share calculations, accounting for investments, accounting for derivatives, and other accounting topics.
This document provides the questions and multiple choice answers to the ACC/291 Final Exam. There are 30 multiple choice questions covering topics like the Sarbanes-Oxley Act, internal controls, analyzing financial statements, accounting for assets and liabilities, accounting for stockholders' equity, and accounting for investments.
This document provides the questions and answers to a communication exam. It contains 25 multiple choice questions testing concepts like:
- The definition of key communication terms like "channel" and types of audience analysis
- Fallacies like false dilemma, genetic fallacy, and ad hominem
- Components of the communication model
- Appropriate channels for different types of messages
- Language styles and their uses
- Steps of the Monroe Motivated Sequence model
- Principles of persuasion and ethics around expert testimonials
The questions cover a wide range of foundational topics in communication and persuasive strategies.
This document provides the questions and answers to the ACC/421 Final Exam. It contains 29 multiple choice questions testing concepts related to accounting, financial statements, ratios, and cash flow statements. The questions cover topics such as accruals, deferrals, revenue and expense recognition, GAAP, FASB, financial reporting objectives, income statements, balance sheets, liquidity, and calculating financial ratios.
The document provides 30 multiple choice questions that appear to be from a law exam related to various legal topics including contracts, torts, intellectual property, business organizations, and ethics. It tests understanding of concepts like mediation, jurisdiction, preemption, assumption of risk, trademarks, patents, contracts formation and discharge, UCC sales, warranties, Ponzi schemes, and the Sarbanes-Oxley Act.
This document appears to be a list of 30 multiple choice questions related to business information systems. The questions cover topics like characteristics of the modern business environment, definitions of key IS/IT terms, data management processes, ERP systems, supply chain management, and more. The document claims to have answers to the questions but only includes the questions.
This document provides answers to 30 multiple choice questions about organizational behavior, leadership, and management. The questions cover topics such as the definition of teams, skills needed by managers, types of responses to job dissatisfaction, stages of group development, and theories related to leadership, change management, power, and organizational control.
This document provides 30 multiple choice questions from an ACC/561 Final Exam. The questions cover topics such as performance reports, budgets, the role of the treasurer, factors affecting management accounting, accounting ethics, financial accounting vs managerial accounting, the four basic financial statements, accounting transactions, accounting conventions like materiality and conservatism, nonoperating items on an income statement, value chain functions, cost drivers, break-even analysis, cost estimation techniques, activity based costing, and the purposes of cost management systems.
This document provides answers to 30 multiple choice questions from a final exam for an MKT/571 course. The questions cover topics such as operations management, supply chain management, project management, quality management, demand forecasting, and capacity management.
This document contains 30 multiple choice questions that appear to be from a final exam for an MGT/498 management course. The questions cover topics such as the benefits of strategic management, the phases of strategic management evolution, elements of the strategic management process, corporate governance, social responsibility, environmental scanning, competitive strategy, international strategy, functional strategy, strategy implementation, evaluation and control of performance, and measures of corporate performance.
(New) final exam for acc 460 acc 460 all correct answers 100%ri0908O0o
This document provides the questions and multiple choice answers to an ACC/460 Final Exam. There are 30 questions testing concepts related to accounting principles, auditing standards, internal controls, audit procedures, and auditor responsibilities. The questions assess understanding of topics like materiality, assertions, risks, evidence, and communications.
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This document provides the questions and multiple choice answers to an ACC/460 Final Exam. There are 30 questions testing concepts related to accounting principles, auditing standards, internal controls, audit procedures, and auditor responsibilities. The questions assess understanding of topics like materiality, assertions, risks, evidence, and communications.
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This document provides the questions and multiple choice answers to an ACC/460 Final Exam. There are 30 questions testing concepts related to accounting principles, auditing standards, internal controls, audit procedures, and auditor responsibilities. The questions assess understanding of topics like materiality, assertions, risks, evidence, and communications.
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This document provides the questions and multiple choice answers to an ACC/460 Final Exam. There are 30 questions testing concepts related to accounting principles, auditing standards, internal controls, audit procedures, and auditor responsibilities. The questions assess understanding of topics like materiality, assertions, risks, evidence, and communications.
ACC 460 ACC460 Final EXAM MCQ`s Correct Answers 100%johnMilit
This document provides the questions and answers to the ACC 460 Final Exam. It includes 42 multiple choice questions testing knowledge of generally accepted accounting principles, auditing standards, internal controls, audit procedures, sampling methods, and other topics relevant to auditing courses. The questions cover a wide range of essential auditing concepts and provide a comprehensive assessment of auditing knowledge.
ACC 460 ACC/460 Final EXAM MCQ\s Correct Answers 100%johnMilit
This document provides the questions and answers to the ACC 460 Final Exam. It includes 42 multiple choice questions testing knowledge of generally accepted accounting principles, auditing standards, internal controls, sampling methods, and other topics often covered in an auditing course. The questions assess understanding of concepts like the assertions used to develop audit objectives, components of internal control, tests of controls, factors considered in assessing audit risk, and responsibilities of various parties in the financial reporting process.
This document provides the questions and answers to the ACC 460 Final Exam. It includes 42 multiple choice questions testing knowledge of generally accepted accounting principles, auditing standards, internal controls, sampling methods, and other topics often covered in an auditing course. The questions assess understanding of concepts like the assertions used to develop audit objectives, components of internal control, tests of controls, factors considered in assessing audit risk, and responsibilities related to internal controls reporting.
ACC 460 ACC460 Final EXAM MCQ`s Correct Answers 100%johnMilit
This document appears to be a practice exam for an ACC 460 final exam. It contains 32 multiple choice questions testing concepts related to auditing, internal controls, assertions, materiality, audit risk, and other accounting and auditing standards topics. The questions cover a range of difficulty levels and touch on definitions, standards, procedures, and other foundational knowledge required to pass the exam.
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This document provides the questions and answers to an ACC 460 Final Exam. It includes 42 multiple choice questions testing knowledge of generally accepted accounting principles, auditing standards, internal controls, sampling methods, and other topics often covered in an auditing course. The questions assess understanding of concepts like the assertions used to develop audit objectives, components of internal control, evidence obtained during an audit, and the auditor's responsibilities in evaluating controls and communicating deficiencies.
This document provides 30 multiple choice questions that appear to be from an accounting final exam. The questions cover a range of topics related to auditing and accounting including determining conformity with GAAP, management assertions, materiality, auditing standards, internal controls, audit objectives and procedures.
This document provides 30 multiple choice questions that appear to be from an accounting final exam. The questions cover a range of topics related to auditing and accounting including determining conformity with GAAP, management assertions, materiality, auditing standards, internal controls, audit objectives and procedures.
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This document provides 30 multiple choice questions that appear to be from an accounting final exam. The questions cover a range of topics related to auditing and accounting including determining conformity with GAAP, management assertions, materiality, auditing standards, internal controls, audit objectives and procedures.
This document appears to be a sample exam for an ACC 544 final exam. It contains 27 multiple choice questions testing concepts related to auditing standards, professional ethics, internal controls, audit procedures, and financial accounting. The questions cover topics such as the AICPA Code of Professional Conduct, independence standards, assessing audit risk, internal control evaluation, substantive testing approaches, revenue and expense cycles, and accounting for inventory.
The document contains a practice exam for ACC 544 with 27 multiple choice questions covering topics like auditing principles, professional ethics, internal controls, audit procedures, and financial accounting concepts. Some sample questions address the auditor's responsibility for evaluating internal controls, appropriate audit procedures for cash testing, and which financial statement assertion is related to the completeness of all transactions. The practice exam provides an overview of key topics covered in an auditing course through multiple choice questions testing comprehension.
The document is a practice exam for ACC 544 with 27 multiple choice questions covering topics like auditing principles, professional ethics, assessing risks, internal controls, audit procedures, and financial reporting. Some sample questions address the auditor's responsibility for evaluating internal auditors' work, appropriate audit procedures for examining canceled checks, and audit objectives related to the completeness assertion. The practice exam provides an overview of key concepts covered in an auditing course through multiple choice questions testing comprehension.
ACC 544 Final Exam Answers
1) Which is NOT one of the AICPA’s 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 client’s competitors.
B. acting as management and representing the shareholder’s interests.
C. responsibility for the client’s 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 exis
ACC 544 Final Exam Answers
1) Which is NOT one of the AICPA’s 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 client’s competitors.
B. acting as management and representing the shareholder’s interests.
C. responsibility for the client’s 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 exis
ACC 544 Final Exam Answers
1) Which is NOT one of the AICPA’s 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 client’s competitors.
B. acting as management and representing the shareholder’s interests.
C. responsibility for the client’s 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 exis
ACC 544 Final Exam Answers
1) Which is NOT one of the AICPA’s 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 client’s competitors.
B. acting as management and representing the shareholder’s interests.
C. responsibility for the client’s 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 exis
ACC 544 Final Exam Answers
1) Which is NOT one of the AICPA’s 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 client’s competitors.
B. acting as management and representing the shareholder’s interests.
C. responsibility for the client’s 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 exis
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1. ACC/460 Final Exam
ANSWERS ARE HERE
Quality and inexpensive:
1) Determining whether amounts are in conformity with generally accepted accounting principles
addresses the proper measurement of assets, liabilities, revenues, and expenses, which
includes all of the following EXCEPT the
A. consistency in applying accounting principles.
B. reasonableness of management’s accounting estimates.
C. proper application of valuation principles, such as cost, net reliable value, market value, and
present value.
D. reasonableness of management’s accounting policies.
2) The completeness assertion would be violated if
A. unbilled shipments occurred during the period.
B. fictitious sales transactions were included in accounts receivable.
C. the allowance for doubtful accounts was understated.
D. disclosure in the statements of pledged receivables was inadequate.
3) The concept of materiality is defined by the Financial Accounting Standards Board (FASB) in
terms of the judgment of the
A. FASB members.
B. auditor.
C. preparer.
D. users.
4) Section 11 of the Securities Act of 1933 uses the term material fact to limit the amount of
information required. Under the Act, the standard used to determine an item’s materiality
A. may be found in FASB pronouncements.
B. is the auditor’s professional judgment.
C. has been established by the SEC as a percent of net income or of total assets.
D. is the average prudent investor.
5) Anyone identified to the auditor by name prior to the audit who is the principal recipient of the
auditor’s report is a
A. primary beneficiary.
B. third party.
2. C. foreseen beneficiary.
D. foreseeable party.
6) Individuals or entities the auditor knew or should have known and would rely on the audit
report in making business and investment decisions are
A. primary beneficiaries.
B. foreseeable parties.
C. foreseen beneficiaries.
D. third parties.
7) Statements on auditing standards (SAS) are interpretations of what?
A. Generally accepted accounting policies
B. Generally accepted auditing services
C. Generally accepted accounting principles
D. Generally accepted auditing standards
8) What level of assurance does the reader of a private company financial statement receive on
the company’s system of internal controls?
A. Negative
B. None
C. Reasonable
D. Positive
9) Which of the following best describes the relationship that should exist between the external
auditor and the management of the client company?
A. Advocacy of management’s position
B. Mutual caution and suspicion
C. Mutual trust and respect
D. Adversarial relationship
10) Statement on Quality Control Standards No. 2 identifies certain quality control elements that
should be considered when performing which types of services?
A. Accounting, tax, and review services
B. Auditing, accounting, and tax services
C. Auditing, tax, and review services
D. Auditing, accounting, and review services
11) Internal auditors are primarily involved with
A. compliance audits and operational audits.
B. financial statement audits.
C. operational audits.
D. compliance audits.
12) When providing audit services, the certified public accountant (CPA) is expected to be
3. A. an advocate for the general public.
B. indifferent to the effect of the financial statements and the audit report.
C. an advocate for the client.
D. independent of the client.
13) With respect to audit objectives, the term validity relates to which of the assertions below?
A. Valuation or allocation
B. Presentation and disclosure
C. Completeness
D. Existence and occurrence
14) The five management assertions outlined in generally accepted auditing standards include
all of the following EXCEPT
A. existence and occurrence.
B. presentation and disclosure.
C. materiality.
D. rights and obligations.
15) Specific audit objectives are normally
A. derived from the categories of management’s financial statement assertions.
B. developed for each item in the financial statements.
C. developed for each item in the financial statements and derived from the categories of
management’s financial statement assertions.
D. the same as the categories of management’s financial statement assertions.
16) The assessment of inherent risk requires considering matters that have a pervasive effect
on assertions for all or many accounts and matters that may pertain only to assertions for
specific accounts. Which of the following is an example of a specific account matter?
A. Sensitivity of operating results to economic factors
B. Complexity of calculations
C. Profitability of the entity relative to the industry
D. Going concern problems, such as a lack of sufficient working capital
17) The risk that the auditor will NOT detect a material misstatement that exists in an assertion
is
A. inherent risk.
B. audit risk.
C. detection risk.
D. control risk.
18) The susceptibility of an assertion to a material misstatement, assuming there are no
controls, is
A. analytical procedures risk.
B. control risk.
C. inherent risk.
4. D. audit risk.
19) Auditor changes result from a variety of factors EXCEPT
A. satisfaction with a firm.
B. mergers between corporations with different independent auditors.
C. a desire to reduce the audit fee.
D. mergers between CPA firms.
20) The third phase of the audit involves performing audit tests. The primary purpose of this
step is to obtain evidence about the
A. effectiveness of the internal control structure.
B. effectiveness of management.
C. effectiveness of the internal control structure and fairness of the financial statements.
D. integrity of management.
21) Before accepting an engagement, the auditor should evaluate whether other conditions
exist that raise questions as to the prospective client’s auditability. Which of the following factors
would be least likely to cause concern about an entity’s auditability?
A. Disregard of responsibility to maintain adequate internal controls
B. Lack of audit trail
C. Important evidence available only in electronic form
D. Related party transactions
22) When setting the level of materiality on a particular engagement, the auditor must consider
A. neither the unique circumstances pertaining to the entity nor the users’ information needs.
B. the users’ information needs.
C. both the unique circumstances pertaining to the entity and the users’ information needs.
D. the unique circumstances pertaining to the entity.
23) In making preliminary judgments about materiality, the auditor initially determines the
aggregate level of materiality for each statement. For planning purposes, the auditor should use
the
A. average of these levels.
B. level he or she judges to be the more reliable.
C. smallest aggregate level.
D. levels separately.
24) In a normal audit, the relationship between the level of materiality used to plan the
engagement and the level of materiality used to evaluate evidence is that
A. the former is higher than the latter.
B. the former may be higher or lower than the latter.
C. the former is lower than the latter.
D. they must be identical.
5. 25) Which of the following is NOT one of the fundamental concepts in the COSO report’s
definition of internal control?
A. Internal control is a guarantee.
B. Internal control is affected by people.
C. Internal control may be expected to provide only reasonable assurance, not absolute
assurance, to an entity’s management and board.
D. Internal control is a process.
26) Which of the following is an INCORRECT quotation from the second field work standard?
A. “to be obtained to...”
B. “of the internal control structure is...”
C. “determine the nature, timing, and extent of compliance tests...”
D. “A sufficient understanding...”
27) The Committee of Sponsoring Organizations (COSO) report identified five interrelated
components of internal control. Since then, a sixth category has been identified, which is
A. information and communication.
B. risk assessment.
C. antifraud programs and controls.
D. monitoring.
28) The nature of tests of controls relates to the type of evidence obtained. Which of the
following is NOT an example of a type of evidence relevant to tests of controls?
A. Observation of application of the control
B. Inquiries of entity personnel
C. Reperformance of the application of the control by entity personnel
D. Inspecting documents
29) Which of the following tests of controls would be most effective in testing controls designed
to prevent checks from being issued or recorded for the wrong amount?
A. Computer-assisted audit techniques, such as test data to test computer application control
B. Observing bank reconciliations
C. Observing documents being marked or cancelled as paid
D. Observing segregation of duties
30) Which of the following statements is TRUE about an auditor’s responsibility to communicate
with respect to a public company’s internal controls?
A. Auditors are required to communicate all significant deficiencies in internal control to the audit
committee, but not necessarily to management.
B. The auditor will issue an adverse report on the effectiveness of internal controls if a material
weakness in internal controls over financial reporting exists.
C. The difference between a material weakness and a significant deficiency is inconsequential.
D. Auditors are required to communicate all significant deficiencies in internal control to
management, but not necessarily to the audit committee.